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Bank Maharashtra Personal Loan

Bank of Maharashtra Personal Loan Highlights

Last Updated 26th Mar 2021

  • Current Bank of Maharashtra Personal Loan interest rate starts at 10.85%.
  • The processing fee charged on Bank Maharashtra personal loan is 1.00%, Min Rs. 1,000.
  • Bank of Maharashtra Personal loan tenure ranges between 12 months to 60 months.
  • Bank of Maharashtra offers prepayment facility on personal loan at charges: Nil prepayment charges.
  • Bank of Maharashtra allows part prepayment on personal loan after 1 months at
  • Apply for a Personal loan at MyLoanCare and earn cashback of up to ₹ 1,000.
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Bank Maharashtra Personal Loan Details

  • Bank of Maharashtra Personal Loan Interest Rate starts from 10.85%.
  • Lowest EMI per lakh on Personal Loan from Bank of Maharashtra is ₹ 2,167 at the lowest interest rate of 10.85% at the longest loan tenure of 60 months.
  • Loan available for both salaried and self-employed professionals.
  • Borrowers within the age group of 21 and 60 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 10 Lakh.
  • Loan Tenure 12 to 60 months.
  • Processing Fees: 1.00%, Min Rs. 1,000.
  • Foreclosure charges: Bank of Maharashtra personal loan prepayment is allowed with Nil prepayment charges
  • Part payment charges: Allowed at
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special Schemes: Bank of Maharashtra offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Bank Maharashtra are:
    • Loan for Meeting Personal Expenses
    • Personal Loan for Salaried Individuals

Interest rates on Bank of Maharashtra Personal Loans Schemes

As on today, Bank of Maharashtra Personal loan interest rates are in the range of 10.85% to 11.85%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. Bank of Maharashtra also runs special schemes for defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Bank Maharashtra Loan Top Up

Bank of Maharashtra Personal Loan Eligibility depends on various factors like company you work for, income, work experience, credit score and other. The eligibility parameters for personal loan from Bank of Maharashtra are:-

  • Occupation: Salaried professionals who are working in Government, Private, MNCs can take a personal loan from Bank of Maharashtra.
  • Age: Bank of Maharashtra offers personal loan to salaried professionals within an age group of 21 to 60 .
  • Minimum Income: The minimum income required to avail personal loans from Bank of Maharashtra is ₹ 20,000
  • Minimum Work Experience: Bank of Maharashtra checks current and total work experience to check the job stability of a borrower. The current work experience required to avail personal loans from Bank of Maharashtra is 12 months while the total work experience required is 60 months.
  • Credit Score: Credit score is an important criteria to avail personal loan. The minimum credit score needed to become eligible for personal loans is 650.

How to get the best offer on Bank Maharashtra Personal Loan?

You can get the best personal interest rates from Bank of Maharashtra subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Bank Maharashtra:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. Bank of Maharashtra offers loans between ₹ 50,000 and ₹ 10 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - Bank of Maharashtra has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Bank of Maharashtra offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low Bank of Maharashtra loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, Bank of Maharashtra checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.
Bank Maharashtra Personal Loan Charges

In addition to Bank of Maharashtra’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Bank Maharashtra’s personal loans is Allowed after 1 Month at
  • Processing Fee - Bank Maharashtra charges a non-refundable processing fee of 1.00%, Min Rs. 1,000 of loan amount with applicable tax.
  • Other charges: Once your Bank of Maharashtra personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

Bank Maharashtra Personal Loan Documents

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Bank Maharashtra Personal Loan?

Getting a Personal loan from Bank of Maharashtra is fairly quick, with an online application and approval process. You can also apply for a Bank of Maharashtra personal loan through offline mode.

Online Application Process

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

  • Visit the official website of Bank of Maharashtra. You can also apply for a Bank of Maharashtra personal loan through an online marketplace like MyLoanCare.in.
  • 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.

Offline Application Process

Borrowers can also apply for Bank of Maharashtra personal loan through offline mode by following the steps as 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 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 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) 11.05% to 12.05%
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: 12 Months to 60 Months
  • Bank of Maharashtra Personal Loan Interest Rate: 10.85% to 11.85%
  • Processing Fee payable to: Upto ₹ 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,167 for 60 Months ₹ 1,00,000 loan at 10.85% (lowest rate, longest time period) to ₹ 8,878 for 12 Months ₹ 1,00,000 loan at 11.85% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.05% to 12.05%
  • Total cost payable over loan tenure: ₹ 6,974 for 12 Months loan to ₹ 31,006 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

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 to take personal loan from Bank of Maharashtra ?

Bank of Maharashtra offers loan at 10.85% rate with the lowest EMI of ₹ 2,167 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Bank of Maharashtra.

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

Personal loan interest rates in Bank of Maharashtra are 10.85% to 11.85%. 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 ₹ 2,167.

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

You can repay your personal loan in a flexible period of minimum 12 months to maximum 60 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 ₹ 50,000 to a maximum amount of ₹ 10 Lakh

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

Bank of Maharashtra charges a processing fee of 1.00%, Min Rs. 1,000 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 personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

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

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

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. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks.

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 could not track your application online, you can contact Bank of Maharashtra loan assistance 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?

You can ask Bank of Maharashtra to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

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.

How to get Bank of Maharashtra personal loan status by mobile number?

You can check the status of your Bank of Maharashtra personal loan on their website by using your mobile number. You can also check the Bank of Maharashtra personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Bank of Maharashtra personal loan process?

The most effortless Bank of Maharashtra personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Bank of Maharashtra along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Bank of Maharashtra Bank as well.


Bank Maharashtra Personal Loan News - Apr 2021
  • 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.
  • 2020-09-30 : Bank of Maharashtra waives off processing fee for gold, housing and car loans
    Bank of Maharashtra announced the launch of a festive bonanza that offers attractive benefits to its customers. The bank further waived off processing fee for gold, housing and car loans.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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