If you are looking for a personal loan and are also in need of quick money, then a Bank of Maharashtra personal loan might be for you. In this article, we will go over the features of Bank of Maharashtra Personal Loan and how to apply for it, as well as its interest rate and other important details.
Bank of Maharashtra Personal Loan Highlights
|Interest rate||9.40% – 14.20% p.a.|
|Loan Amount||Up to Rs 20 lakh|
|Loan Tenure||Up to 7 years|
|Processing Fees||Up to 1%|
About Bank of Maharashtra
The Bank of Maharashtra (BOM) is a state-owned commercial bank in India. It was founded in 1936 and is headquartered in Mumbai. The bank was nationalised in 1969. The BOM offers a wide range of personal loans, including personal loans for homes, vehicles, education, credit card and other small business loans.
The BOM also offers a range of financial products and services, including insurance, mutual funds, life insurance and retirement planning.
Bank of Maharashtra Personal Loan
Bank of Maharashtra offers personal loans up to Rs 20 lakh at interest rates starting from 10.85% p.a. The bank also offers personal loans to pensioners with an interest rate of 9.40% per annum.
Bank of Maharashtra Personal Loan is an unsecured loan that can be used for a variety of purposes, including to help finance home improvements or to purchase a new car or motorcycle. The loan can be used to cover a wide range of expenses, including tuition fees and medical bills.
The bank has come up with a new Salary Gain Scheme, which will help the employees of Central or State Government, PSUs and reputed corporates to get a personal loan over and above their basic salary.
In addition to this, the bank has also introduced a personal overdraft facility for the employees of Central or State Government, PSUs and reputed corporates. This facility will help them to borrow an amount above their existing credit limit. The Scheme is open to all the confirmed employees of BPCL.
BOM Personal Loan has low-interest rates and no hidden fees, making it an ideal option for borrowers who need quick access to cash.
Bank of Maharashtra Personal Loan Interest Rates
Bank of Maharashtra personal loan interest rates start from 10.85% p.a and go up to 14.20% p.a. The interest rate offered on personal loans is variable and depends on the loan amount, tenure and credit score of the applicant.
Maha Personal Loan Scheme
|CIBIL Score||Rate of Interest|
|750 and above||10.85% p.a.|
|-1 or 0 and 01-05||13.20% p.a.|
Other Personal Loan Schemes
|Personal Loan Schemes||Interest Rate|
|Salary Gain||11.35% p.a.|
|BPCL Employees||9.85% p.a.|
|Maha Adhaar Loan Scheme||For General pensioners: 9.90% p.a.|
For Defense Pensioners: 9.40% p.a.
Read Also – ICICI Bank Home Loan
Bank of Maharashtra Personal Loan EMI Calculator
If you are looking to take a personal loan from the Bank of Maharashtra, it is important to know your borrowing capacity and the corresponding EMI. The Bank of Maharashtra offers a number of personalized loan products that come with different repayment terms and varying EMI rates.
To calculate your borrowing capacity and the corresponding EMI for a personal loan from the Bank of Maharashtra, use our online personal loan EMI calculator.
Types of Bank of Maharashtra Personal Loan
When it comes to personal loans, there are a variety of options available to you. Depending on your needs and budget, you can choose from a variety of Loans.
Here’s a look at the different types of Personal loans available from Bank of Maharashtra:
1. Maha Bank Personal Loan
Bank of Maharashtra has come up with a new personal loan scheme for salaried and self-employed professionals. The scheme offers an easy way for these professionals to meet their personal requirements.
- Loan Amount: Up to Rs 20 lakh
- Tenure For Salaried: Up to 7 years
- Tenure For self-employed: Up to 5 years
2. Salary Gain Scheme
The Bank of Maharashtra has come up with a personal loan overdraft facility to meet the day-to-day requirements of Central/State government employees, individuals employed with PSUs, reputed corporates and public or private sectors. The facility will be available with a limit of Rs 5 lakh.
- Processing Fee: 0.50% of the loan amount
3. Maha Bank Personal Loan Scheme for BPCL Employees
BPCL has come up with a personal loan scheme for employees to meet their personal requirements. The scheme is open to all the confirmed employees of the company.
- Loan Amount: Up to Rs 20 lakh
- Repayment Period: Up to 7 years
- Processing Fee: NIL
Bank of Maharashtra Personal Loan Eligibility Criteria
The eligibility criteria for a personal loan from Bank of Maharashtra are as follows:
|Eligible Applicants||Individuals permanently employed with Central government, State government, PSUs, reputed corporates, public or private sector companies/MNCs|
|Age||At least 21 years|
|Residential Status||Resident of India|
|Work Experience||Minimum 1 year|
|Annual Income||At least Rs 3 lakh|
Documents Required for BOM Personal Loan
Documents required for a Bank of Maharashtra personal loan are as follows:
|Identity Proof||Aadhaar Card|
|Address Proof||Electricity Bill|
|Income Proof||Salary Slips|
Bank Account Statement
Income Tax Return.
|Employment Certificate||A certificate stating one year of continuous employment|
Tips on How to Make the Most Out of Your Bank of Maharashtra Personal Loan
If you’re thinking of taking out a personal loan from your bank, here are some tips to help make the most of the experience.
- First, be sure to read the terms and conditions of your loan carefully. You want to know everything that’s included, such as interest rates and repayment schedules.
- Next, research what types of personal loans are available from your bank. You may be able to get a loan for a specific project or for general expenses such as groceries or tuition costs.
- Finally, be prepared to provide documentation that supports your need for a personal loan. Your bank may require proof of income, credit score information, or other documents.
Read Also – Bandhan Bank Two-Wheeler Loan
Q. What is the interest rate on a Bank of Maharashtra personal loan?
Ans. The interest rate on a personal loan from Bank of Maharashtra is typically between 9.40% p.a. and 14.20% p.a. However, depending on your credit score and other factors, you may be offered an interest rate that is lower or higher than this range.
Q. How long does it take to receive a personal loan from Bank of Maharashtra?
Ans. It typically takes approximately two weeks to receive a personal loan from Bank of Maharashtra. However, this time frame can vary depending on the status of your application and other factors.
Q.What is the minimum loan amount that Bank of Maharashtra offers?
Ans. Bank of Maharashtra typically offers loans with amounts ranging from Rs 1 lakh to Rs 20 lakh. If you need a smaller amount, Bank of Maharashtra may be able to provide you with a loan that is tailored to your need.
Q. Can I use the proceeds of my personal loan to pay off other debts or expenses?
Ans. Yes, you can use the proceeds of your personal loan to pay off other debts or expenses. The only stipulation is that the total amount you borrow cannot exceed the value of your assets