The Bank of Maharashtra offers personal loans at highly affordable interest rates starting from 9.75% per annum. You can avail a quick personal loan and cover all the emergency expenses with ease. The flexible repayment period, low processing fee, and minimal documentation make Maharashtra Bank Personal Loan a unique and most opted financial option.
Apply for a Maharashtra Bank Personal Loan today!
Bank of Maharashtra Personal Loan Details
Get a personal loan from Bank of Maharashtra effortlessly and take control of your finances. Here’s a detailed breakdown of their personal loan interest rates.
| Personal Loan Interest Rate | 9.75% p.a. |
| Loan Tenure | 7 years |
| Maximum Amount | ₹10 Lakhs |
| Minimum Salary | ₹3 Lakhs p.a. |
| Processing Fee | 1.00% of the loan amount + GST |
Note: The information provided below is subject to change. Please visit the bank’s official page for the latest information.
Bank of Maharashtra Personal Loan Interest Rates & Charges
Know the important charges involved in the loan offer, including the interest rates and processing fees, to make the best choice for your financial potential. The following table shows the Bank of Maharashtra personal loan interest rates and processing fees.
| Category | Rates & Charges |
| Mahabank Personal Loan Interest Rate | Starts from 9.75% onwards |
| Processing Fee | 1% of the loan amount + GST |
| Documentation Charge | 0.20% of the loan amount + GST |
Note: The information above is subject to change. Check the bank’s official page for updates.
EMI Calculator
Considering a personal loan from the Bank of Maharashtra? Use the personal loan EMI calculator to quickly determine your monthly installment. Just enter your loan amount, interest rate, and tenure for instant calculation. Take control of your finances with this user-friendly tool and make informed decisions regarding personal loans.
Your Amortization Schedule (Yearly/Monthly)
Bank of Maharashtra Personal Loan Eligibility
The eligibility criteria vary from lender to lender for instant loans. Before applying for a personal loan, check the eligibility and assess your eligibility for the loan. Given below are some of the common eligibility criteria for Bank of Maharashtra personal loans.
| Factors | General Eligibility Criteria |
| Residential Status | Indian |
| Employment status | Salaried or business owners |
| Age | 21 to 65 years |
| Monthly Income | Minimum annual income of 3 lakhs |
| CIBIL Score | Preferably above 750 |
Not sure of your credit score? Check now for free!
Documents Required
Keep the following documents handy for a smooth application process for a personal loan from the Bank of Maharashtra and fast approval.
| Identity Proof (anyone) | PAN Card, Driving License, Passport, Voter ID, Aadhar Card |
| Address Proof (any one) | Electricity bill, Aadhar card, landline bill, voter ID, and photo ID issued by current employer |
| Income Proof | Latest salary slips for the past 3 months, Bank statement for the last 6 months, IT returns of the last 2 years/Form 16 for the last 2 years, Employer’s agreement for monthly installment remittance, if possible. |
| Other Documents | As per the scheme of the loan |
Types of Bank of Maharashtra Personal Loan & Features
The Bank of Maharashtra offers four different types of personal loan schemes catering to the financial needs of specific borrowers categorized by their employment or income source.
1. Maha Bank Personal Loan Scheme for Professionals
- Purpose: To cover personal expenses of self-employed professionals such as doctors, chartered accountants, architects, and company secretaries.
- Interest Rate: 10.05% to 13.05% p.a., depending on the applicant’s CIBIL score.
- Minimum Annual Income: ₹3 lakh.
- Maximum Loan Amount: ₹20 lakh.
- Age Limit: Minimum 21 years; the borrower’s age plus repayment tenure must not exceed 65 years.
- Repayment Tenure: Up to 60 months.
2. Maha Bank Personal Loan Scheme for Salaried Employees
- Purpose: To meet personal financial needs of eligible salaried employees working in government organisations, PSUs, and qualifying private or public companies.
- Interest Rate: 8.75% to 13.55% p.a., depending on employment category, salary account, and CIBIL score.
- Minimum Annual Income: ₹3 lakh.
- Maximum Loan Amount: ₹20 lakh, subject to income-based eligibility.
