Bank of Maharashtra Personal Loan Interest Rates

• 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.

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

• 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.

• 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.

• 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.

• 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.

• 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.

Following are the Bank of Maharashtra Personal Loan Interest Rate 2024-

• 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.

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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