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Bank Maharashtra Personal Loan

Online Bank of Maharashtra Personal Loans

Last Updated 21st Jan 2022

  • Bank of Maharashtra Personal Loan interest rate starts from 16.00%. Check Best Offers
  • The processing fee charged on Bank Maharashtra personal loan is 1.00%, Min Rs. 1,000.
  • Bank Maharashtra also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Bank Maharashtra personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Bank Maharashtra has special schemes for different income and occupation groups.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Bank Maharashtra Personal Loan Details

  • Interest Rate on Bank Maharashtra personal loan ranges from 16.00% to 32.00%.
  • Lowest EMI per lakh works out to be ₹ 3,516 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Bank Maharashtra are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 60 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 20 Lakh
  • Bank Maharashtra Personal Loan can be availed for a period of 6 months and can go up to 36 months.
  • Processing Fees charged by Bank Maharashtra on personal loan is 1.00%, Min Rs. 1,000
  • Bank of Maharashtra allows personal loan foreclosure and part prepayment after 1 months with charges of Nil prepayment charges.
  • Schemes of Bank of Maharashtra as offered to different type of borrowers in 2022 are:

How to Get the Best Offer on Bank Maharashtra Personal Loan?

There are various factors that impact your chances to get the best offers on Bank Maharashtra Personal Loan, as listed follows:

  • Loan Amount - Bank of Maharashtra offers loans between ₹ 1 Lakh and ₹ 20 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Bank of Maharashtra offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Bank of Maharashtra has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Bank Maharashtra personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Bank of Maharashtra offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 16.00%
  • Credit Score - Bank of Maharashtra checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Bank Maharashtra Personal Loan Documents

You require the following documents to avail personal loan from Bank Maharashtra

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Bank Maharashtra Personal Loan Schemes

Bank of Maharashtra offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Loan for Meeting Personal Expenses
  • Maha Bank Personal Loan scheme can be availed for a personal loan to meet all your financial emergencies.

    How to Apply for Bank Maharashtra Personal Loan?

    The step-by-step procedure to get a personal loan online from Bank of Maharashtra is mentioned below:

    • Visit the official website of Bank Maharashtra Or contact your nearest Bank of Maharashtra branch.
    • Now, fill personal, professional and financial details as required by the lender and submit the form.
    • Once you have submitted the application form, Bank of Maharashtra will check your eligibility and provide you with information about the eligible amount you can avail.
    • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
    • Finally, your documents will be processed by Bank of Maharashtra, and on successful approval of the loan, the funds will be disbursed to your Bank of Maharashtra account immediately.

    You can also apply for Bank of Maharashtra personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

    • Visit the nearest Bank of Maharashtra branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
    • The Bank of Maharashtra representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
    • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Bank of Maharashtra Personal Loan application.
    • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
    Illustration on Personal Loan Bank Maharashtra
    Maximum Annual Percentage Rate (APR) 16.83% to 32.83%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: ₹ 1,00,000
    • Time period: 6 Months to 36 Months
    • Bank of Maharashtra Personal Loan Interest Rate: 16.00% to 32.00%
    • Processing Fee payable to: Upto ₹ 2,500
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From ₹ 3,516 for 36 Months ₹ 1,00,000 loan at 16.00% (lowest rate, longest time period) to ₹ 18,256 for 6 Months ₹ 1,00,000 loan at 32.00% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 16.83% to 32.83%
    • Total cost payable over loan tenure: ₹ 1,07,218 for 6 Months loan to ₹ 1,29,065 for 36 Months loan

    Personal Loan from Other Banks in India


    How much time will the Bank of Maharashtra take to take a decision on my personal loan?

    Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

    Why should I take a personal loan from Bank of Maharashtra ?

    Below-mentioned is the reason why you must avail a personal loan from Bank of Maharashtra.(1) Zero prepayment charges (2) Discount on interest rate for existing loan borrowers and corporate salary account holders (3) Multiple repayment options

    How much interest is charged by Bank of Maharashtra on personal loan?

    Personal loan interest rates in Bank of Maharashtra are 16.00% to 32.00%. Bank of Maharashtra personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

    If you apply for loan from Bank of Maharashtra, your lowest Personal Loan EMI per lakh will be ₹ 3,516 which corresponds to lowest interest rate of 16.00% and longest tenure of 36 years.

    What is the minimum and maximum tenure of personal loan in Bank of Maharashtra?

    Bank of Maharashtra personal loan has a minimum tenure of 6 months to maximum 36 months.

    How much personal loan amount I can borrow from Bank of Maharashtra?

    Bank of Maharashtra offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 20 Lakh

    Can I add my spouse's income while applying for personal loan from Bank of Maharashtra?

    Yes, you can add the income of your spouse to increase your Personal Loan Eligibility and to get a higher loan amount from Bank Maharashtra . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

    How can I get Bank of Maharashtra personal loan?

    You can get a personal loan from Bank of Maharashtra by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Bank Maharashtra’s application process.

    How can I check my Bank of Maharashtra personal loan status?

    You can check the status of your loan online and offline. Once you have applied for a personal loan from Bank of Maharashtra, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Bank of Maharashtra's website. In case you are unable to track your application online, you can get Bank of Maharashtra loan assistance at Bank of Maharashtra loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

    What is the importance of credit score if I wish to avail a Bank of Maharashtra personal loan ?

    It is important to have a good credit score if you wish to apply for a personal loan from Bank of Maharashtra. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

    Is there security or collateral needed to get a personal loan from Bank of Maharashtra?

    No, Bank of Maharashtra does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

    Can I close my Bank of Maharashtra personal loan after 1 year?

    You can close your personal loan from Bank of Maharashtra after 1 months by paying charges: Nil prepayment charges

    Can I negotiate with Bank of Maharashtra on the personal loan interest rate?

    Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

    How to pay your Bank of Maharashtra personal loan EMI?

    You can pay your Bank of Maharashtra personal loan EMI by using ECS facility or through Standing Instruction.Bank of Maharashtra also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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    Bank Maharashtra Personal Loan News - Jan 2022
    • 2021-10-22 : Bank of Maharashtra Q2 Profit Jumps To 103 percent
      Bank of Maharashtra posted a 102.71 percent Y-o-Y rise in its net profit to Rs 264 crore for the September quarter (Q2). The net interest margin improved to 3.27 percent on a Y-o-Y basis against 2.3% in the comparable quarter last year. Net interest income increased by 33.84 percent to Rs 1,500 crore, compared with Rs 1,120 crore during Q2FY21.
    • 2021-08-16 : Bank of Maharashtra emerge as a top performer
      Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loans and deposits. The bank has recorded 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22.
    • 2021-03-26 : Bank of Maharashtra opened 6 more branches
      Bank of Maharashtra opened additional 6 branches. The Bank is aiming to serve its large customer base and increase its loan portfolio which includes home, personal, LAP, Business, gold, two-wheeler and car loan.
    • 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
      Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
    • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
      Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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