Bank of Maharashtra Personal Loan Interest Rate
The Bank of Maharashtra offers the ‘Maha Bank Personal Loan Scheme’ to fund all your personal expenses like a wedding, a vacation or a medical treatment. This scheme offers various benefits for salaried individuals, self-employed professionals as well as business class. This scheme also enables you to transfer your ongoing high-interest-rate personal loan to the Bank of Maharashtra as well.
Personal Loan – Explained
A personal loan is a type of loan that individuals can borrow from the bank, NBFCs or online lenders. It is typically an unsecured loan, which means that you are not required to provide any collateral in order to secure the loan.
Interest Rate, Fees & other charges – Bank of Maharashtra Personal Loan
The interest rate, processing fees, and other charges for all types of personal loans offered by the Bank of Maharashtra are given below:
10.00% Per Annum
1% of loan amount+ Tax
Factors responsible for Bank of Maharashtra Personal Loan Interest Rate
The interest rate offered by the Bank of Maharashtra is influenced by various factors. Understanding these is crucial for the borrowers to forecast the rate of interest at which they might receive the loan and make the decision accordingly. Here, are some of the key factors responsible for the Bank of Maharashtra personal loan interest rate.
- Credit Score
- Income of the Applicant
- Applicant’s Relationship with the Bank
- Job History
How is the interest rate assessed on Bank of Maharashtra Personal Loan?
As per the policy and norms of the Bank of Maharashtra, the interest rates on personal loan starts from 10%. Its maximum personal loan amount is INR 20 Lakhs. Existing customers have an advantage in the loan approval process as it is easier to verify their accounts to check their financial history.
Also, your credit score is a crucial factor that determines your creditworthiness. A credit score of 700+ is usually considered a good credit score and increases your chances of loan approval.
How to apply for a Personal Loan in the Bank of Maharashtra?
You can apply for a personal loan at the Bank of Maharashtra by visiting the nearest branch. You can also apply for the loan by visiting their official website or simply using their mobile application and get guaranteed approval for an instant personal loan. However, one needs to make sure that the eligibility criteria are fulfilled and that you have the required credit score.
Features & Benefits – Bank of Maharashtra Personal Loan Interest rate
The Bank of Maharashtra offers a diverse range of personal loan products to cater to your financial needs. Some of the benefits and features of their personal loan products are:
- Low EMI
- Simple and Quick Disbursement
- Higher Loan Amount
- Minimal Documentation
- No Hidden Charges
- Low Processing Fees
- No Prepayment Penalty
Documentation Required – Bank of Maharashtra Personal Loan Interest rate
The Bank provides loans to salaried individuals, self-employed professionals as well as business class. The Documents required to secure a personal loan from the Bank of Maharashtra 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).
For Non-Salaried Individuals/Businessman/Professional
- Identity Proof
- Address Proof
- Copies of ITR (past 3 years) including profit and lost statements
- License under the Shop Establishment Act
- Tax Registration Copy
- Company Registration License
- Bank statements (past 1 year)
Suggested Read: Business loan Emi Calculator
FAQs related to Bank of Maharashtra Personal Loan Interest Rate
Q.1 What is the maximum repayment tenure of the personal loan offered by the Bank of Maharashtra?
The maximum repayment tenure of the personal loan offered by the Bank of Maharashtra is 7 years or 84 Months.
Q.2 What is the maximum personal loan amount that can be availed from the Bank of Maharashtra?
You can avail a maximum amount of INR 20 Lakhs from the Bank of Maharashtra.
Q.3 What is the age range to secure a personal loan from the Bank of Maharashtra?
The applicant must fall between 21-60 years of age in order to be eligible for a personal loan at the bank.
Q.4 What is the Bank of Maharashtra’s customer care number?
Bank of Maharashtra’s customer care number is 1800-233-4526
Q.5 Are there any hidden charges to be paid while availing Bank of Maharashtra personal loan?
No, there are no hidden charges to be paid while availing Bank of Maharashtra personal loan.