Bank Maharashtra Personal Loan Interest Rate Calculator - Jan 2017

Bank of Maharashtra Personal Loan Interest Rates

Last Updated 20th Jan 2017
Salaried Self Employed
Interest Rate 15.10% - 15.10% Check Special Offer 14.50% - 15.50%
Lowest EMI Rs. 3,471 per lakh Rs. 3,442 per lakh
Loan Tenure From 12 months to 36 months From 12 months to 36 months
Loan Amount Min Rs. 50,000 and Max Rs. 150,000 Min Rs. 50,000 and Max Rs. 150,000
Processing Fee 1 %, Min- Rs. 1000 1 %, Min- Rs. 1000
Age Min 21 years and Max 60 years Min 21 years and Max 60 years
Prepayment Charges Allowed after 1 EMI's, Allowed after 1 EMI's,
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 1 EMI's, Nil prepayment charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Bank of Maharashtra Personal Loan

Bank of Maharashtra gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Bank of Maharashtra:
  • Zero prepayment charges
  • Discount on interest rate for existing home loan borrowers and corporate salary account holders
  • Multiple repayment options
    • Bank of Maharashtra has been rated 0/5.0 by customers for its service quality on MyLoanCare
    • Bank of Maharashtra has over 1,922 branches in India where you can avail service
    • Bank of Maharashtra offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Bank of Maharashtra depends upon
    • Loan amount: Personal loan rate in Bank of Maharashtra depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Bank of Maharashtra has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Bank of Maharashtra interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Loan for Meeting Personal Expenses
    • Personal Loan for Salaried Individuals

    Bank Maharashtra Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. Bank Maharashtra offers personal loan to salaried individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity. Self employed individuals with age of atleast 21 years and maximum 60 years at the time of loan maturity can apply for personal loan from Bank of Maharashtra
    • Income: Bank of Maharashtra Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Bank of Maharashtra asks for net monthly income of minimum Rs. 20,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Bank of Maharashtra. In case you are salaried, you must be in a full time job for at least 36 months of which not less 12 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Bank of Maharashtra eligibility. If you are working with a reputed company, probability of getting personal loan from Bank of Maharashtra increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Bank of Maharashtra gives you personal loan depending upon your income. Bank of Maharashtra gives you an amount ranging from Rs. 50,000 to Rs. 150,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Bank Maharashtra Personal Loan EMI

    Personal Loan EMI of Bank of Maharashtra is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Bank of Maharashtra is Rs. 3,471 per lakh loan amount at lowest personal loan interest rate of 15.10%. Personal Loan EMI of Bank of Maharashtra depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Bank Maharashtra Personal Loan

    Personal loan Bank of Maharashtra documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 0 months payslip, 1 years Form 16, 0 months bank statement showing salary credit and any EMI debit

    Personal loan Bank of Maharashtra documents for Self-Employed

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 2 years audited financials, 6 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan Bank Maharashtra

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Maharashtra allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- Bank of Maharashtra asks for a processing fee of 1 %, Min- Rs. 1000 of loan amount with applicable service tax

    Bank Maharashtra Personal Loan Top up, Transfer

    • Bank of Maharashtra offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Bank of Maharashtra
    • You can avail additional top-up personal loan from Bank of Maharashtra, subject to your eligibility
    Illustration on Personal Loan Bank of Maharashtra
    Maximum Annual Percentage Rate (APR) 15.7666666667% to 15.7666666667%
    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: Rs. 100,000
    • Time period: 12 months to 36 months
    • Bank of Maharashtra Personal Loan Interest Rate: 15.10% to 15.10%
    • Processing Fee payable to Bank of Maharashtra: Upto Rs. 2,000. Current offer for processing fee is 1 %, Min- Rs. 1000
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 3,471 for a 36 months Rs. 100,000 loan at 15.10% (lowest rate, longest time period) to Rs. 9,031 for a 12 months Rs. 100,000 loan at 15.10% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 15.7666666667% to 15.7666666667%
    • Total cost payable over loan tenure: Rs. 10,367 for 12 months loan to Rs. 26,971 for 36 months loan
    Bank of Maharashtra’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Bank of Maharashtra.

    Compare Personal Loan Interest Rates of Bank Maharashtra with other banks

    Frequently Asked Questions on Bank Maharashtra Personal Loan

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

    Bank of Maharashtra offers an interest of 15.10% to 15.10% on personal loan.

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

    If you apply for a personal loan from Bank of Maharashtra, your lowest EMI per lakh will be Rs. 3,471.

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

    You can repay your personal loan from Bank of Maharashtra in a flexible period of minimum 12 months to maximum 36 months.

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

    Bank of Maharashtra offers you personal loan if you need a minimum amount of Rs. 50,000 to a maximum amount of Rs. 150,000.

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

    Bank of Maharashtra charge a processing fee of 1 %, Min- Rs. 1000 with applicable service tax.

    Is age an eligibility factor to get personal loan from Bank of Maharashtra?

    Yes, age is an important eligibility factor to get Bank of Maharashtra personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

    Are there any prepayment charges on Bank of Maharashtra personal loan?

    You can take personal loan from Bank of Maharashtra with Nil prepayment charges.

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

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Bank Maharashtra Personal Loan News - Jan 2017
12th Jun 16 Bank of Maharashtra books Rs 120 cr loss in Q4
As per the results of Q4FY16, Bank of Maharashtra reported a Net Loss of Rs 119.84 crore due to rise in bad loans. The bank reported a decline in its Total Income reported at Rs 3,566.68 crore in March quarter. Asset quality showed signs of weakening as the Gross NPAs as a percentage to Total Advances increased to 9.34 percent from 6.33 percent in the year ago period. The Net NPAs also increased to 6.35 percent compared to 4.19 percent at the end of March 2015.
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