- Age Limit: 21 to 58 years at the time of loan sanction, subject to retirement-age conditions.
- Repayment Tenure: Up to 84 months for eligible Category A employees with a Bank of Maharashtra salary account; up to 60 months for other eligible applicants.
3. Maha Bank Personal Loan Scheme for Existing Home Loan Customers of Business Class
- Purpose: To meet personal financial requirements of business-class customers who already have a home loan with Bank of Maharashtra.
- Interest Rate: 10.55% to 13.05% p.a., depending on the applicant’s CIBIL score.
- Minimum Annual Income: ₹3 lakh.
- Maximum Loan Amount: ₹20 lakh.
- Age Limit: Minimum 21 years; the borrower’s age plus repayment tenure must not exceed 65 years.
- Repayment Tenure: Up to 84 months.
- Additional Eligibility: Applicants must have a satisfactory home loan repayment record for the previous six months, without overdue payments or SMA classification during that period.
4. Maha Bank Personal Loan Scheme for BPCL Employees
- Purpose: To meet the personal financial needs of confirmed employees of Bharat Petroleum Corporation Limited (BPCL).
- Interest Rate: RLLR + 1.65% p.a., as stated on the bank’s BPCL scheme page.
- Minimum Annual Income: ₹3 lakh.
- Maximum Loan Amount: ₹20 lakh or 20 times the gross monthly income, whichever is lower.
- Eligible Borrowers: Confirmed BPCL employees.
- Repayment Tenure: Up to 84 months.
- Processing Fee: Nil, as published on the scheme page.
Comparison of Maharashtra Bank Personal Loan vs. Other Banks
When searching for personal loans, it’s important to compare interest rates from different banks. This helps you understand the options better & check the table below for a suitable lender while comparing the interest rate and charges from the below pool of verified lenders.
| Lender | Interest Rates (p.a.) | Processing Fees |
| SBI | 10% onwards | Up to 1.5% |
| CBI | 11.25% onwards | Up to 1% |
| ICIC Bank | 9.99% onwards | Up to 2% |
| HDF Bank | 9.99% onwards | Up to ₹6,500 |
| Axis Bank | 9.99% onwards | Up to 2% |
| Yes Bank | 10.85% onwards | Up to 2.5% |
| IndusInd | 10.49% onwards | Up to 3.5% |
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Features of Bank of Maharashtra Personal Loan
A personal loan from Bank of Maharashtra offers flexible repayment options, competitive interest rates, and different loan schemes for eligible borrowers. Some of its key features and benefits include:
- Loan Amount Up to ₹20 Lakh: Eligible borrowers can apply for personal loans of up to ₹20 lakh, depending on their income, employment category, and repayment capacity.
- Competitive Interest Rates: Bank of Maharashtra offers personal loans with interest rates starting at 9.75% p.a., subject to the applicant’s credit score and loan scheme.
- Flexible Repayment Tenure: Borrowers can choose repayment periods of up to 84 months under eligible schemes, helping them manage their monthly EMIs.
- Multiple Loan Schemes: The bank offers personal loan schemes for salaried employees, self-employed professionals, existing home loan customers, and eligible BPCL employees.
- No Collateral Requirement: Eligible applicants can obtain unsecured personal loans without pledging property or other assets as security.
- Affordable Processing Fees: The bank charges processing fees of up to 1% of the loan amount, depending on the applicable scheme.
- Digital Loan Facilities: Eligible existing customers can access pre-approved personal loans through the bank’s digital lending services, simplifying the application and disbursement process.
Steps to Apply for Personal Loan
Want to apply for a quick loan? Here’s the step-by-step process that you can follow to apply for a personal loan from verified banks and NBFCs on Buddy Loan:
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS)
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount. Next, choose the Personal Loan option
- Step 4: Choose the employment type (salaried or self-employed) and the salary mode (bank or cash).
- Step 5: Enter your work details (including company name, years of service, and designation)
- Step 6: Enter your personal details (including full name, PAN, address, DOB & gender)
- Step 7: Provide your communication address and income details, and click the ‘Submit’ button.
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