Bank of Maharashtra Personal Loan

Unlike different other types of loans, a personal loan is not bound for any specific purpose, and it is the best feature of it. It can be used for anything from paying for a vacation to paying for a wedding or even paying off bills, and Bank of Maharashtra Personal Loan is no exception. Personal loan by this bank is available on attractive rates of interest for the high loan amount, which is useful for most purposes. One of the unique features of this bank is that it has some distinct feature that every bank in India does not provide.

Why go for Bank of Maharashtra Personal Loan?

  • The attractive interest rate on different types of personal loan.
  • Fast approval of the loan.
  • No major documentation required for the sanction of loan.
  • No change in the interest rate during the tenure of the loan.
  • Loan amount up to 40 Lakhs.

Eligibility for Bank of Maharashtra Personal Loan

Salaried

Profession: The person should be working in a government, private or MNC Company.

Eligible Age: The Minimum age to apply for a Personal Loan is 21 years, and the maximum is 60 years.

Minimum income: The person should be getting a minimum of 18,000p.m. Salary.

Work Experience: The applicant should have at least three years of working experience, and more than three months of experience in the current company.

CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.

Self-Employed

Profession: The Person should be professionals like Doctors, CA, CS, Architects, Lawyer, or, doing his own business.

Eligible Age: The minimum age to apply for a personal loan is 23 years, and the maximum is 65 years.

Minimum income:  The minimum revenue from business or the profession should be not less than 25,000p.m.

Work Experience: The person should have at least three years of his professional experience.

CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.

Bank of Maharashtra Personal Loan Interest rate

The interest rate may vary from 10.75% to 15.60% per annum. The rate of interest offered by Bank of Maharashtra is as per the prevailing market trends, yet competitive compared to most of the market players. The interest rates are indicative only, and the final rate offered would vary and calculated based on below-mentioned points.

  •    Profile of Customers
  •    Tenure of the Loan
  •    Geography of residence
  •    Nature of Collateral (If provided)
  •    Prior/existing relationship with the Bank.

Documents Required

Salaried

  • Identity Proof: Adhar Card, Passport, Voter ID card or Driving License
  • Address proof: Ration card, Passport, Rent agreement, electricity/water bill.
  • Last six months Bank statement & 3 months’ salary slip
  • Latest form 16
  • PAN card

Self-Employed

  • Identity Proof: Adhar Card, Passport, Voter ID card or Driving License
  • Address proof: Ration card, Passport, rent agreement, electricity/water bill.
  • Latest six months of Bank statement.
  • Latest ITR along with computation of income along with P/L audited by certified CA for the previous two years.

Tenure

Tenure is the time period for which you get the loan; here it is for one to five years.

How to apply for Bank of Maharashtra Personal Loan?

  • Visit www.lendingwale.com and fill all your required details like Name, age, income, etc.
  • Our relationship manager will contact you as soon as possible and help you get your loan approved.

About Bank of Maharashtra

Bank of Maharashtra is a major public sector bank in India. Government of India holds 87.01% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches as of 5 April 2016. It has the most extensive network of branches by any public sector bank in the state of Maharashtra.

FAQs(Frequently Asked Questions)

Q1. Why should I take a personal loan from Bank of Maharashtra?

Ans: Bank of Maharashtra provides a Personal Loan at a shallow interest rate with the low EMI options. Furthermore, the bank processes the Loan very fast and without any hassle.

Q 2. What interest is charged by Bank of Maharashtra on a personal loan?

Ans: Personal loan interest rates generally start from 10.75%. However, it changes from time. Besides that, it also depends on the profile of the applicant.

Q 3. What is the tenure of Personal Loan?

Ans: The loan tenure of the Personal Loan is One year to Five years.

Q 4. How much Personal Loan amount I can borrow from Bank of Maharashtra?

Ans: The applicant can get a loan amount of Rs. One Lakh to a maximum amount of Rs.30Lakhs, depending on the professional background.

Q 5. How much does the Bank of Maharashtra charge a processing fee on a personal loan?

Ans: The processing fee charged is about 1%.

Q 6. Is age an eligibility factor in getting a personal loan?

Ans: Yes, age is a factor to apply for a personal loan. The minimum age of the applicant should be 21 years, and it can be maximum 60years.

Q 7. Are there any prepayment charges on a personal loan from Bank of Maharashtra?

Ans: Yes, the pre-closure charges are 4% of the outstanding amount.

Q8. How can I get a personal loan with low CIBIL score?

Ans: You cannot get a personal loan with low CIBIL score; however, you can go for a gold loan.

Q9. How to check Bank of Maharashtra Personal Loan EMI?

Ans: You can check your monthly EMI by our EMI calculator.