Bank of Maharashtra Personal Loan Interest Rates

Bank of Maharashtra offers personal loans starting at 10.85% p.a. for loan amounts up to Rs 20 lakh and terms up to 7 years.

It provides a Salary Gain Scheme, as well as a personal loan overdraft option, to employees of the Central or State Government, PSUs, and reputable corporations. All confirmed BPCL employees are also eligible for a Bank of Maharashtra Personal Loan.

Details of the Bank of Maharashtra Personal Loan Schemes

Particulars

Details

Bank of Maharashtra personal loan interest rate

9.45% p.a.

Processing Fee

1%

Tenure

36 Months

Maximum Amount 

Rs. 20 lakhs

Characteristics of the Bank of Maharashtra Personal Loan Schemes

  • Personal Loan Interest Rates and Processing Fees are the lowest in India.
  • There is very little documentation required.
  • There are hidden charges involved.
  • 'Track my loan' is an online personal loan tracking service.
  • Low EMI on personal loans and a larger loan amount
  • The disbursement process has been simplified.
  • There is no prepayment penalty on the loan.

Types of Bank of Maharashtra Personal Loan Schemes

Following are the types of Bank of Maharashtra Personal Loan Schemes-

1) Maha Consumer Personal Loan

  • Purchase of consumer durables such as laptops, computers, electronic gadgets, and so on.
  • Loan amount: 50,000 to 1.5 lakh rupees
  • Interest rate: 12.10% p.a. Corporate salary account holders and existing home loan borrowers are eligible for a 1% discount.
  • Duration: up to 5 years
  • 0.50% of the loan amount is charged as a processing fee.

2) Maha Bank Personal Loan Scheme

  • Meeting personal expenses such as weddings, vacations, and so on.
  • Maximum loan amount: Rs. 20 lakhs.
  • Maharashtra Bank loan interest rates range from 10.85% to 14.20% p.a.
  • Up to 7 years tenure.
  • The processing cost is 1% of the loan amount plus GST.

3) Maha Adhaar Personal Loan Scheme

  • Purpose: To meet the personal expenses of seniors, such as medical, pilgrimage, and domestic necessities.
  • Loan amount: Equivalent to an 18-month pension, up to a maximum of Rs. 6 lakhs.
  • Interest rates are 9.40% per annum for defense and staff pensioners and 8.50% per annum for civilian pensioners.
  • Tenure: 60 EMIs with a maximum age of 77 at the time of loan maturity.
  • The processing cost is 0.50% of the loan amount, with a minimum of Rs. 500.

4) Maha Personal Loan for the BPCL Employees

  • Meeting the personal costs of workers of Bharat Petroleum Corporation Private Limited (BPCL).
  • The loan amount is limited to Rs. 20 lakhs.
  • Interest rate: 9.85% p.a.
  • Tenure: Up to seven years
  • There is no processing cost.

5) Maha Salary Gain Scheme

  • Overdraft personal loans for government, PSU, and state personnel to satisfy day-to-day personal necessities.
  • Maximum loan amount: Rs. 5 lakhs
  • Interest rate: 11.35% p.a.
  • The processing cost is 0.50% of the overdraft amount per year, with a minimum of Rs. 500.

Bank of Maharashtra Personal Loan Interest Rate 2022

Following are the Bank of Maharashtra Personal Loan Interest Rate 2022-

1) Personal Loan Interest Rate in Maharashtra Bank

 

CIBIL 

Interest Rate

750 and more

10.85%

700-749

11.70%

650-699

12.70%

600-649

14.20%

-1 or 0 and 01-05

13.20%

2) Other Personal Loan Interest Rate in Bank of Maharashtra

 

Salary Gain

11.35%

Personal Loan for BPCL Employees

9.85%

Maha Adhaar Loan Scheme

9.90% - 9.40%

Other Bank's Personal Loan Interest Rates

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

HDFC Bank

11.00% onwards

ICICI Bank

10.75% onwards

Kotak Mahindra Bank

10.99% onwards

Axis Bank

10.25% onwards

Who is Eligible for the Bank of Maharashtra Personal Loan?

  • Employees of the Central/State Governments/PSUs/Public or Private Limited Companies/MNCs receiving a salary from the Bank of Maharashtra/Reputable Corporations
  • For salaried applicants who do not have a salary account with the Bank of Maharashtra, the personal loan is approved subject to the employer agreeing to deduct monthly loan installments from the applicant's paycheck.
  • Self-employed professionals (only doctors, CAs, and architects) with their own businesses can apply for a personal loan when they have been banking with the Bank (with credit capacity) for the previous year.
  • All confirmed BPCL - public sector unit personnel.
  • Individuals who work full-time for the central government, state governments, PSUs, reputable corporations, public or private sector companies/MNCs.

What are the Required Documents to Apply for a Personal Loan from the Bank of Maharashtra?

 

The following are the most typical documents required to obtain a Bank of Maharashtra Personal Loan-

  • Completed application form with passport-sized photos.
  • A photocopy of your passport, voter ID, Aadhaar card, or driving license, for example (Anyone).
  • A copy of your Electricity Bill / Ration Card / Passport, etc., as proof of address (Anyone).
  • Income documentation includes pay stubs, bank account statements, ITRs, Form 16s, and other documents.
  • A certificate confirming one year of continuous employment is known as an employment certificate (for salaried applicants).
  • Any further documentation that the bank requires.
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