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Personal Loan Balance transfer to Bank of Maharashtra

Refinance Bank of Maharashtra Personal Loan

Last Updated 24th May 2021

Interest Rate 10.85%
Processing Fee 1.00%, Min Rs. 1,000
Lowest EMI per lakh ₹ 2,167
Loan Tenure 7 years
  • Bank of Maharashtra Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Bank of Maharashtra.
  • Avail top up from Bank of Maharashtra at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Bank of Maharashtra personal loan balance transfer at 10.85%.
  • Bank of Maharashtra offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Bank of Maharashtra Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Bank of Maharashtra Personal Loan Balance Transfer

Bank of Maharashtra Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Bank of Maharashtra to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Bank of Maharashtra balance transfer ranges from 10.85% to 11.85%, while the repayment tenure ranges between 12 Months to 84 Months.

Bank of Maharashtra Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Bank of Maharashtra must be taken keeping in mind the interest rate of the current Bank and Bank of Maharashtra.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Bank of Maharashtra balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Bank of Maharashtra Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Bank of Maharashtra

The benefits of transferring the Personal loan to Bank of Maharashtra are as follow:

  • Bank of Maharashtra offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Bank of Maharashtra Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Bank of Maharashtra and avail better facilities.
  • Bank of Maharashtra offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Bank of Maharashtra Eligibility Criteria and Documents required

Eligibility criterion of the Bank of Maharashtra is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Bank of Maharashtra Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Bank of Maharashtra Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Bank of Maharashtra Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Bank of Maharashtra Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Bank of Maharashtra?

Steps for the personal loan balance transfer to Bank of Maharashtra are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Bank of Maharashtra personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Bank of Maharashtra start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Bank of Maharashtra in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Bank of Maharashtra charges lowest interest rate on personal loan balance transfer.

How do I check my Bank of Maharashtra personal loan balance?

You can check your personal loan balance of Bank of Maharashtra by below mentioned ways:

  • By visiting the Bank of Maharashtra branch.
  • By calling the customer care of the Bank of Maharashtra.
  • By logging on into the Bank of Maharashtra mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Bank of Maharashtra loan application?

You can get update about Bank of Maharashtra loan application via the ways mentioned below:

  • Net banking : You are required to login into Bank of Maharashtra net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Bank of Maharashtra : You can also visit the Bank of Maharashtra branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Bank Maharashtra Personal Loan News - Jun 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, 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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