Bank of Maharashtra Salaried Personal Loan is a term loan for confirmed salaried employees who need funds for personal expenses such as medical needs, travel, family functions, education-related costs, or other financial requirements. The scheme is available to eligible government, PSU, public-sector, and private-sector employees. It offers a maximum loan of ₹20 lakh, nil collateral, repayment up to 84 months for select Category A borrowers, and interest rates linked to RLLR and CIBIL score. The bank also specifies a minimum annual income of ₹3 lakh.
Overview of Bank of Maharashtra Salaried Personal Loan
The table below gives a quick overview of the main loan parameters.
| Particulars | Details |
|---|---|
| Scheme name | Maha Bank Personal Loan Scheme for Salaried Customers |
| Facility type | Term loan |
| Purpose | To meet personal expenses |
| Maximum loan amount | ₹20 lakh |
| Loan quantum | Up to 20 times gross monthly income, subject to maximum cap |
| Minimum annual income | ₹3 lakh |
| Security | Nil; clean loan |
| Guarantor | Not required |
| Maximum tenure | Up to 84 months for Category A with BOM salary account |
| Processing fee | 1% of loan amount + GST, minimum ₹1,000 |
| Documentation charge | 0.20% of loan amount + GST |
Key Features of Bank of Maharashtra Salaried Personal Loan
Important features of this salaried personal loan include:
- Loan available for personal expenses.
- Maximum loan amount of ₹20 lakh.
- Loan amount up to 20 times gross monthly income.
- Nil margin requirement.
- No collateral required.
- No guarantor required.
- Repayment up to 84 months for eligible Category A borrowers with Bank of Maharashtra salary account.
- Interest rate varies by employment category, salary account relationship, and CIBIL score.
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Bank of Maharashtra Personal Loan Interest Rate for Salaried
The interest rate is linked to RLLR and varies by borrower category, CIBIL score, and salary account relationship. The rates below are from Bank of Maharashtra’s retail interest rate page.
| Borrower Category | 800 & above | 776–799 | 750–775 | 681–749 | 680 & below | NTC / -1 / 0 |
|---|---|---|---|---|---|---|
| Category A with BOM salary account | 9.75% | 9.95% | 10.50% | 11.10% | 13.55% | 10.50% |
| Category A with other bank salary account | 10.20% | 10.45% | 10.95% | 12.35% | 14.55% | 11.05% |
| Category B with BOM salary account | 10.25% | 11.20% | 11.50% | 12.00% | 14.65% | 12.00% |
| Category B with other bank salary account | 11.50% | 12.25% | 13.00% | 13.75% | 15.00% | 13.00% |
| Category C | 12.00% | 12.75% | 13.25% | 13.75% | 15.00% | 13.50% |
Bank of Maharashtra Salaried Personal Loan Eligibility Criteria
Applicants should meet these eligibility conditions:
- Must be a confirmed salaried employee.
- Minimum age: 21 years.
- Maximum age at sanction: 58 years.
- Age plus repayment period should not exceed retirement age or 60 years, whichever is lower.
- Minimum annual income must be ₹3 lakh.
- Past 1-year ITR or Form 16 from current employer is mandatory.
- Category A includes confirmed employees of central/state government, PSUs, and government educational institutions.
- Category B includes confirmed employees of private/public limited companies with external rating “A” and above.
- Category C includes other eligible salary account holders whose salary is credited in Bank of Maharashtra with employer tie-up or irrevocable undertaking.
Minimum Salary Requirement for Bank of Maharashtra Personal Loan
Bank of Maharashtra specifies a minimum annual income of ₹3 lakh for this scheme.
| Requirement | Details |
|---|---|
| Minimum annual income | ₹3 lakh |
| Approximate monthly income equivalent | ₹25,000 |
| Mandatory income proof | Past 1-year ITR or Form 16 from current employer |
| Category A deduction cap | Total deductions, including proposed EMI, should not exceed 65% of gross monthly income |
| Category B/C deduction cap | Total deductions, including proposed EMI, should not exceed 60% of gross monthly income |
Bank of Maharashtra Personal Loan for Government Employees
Government and PSU employees are generally covered under Category A.
- Eligible employees include confirmed central government, state government, PSU, and government educational institution employees.
- Category A borrowers with Bank of Maharashtra salary account can get repayment tenure up to 84 months.
- Category A borrowers with salary account in another bank get tenure up to 60 months.
- Lower starting interest rates are available for Category A borrowers with Bank of Maharashtra salary account.
- Total deductions including proposed EMI should not exceed 65% of gross monthly income.
Bank of Maharashtra Personal Loan for Private Sector Employees
Private-sector employees may be eligible under Category B or Category C.
- Category B covers confirmed employees of private/public limited companies with external rating “A” and above.
- Category B requires satisfactory salary account relationship for at least 6 months.
- Category C covers other eligible confirmed salary account holders whose salary is credited in Bank of Maharashtra.
- Category C also requires employer tie-up or irrevocable undertaking.
- Repayment tenure for Category B and C is up to 60 months.
- Total deductions including EMI should not exceed 60% of gross monthly income.
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Bank of Maharashtra Personal Loan for Low Salary Applicants
Since the minimum annual income is ₹3 lakh, applicants below around ₹25,000 monthly income may not qualify under the standard salaried personal loan scheme.
