Bank of Maharashtra Personal Loan

Bank of Maharashtra

Bank of Maharashtra is a major public-sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches. It has largest network of branches by any public-sector bank in the state of Maharashtra.

What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Bank of Maharashtra

Being one of the largest bank in India, Bank of Maharashtra offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Bank of Maharashtra.

Advantages of Bank of Maharashtra

• Low interest rate
• No hidden costs and administrative charges
• Less paperwork
• Long tenure
• Minimum Income Requirement
• Pensioners get attractive offers

Documentation Required for Bank of Maharashtra Personal Loans

Important documents to be submitted while applying for personal loans with Bank of Maharashtra

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals

Bank of Maharashtra Personal Loan

Catering to the needs of various sections of people for different needs, Bank of Maharashtra provides three personal loan products. You can choose the best one that suits your requirement.

Maha Bank Personal Loan Scheme

Key Highlights

Purpose:

For Personal Expenses such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, Expenses for Family Functions etc.

Eligibility:

Existing Housing Loan Borrowers (Salaried Individuals only) /Corporate Salary Account holders (Minimum 2 years in employment and with 1year in the current organization) having minimum standing of 1-year relationship with our Bank.

Min. Annual Income:

For Corporate Salary Account holders: Rs. 3.00 lakh (last year income) - Minimum past 2-year ITR/Form 16 from the Employer is Mandatory.

For Existing Housing Loan Borrowers (For Salaried Individuals only): Rs. 2.50 lakh (last year income) - Minimum past 2-year ITR/Form 16 from the employer is Mandatory, Subject to sufficient disposable income.

Age Limit:

Minimum: 21 years and maximum: 60 years

Quantum of Finance:

Maximum loan amount: Rs.1.50 lakh, Subject to deduction norms

Margin:

NIL

Tenure:

Maximum 36 Months

Interest rate:

Base Rate: 9.70% BPLR: 15.00%

Deduction:

Not to Exceed 60% of the Gross Income including Proposed EMI

Processing Charges:

1.00% of the Loan Amount (Minimum: Rs.1000/-)

Security:

Clean

Guarantor:

One guarantor acceptable to the Bank

EMI Payment Methods

Your Bank of Maharashtra personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Bank of Maharashtra, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Bank of Maharashtra account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Bank of Maharashtra account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Bank of Maharashtra account at your nearest Bank of Maharashtra Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Bank of Maharashtra Personal Loans Overview

Bank of Maharashtra provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 1.00% of the loan amount which is among the lowest fees in the industry. Moreover, the processing fee is waived off for pensioners. Low interest rate with no hidden charges makes Bank of Maharashtra personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Bank of Maharashtra personal loans do not impose much burden on the customers.

Bank of Maharashtra Personal Loan FAQs