Bank of Maharashtra Personal Loan

 

About Bank of Maharashtra Personal Loan

Bank of Maharashtra is a large-scale Indian public sector bank whose 81.61% of total shares are held by the government of India. It has close to 15 million customers throughout India which are served through 1897 branches spread all over the country (as per April 2016 statistics). Founded in 1935, Bank of Maharashtra is headquartered in Pune, India. It offers a wide variety of products and services to its customers, including home loans, personal loans, credit cards etc. Its personal loan scheme is referred to as ‘Mahabank Personal Loan’ and is also available to the existing home loan borrowers (only salaried people). The individual availing the personal loan is free to use the loan amount for any personal expenses including medical procedures, home renovation, vacations, wedding expenses, education expenses, income tax payment etc.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

The eligibility criteria for salaried or self-employed people seeking bank of Maharashtra personal loan is as follows:
– All salaried and existing home loan borrowers of Bank of Maharashtra can apply. People having corporate salary account with the bank should be employed for minimum two years, with last one year in the current organisation.
– People having a corporate salary account with the bank should have a minimum annual income of INR 3 lakh, while in case of salaried home loan borrowers, their annual income should be minimum INR 2.5 lakh. Both should produce ITR/Form 16 of past two years.
– The minimum age limit for applicants is 21 years and maximum is 60 years
Following is the exact eligibility criteria for Bank of Maharashtra personal loan, as of today.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Bank of Maharashtra Personal Loan Features / Details

Some of the standout features of Maharashtra bank personal loan are that it can be availed even by the existing home loan borrowers, the applicant is allowed one guarantor, there are flexible payment terms, it’s processed quickly and there are special offers available for people holding a salary account with the bank. A 1% discount is offered on applicable interest rate to bank’s corporate salary account holders or existing home loan borrowers. The borrowed amount can be repaid in anywhere from 12 to 36 months’ time period. The maximum loan amount offered is INR 1.5 lakh, however, you should refer to the following data for the updated loan features.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Bank of Maharashtra Personal Loan Fees / Charges

As is the case with any lending establishment, Bank of Maharashtra also levies certain fees and charges on the personal loans it offers. There is a processing charge of 1% of the loan amount levied on all borrowers. Please also note that a GST rate of 18% is applied on all products and services offered by the establishment. More on the Bank of Maharashtra personal loan fees / charges below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees