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Bank Maharashtra Personal Loan Interest Rate

Last Updated 05th Dec 2019

Current Bank of Maharashtra Personal Loan Rate Dec 2019

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

Bank Maharashtra Personal Loan Interest Rates start from 15.10% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self employed are higher. Check Best Offers

SalariedSelf Employed
Lowest Interest Rate15.10% 14.50%
Processing Fee1%, Min Rs. 1,0001% of loan amount, Min Rs. 1,000
Loan Tenure12 months to 36 months12 months to 60 months
Loan Amount₹ 50,000 to ₹ 1.50 Lakh ₹ 50,000 to ₹ 1.50 Lakh
Part Prepayment Charges Allowed after 1 EMI's, Allowed after 1 EMI's,
Preclosure ChargesAllowed after 1 EMI's, Nil prepayment charges Allowed after 1 EMI's, Nil prepayment charges

Zero prepayment charges

Apply for Personal Loan @ 10.50%* Get upto ₹ 2,500* Cashback
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Bank Maharashtra Personal Loan

Bank of Maharashtra gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from Bank of Maharashtra are:

  • Zero prepayment charges
  • Discount on interest rate for existing loan borrowers and corporate salary account holders
  • Multiple repayment options
  • Bank of Maharashtra has been rated NAN/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

Bank of Maharashtra Personal Loan Details

  • Purpose of Loan: Bank of Maharashtra personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • 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 ₹ 1.50 Lakh.
    • Loan Tenure 12 to 36 months.
    • Bank Maharashtra personal loan rate of interest is in the range of 15.10% to 15.10%.
    • Lowest EMI of ₹ 3,471 per lakh.
  • Processing Fees: 1%, Min Rs. 1,000.
  • Preclosure charges: Bank of Maharashtra personal loan preclosure 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

Bank Maharashtra Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from Bank of Maharashtra if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Bank Maharashtra personal loan top up starts at 15.10%.

Bank Maharashtra Personal Loan Interest Rate Calculator

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 amount. Bank of Maharashtra offers loan between ₹ 50,000 and ₹ 1.50 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 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 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 36 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 of Maharashtra also offers loan to defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel varies from private salaried employees

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
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Maharashtra allows preclosure of personal loan after 1 EMI's at preclosure charges of Nil prepayment charges.
  • Processing Fee - Bank Maharashtra charges a processing fee of 1%, Min Rs. 1,000 of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • 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 if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

Bank Maharashtra Personal Loan Process

If you want to get a loan from Bank of Maharashtra, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Bank Maharashtra’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from Bank Maharashtra.

You can also do a comparison of Bank of Maharashtra Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare. Once the loan is disbursed, you can start repaying the loan using netbanking or auto debit facility.

Documents Required

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • 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
Illustration on Personal Loan Bank Maharashtra
Maximum Annual Percentage Rate (APR) 15.10% to 15.10%
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. 1 Lakh
  • 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. 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 3,471 for a 36 months Rs. 1 Lakh loan at 15.10% (lowest rate, longest time period) to Rs. 9,031 for a 12 months Rs. 1 Lakh 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: 15.10% to 15.10%
  • Total cost payable over loan tenure: Rs. 10,367 for 12 months loan to Rs. 26,956 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 of Maharashtra with other Banks

Frequently Asked Questions on Bank Maharashtra Personal Loan

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 15.10% rate with the lowest EMI of ₹ 3,471 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 15.10% to 15.10%. 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 ₹ 3,471.

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 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 ₹ 50,000 to a maximum amount of ₹ 1.50 Lakh

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

Bank of Maharashtra charges a processing fee of 1%, 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.

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 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.


*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