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:
The applicants must be permanent employees of State/Central/PSUs/MNCs/Reputed corporates/public or private limited companies.
Minimum Income (Annually)
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:
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.
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.
FAQs related to Bank of Maharashtra Personal Loan?
Q.1 What is the minimum credit score required for a Bank of Maharashtra Personal loan?
A credit score of 700 or above is required to secure a Bank of Maharashtra Personal loan.
Q.2 What is the maximum amount of personal loan offered by Maharashtra Personal loan.?
The maximum amount of personal loan offered by Maharashtra Personal loan.is Rs 20 Lakhs.
Q.3 Is there any guarantor required to avail of a personal loan?
The bank approves one guarantor for a personal loan.
Q.4 What is the processing fee charged on a loan?
The Bank of Maharashtra charges a processing fee of 1% for the loan for a minimum amount of INR 1000.
Q.5 What is the maximum repayment tenure for the loan?
The loan is offered for a maximum tenure of 84 months.