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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 | 10.00% p.a. |
| Loan Tenure | 7 years |
| Maximum Amount | ₹20 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 | From 10.00% to 12.80% p.a. |
| Processing Fee | 1% of the loan amount + GST |
| Documentation Charge | 0.20% of the loan amount + GST |
Note: Information above is subject to change. Check the bank’s official page for updates.
Bank of Maharashtra Personal Loan EMI Calculator
Considering a personal loan from the Bank of Maharashtra? Use the Personal Loan EMI Calculator to quickly determine your monthly instalment. 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.
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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 |
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Documents Required For Bank of Maharashtra Personal Loan
Keep the following documents handy for a smooth application process for a personal loan from the Bank of Maharashtra and fast approval.
| Identity Proof (any one) | PAN Card, Driving License, Passport, Voter ID, Aadhar Card |
| Address Proof (any one) | Electricity Bill, Aadhar Card, Landline Bill, Voter ID, 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 last 2 years, Employer’s agreement for monthly instalment remittance, if possible. |
| Other Documents | As per the scheme of 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 categorised by their employment or income source.
Maha Bank Personal Loan Scheme for Professionals
- Purpose: To meet the need for personal expenses of self-employed professionals like doctors, CAs, Architects, etc.
- Interest Rate: 11.05% – 12.55%
- Minimum Annual Income: ₹3 lakhs
- Maximum Loan Amount: ₹20 lakhs
- Age Limit: 21-65 years
Maha Bank Personal Loan Scheme for Salaried Employees
- Purpose: To meet the need for personal expenses of salaried employees.
- Interest Rate: 9.75% – 12.30%
- Minimum Annual Income: ₹3 lakhs
- Maximum Loan Amount: ₹20 lakhs
- Age Limit: 21-58 years
Maha Bank Personal Loan Scheme for Existing Home Loan Customers of Business Class
- Purpose: To meet the monetary requirements of business class customers having Home Loan with the Bank of Maharashtra.
- Interest Rate: 11.55% – 12.55%
- Minimum Annual Income: ₹3 lakhs
- Maximum Loan Amount: ₹20 lakhs
- Age Limit: 21-65 years
Maha Bank Personal Loan Scheme for BPCL Employees
- Purpose: To cater to the financial requirements of employees of Bharat Petroleum Corporation Limited (BPCL).
- Interest Rate: RLLR + 1.65%
- Minimum Annual Income: ₹3 lakhs
- Maximum Loan Amount: ₹20 lakhs
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 | 10.30%-15.10% p.a. | Up to 1.50% |
| CBI | 10.95% – 12.55% p.a. | Up to 1% |
| ICIC Bank | 10.75% p.a. onwards | Up to 2.50% |
| HDF Bank | 11.00% p.a. onwards | Up to 2.50% |
| Axis Bank | 10.25% p.a. onwards | 1.5% to 2% |
| Citibank | 9.99% p.a. To 16.49% p.a. | 0.25% to 3.00% |
| Yes Bank | 10.99% p.a. onwards | 2.50% (one-time fee) |
| IndusInd | 11.00% p.a. | 2.5% onwards |
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Features of Bank of Maharashtra Personal Loan
A personal loan with Mahabank offers the following exclusive benefits and features:
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 & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) 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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Frequently Asked Questions
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