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Bank Maharashtra Personal Loan EMI Calculator - May 2017

Last Updated 22nd May 2017

Bank of Maharashtra Personal Loan Calculator

Lowest EMI on Bank of Maharashtra Personal Loan - Rs. 3,471 per lakh

Loan Tenure
Loan Amount (Rs.) 2 Years 3 Years 5 Years
100,000 Rs. 4,853 Rs. 3,471 Rs. 2,384
300,000 Rs. 14,560 Rs. 10,414 Rs. 7,153
500,000 Rs. 24,267 Rs. 17,357 Rs. 11,921
1,000,000 Rs. 48,534 Rs. 34,714 Rs. 23,842
Personal Loan EMI Calculator
Rs.

Factors affecting Bank Maharashtra Personal Loan EMI

• Borrower age should be between 21 years to maximum 60 years.
• Maximum personal loan amount offered by Bank of Maharashtra is upto Rs. 150,000.
• Interest rates range from 15.10% to 15.10% depending upon customer profile, loan amount and other factors.
• Processing fee in Bank of Maharashtra may be 1 %, Min- Rs. 1000 of loan amount.

Bank Maharashtra Personal Loan EMI

• Personal Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Maharashtra against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• With Bank of Maharashtra offering Personal Loans with loan tenure upto 3 years, the loan EMI can be as low as Rs. 3,471 per lakh, to make it more affordable and convenient to meet your personal needs. Rate of interest offered by Bank of Maharashtra are as low as 15.10%.
• This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Bank of Maharashtra Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Bank of Maharashtra Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 150,000

r = Rate of interest per month. Current rate is 15.10%

n = tenure in month. For Bank of Maharashtra, this can be 36 months

Personal loan EMI calculator Bank Maharashtra - How it works?

• Bank of Maharashtra personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
• Bank of Maharashtra personal loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Personal Loan EMI - EMI Changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Bank Maharashtra gives you two options:
• Reduce the amount of EMI and keep your loan tenure same
• It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Bank Maharashtra in this option.

Frequently Asked Questions on Bank Maharashtra EMI Calculator

What is the lowest EMI per lakh offered by Bank of Maharashtra on personal loan?

Bank of Maharashtra offers personal loan at 15.10% interest rate and hence lowest EMI on per lakh loan amount is Rs. 3,471.

Can I prepay my Bank of Maharashtra personal loan?

Bank of Maharashtra offers you an option of prepayment after 1 months at Nil prepayment charges.

Is there any processing charge on personal loan from Bank of Maharashtra?

Personal Loan from Bank of Maharashtra charges a processing fee of 1 %, Min- Rs. 1000.

Bank of Maharashtra Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-102-2636
Ambala 1800-102-2636
Anand 1800-102-2636
Bangalore 1800-425-8053
Bhilai 1800-102-2636
Bhilwara 1800-102-2636
Bhopal 1800-102-2636
Bhubaneswar Cuttack 1800-102-2636
Bikaner 1800-102-2636
Chandigarh 1800-102-2636
Chennai 1800-345-4566
Cochin 1800-102-2636
Coimbatore 1800-102-2636
Delhi 1800-114-747
Durg 1800-102-2636
Gandhinagar 1800-233-7905
Goa 1800-102-2636
Greater Noida 1800-114-747
Gurgaon 1800-102-2636
Guwahati 1800-102-2636
Gwalior 1800-102-2636
Indore 1800-102-2636
Jabalpur 1800-102-2636
Jaipur 1800-102-2636
Jalandhar 1800-102-2636
Jodhpur 1800-102-2636
Kanpur 1800-225-901
Karnal 1800-102-2636
Kolhapur 1800-102-2636
Kolkata 1800-345-3422
Kota 1800-102-2636
Kozhikode 1800-102-2636
Lucknow 1800-102-2636
Ludhiana 1800-102-2636
Meerut 1800-102-2636
Mehsana 1800-102-2636
Mohali Sas Nagar 1800-102-2636
Mumbai 1800-225-901
Mussoorie 1800-102-2636
Nagpur 1800-233-4722
Nashik 1800-225-901
Noida 1800-114-747
Noida Extn 1800-114-747
Panipat 1800-102-2636
Patna 1800-102-2636
Pondicherry 1800-102-2636
Pune 1800-233-4525
Raipur 1800-102-2636
Rajkot 1800-233-7905
Ranchi 1800-102-2636
Rohtak 1800-102-2636
Roorkee 1800-102-2636
Salem 1800-345-4566
Shimla 1800-102-2636
Sonepat 1800-102-2636
Surat 1800-102-2636
Trichy 1800-102-2636
Udaipur 1800-102-2636