Loan Availability for ₹10,000 Salary
| Monthly Salary | Annual Income | Eligibility View |
|---|---|---|
| ₹10,000 | ₹1,20,000 | Not eligible under the stated ₹3 lakh annual income rule |
Loan Availability for ₹15,000 Salary
| Monthly Salary | Annual Income | Eligibility View |
|---|---|---|
| ₹15,000 | ₹1,80,000 | Not eligible under the stated ₹3 lakh annual income rule |
Loan Availability for ₹20,000 Salary
| Monthly Salary | Annual Income | Eligibility View |
|---|---|---|
| ₹20,000 | ₹2,40,000 | Usually not eligible because income is below ₹3 lakh annually |
Loan Availability for ₹25,000 Salary
| Monthly Salary | Annual Income | Estimated Maximum Loan |
|---|---|---|
| ₹25,000 | ₹3,00,000 | Up to ₹5,00,000, subject to deduction cap, CIBIL score, age, employer category, and bank approval |
Documents Required for Bank of Maharashtra Salaried Personal Loan
Applicants should keep income and KYC documents ready for verification.
| Document Type | Details |
|---|---|
| Identity proof | PAN, Aadhaar, passport, voter ID, driving licence, or other accepted KYC |
| Address proof | Aadhaar, utility bill, passport, voter ID, or other accepted proof |
| Income proof | Past 1-year ITR or Form 16 from current employer |
| Salary proof | Salary slips or salary certificate, as required by the bank |
| Bank statement | Salary account statement, especially where salary account relationship is assessed |
| Employment proof | Employer details, undertaking, or tie-up details where applicable |
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Bank of Maharashtra Salaried Personal Loan EMI Calculation
[personal-loan-emi-calculation]
EMI depends on loan amount, interest rate, and tenure. For example, if a borrower takes ₹1,00,000 at 9.75% p.a. for 60 months, the EMI is approximately ₹2,112.
Example EMI Calculation
Let’s calculate the EMI step-by-step for the given scenario using the standard EMI formula.
- Loan Amount (P): ₹1,00,000
- Interest Rate: 9.75% p.a.
- Tenure (n): 5 years = 60 months
EMI = P × r × (1+r)n / ((1+r)n − 1)
Where:
- P: Loan Amount
- r: Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n: Loan Tenure (in months)
Let’s calculate the EMI:
Step 1: Convert Annual Interest Rate to Monthly Rate
r = 9.75 / (12 × 100) = 0.008125
Step 2: Calculate (1 + r)n
(1 + 0.008125)60 ≈ 1.63
Step 3: Apply Values in EMI Formula
EMI = (100000 × 0.008125 × 1.63) / (1.63 − 1)
Step 4: Final EMI
EMI ≈ ₹2,112 per month
Also Read: Salaried Personal Loan | Personal Loan for Self Employed
Bank of Maharashtra Salaried Personal Loan Fees & Charges
The major charges are as follows.
| Charge | Details |
|---|---|
| Processing fee | 1% of loan amount + GST, minimum ₹1,000 |
| Documentation charge | 0.20% of loan amount + GST |
| Margin | Nil |
| Security | Nil |
| Guarantor | Not required |
| Prepayment charges | Not specified on the salaried scheme page; confirm with the bank before closure |
Steps to Apply for Bank of Maharashtra Salaried Personal Loan
You can apply online or through a branch.
- Visit the Bank of Maharashtra personal loan page or digital loan application link.
- Select the personal loan option.
- Enter personal, employment, income, and loan details.
- Submit KYC, income proof, and salary-related documents.
- The bank checks CIBIL score, income, employer category, age, and deduction ratio.
- After approval, the loan is sanctioned and disbursed.
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Advantages of Bank of Maharashtra Salaried Personal Loan
Bank of Maharashtra Salaried Personal Loan provides multiple advantages, such as collateral-free financing, long repayment tenures, and attractive interest rates for eligible employees.
- Collateral-free personal loan.
- No guarantor required.
- Maximum loan amount up to ₹20 lakh.
- Tenure up to 84 months for eligible Category A borrowers.
- Lower starting rates for government/PSU employees with BOM salary account.
- Clear income and deduction norms.
- Useful for different personal expenses.
Limitations of Bank of Maharashtra Salaried Personal Loan
While the scheme offers several benefits, borrowers should also understand its income requirements, eligibility conditions, and other lending restrictions.
- Minimum annual income of ₹3 lakh excludes many low-salary applicants.
- Category B eligibility depends on employer profile and rating.
- Category C requires salary credit in Bank of Maharashtra and employer tie-up or undertaking.
- Tenure is limited to 60 months for Category B and C.
- Interest rate can be higher for lower CIBIL scores.
- Repayment must end by retirement age or 60 years, whichever is lower.
Summary & Key Insights
Bank of Maharashtra Salaried Personal Loan is a strong option for confirmed employees who meet the ₹3 lakh minimum annual income rule and want an unsecured loan for personal expenses. Its biggest strengths are a ₹20 lakh maximum limit, nil collateral, no guarantor requirement, and tenure up to 84 months for eligible Category A borrowers. Government and PSU employees with a Bank of Maharashtra salary account receive the most favourable rate structure. However, low-income applicants and private-sector employees may face stricter eligibility, shorter tenure, or higher rates.
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