Bank of Maharashtra Personal Loan Eligibility Criteria

Bank of Maharashtra, one of India’s leading and most trusted Public Sector Bank offers multiple variants of personal loans to fund the needs of the borrowers of every category. When considering a personal loan, it is important to know the eligibility criteria required to avail the loan. To ensure that the personal loan is available to the right candidates, the Bank of Maharashtra has established a set of well-defined eligibility criteria.

This article will guide you about the Bank of Maharashtra Personal Loan Eligibility Criteria, explaining the factors that determine who can avail of Bank of Maharashtra Personal Loan.

Eligibility Required – To acquire a Bank of Maharashtra Personal loan

There is a certain eligibility criteria, that one needs to fulfil to avail Bank of Maharashtra personal loan. Bank of Maharashtra enables you to get loans at an interest rate starting from 10% per annum. Before applying for a Bank of Maharashtra personal loan, it is essential to assess your eligibility and ensure that you meet the following criteria:

Applicants

Salaried individuals
Self-employed professionals
Existing house loan borrowers

The applicants must be permanent employees of State/Central/PSUs/MNCs/Reputed corporates/public or private limited companies.

Age

Minimum age of 21 years is required
Maximum age of 60 years is required

Minimum Income (Annually)

INR 3 Lakhs for corporate salary account holders
INR 2.50 Lakhs for existing housing loan applicants

Documents Required: Bank of Maharashtra Personal Loan Eligibility

The documents required to avail a personal loan from the bank are:

For Salaried Persons

Identity Proof
Address Proof
Latest Salary Slip ( past 3 months)
Copies of ITR or Form16 (past 2 years)
Employer undertaking for remittance of monthly instalments
Bank account statement (past 6 months).

Suggested Read: Business loan Emi Calculator

For Non-Salaried Individuals/Businessman/Professional

Identity Proof
Address Proof
Copies of ITR (past 3 years) including profit and lost statements
License under Shop Establishment Act
Tax Registration Copy
Company Registration License
Bank statements (past 1 year)

How to increase your chances of getting a Bank of Maharashtra Personal Loan?

Mah Bank’s Personal Loan Scheme is the major personal loan scheme for all the customers of the bank. This loan can be borrowed by any applicant to fund their personal needs. The loan can be availed with minimum documentation and competitive interest rates.

Another important scheme of the personal loan offered by the Bank of Maharashtra is the Salary Gain Scheme. Under this scheme, the loan is provided in the form of an overdraft facility and can be availed by salaried individuals who have an existing account with the bank.

The main criteria for eligibility to avail of these loans are mentioned below:

Age

The Bank of Maharashtra provides loans to borrowers who fall in their decided age range i.e., 21 years to 60 years. The age of the borrower plays a significant role during the personal loan application process. Younger applicants have the advantage to opt for a longer tenure, resulting in lower monthly instalments.

Relationship with the bank

The bank requires that the borrower must have an already existing account at any of its branches. This makes it easier for the bank to access the financial history of the borrower and therefore is a key aspect of its personal loan eligibility.

Income

Your Income level indicates your repayment capacity. Bank of Maharashtra assesses your income to determine whether you can comfortably manage your loan repayments. It is mandatory for the borrowers to have a minimum income of INR 3 Lakhs per annum to avail a personal loan under this scheme.