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Bank of Maharashtra Personal Loan Highlights |
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| Interest rate | 10.00%-12.80% p.a. |
| Loan Amount | Up to Rs 20 lakh |
| Loan Tenure | Up to 5 years For Salaried: Up to 7 years |
| Processing Fees | 1% of loan amount |
Note: Rates as of 19th November 2024
Table of Contents
Bank of Maharashtra Personal Loan Interest Rates
Bank of Maharashtra Personal Loan interest rates start from 10% p.a. onwards. The bank offers personal loans based on the job profile and CIBIL Score of its personal loan applicants.
Maha Bank Personal Loan Scheme for Salaried Borrowers
Category A
For Applicants having Salary Account with Bank of Maharashtra:
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 10.00% |
| 776-799 | 10.30% |
| 750-775 | 10.80% |
| 700-749 | 11.30% |
| NTC or -1 or 0 | 11.00% |
Also Read: How you can build or rebuild your credit score with Step UP Credit Card Co-branded with SBM Bank India Ltd
For Applicants having Salary Account with other Banks:
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 10.80% |
| 776-799 | 11.30% |
| 750-775 | 11.80% |
| 700-749 | 12.30% |
| NTC or -1 or 0 | 12.05% |
Category B
For Applicants having Salary Account with Bank of Maharashtra:
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 10.80% |
| 776-799 | 11.30% |
| 750-775 | 11.80% |
| 700-749 | 12.30% |
| NTC or -1 or 0 | 12.05% |
For Applicants having Salary Account with other Banks:
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 11.20% |
| 776-799 | 11.80% |
| 750-775 | 12.30% |
| 700-749 | 12.80% |
| NTC or -1 or 0 | 12.55% |
Category C
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 11.20% |
| 776-799 | 11.75% |
| 750-775 | 12.25% |
| 700-749 | 12.75% |
| NTC or -1 or 0 | 12.55% |
Maha Bank Personal Loan Scheme for Professionals
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 11.30% |
| 776-799 | 11.80% |
| 750-775 | 12.30% |
| 700-749 | 12.80% |
| NTC or -1 or 0 | 12.05% |
Maha Bank Personal Loan Scheme for Business Class having Home Loan with Bank of Maharahstra
| CIBIL Score | Rate of Interest (p.a.) |
| 800 and above | 11.80% |
| 776-799 | 12.05% |
| 750-775 | 12.30% |
| 700-749 | 12.80% |
| NTC or -1 or 0 | 12.55% |
Other Bank of Maharashtra Personal Loan Schemes
| Personal Loan Scheme | Interest Rate (p.a.) |
| Maha Bank Personal Loan Scheme for payment of one time Group Credit Life Insurance | 10.80% |
| Personal Loan for BPCL employees | 10.95% |
| Salary Gain Scheme | 12.45% |
| Maha Bank Aadhar Loan Scheme | For General Pensioners- 11.00%
For Defence Pensioners- 10.50% |
Comparison of Personal Loan Interest Rates of Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Also know which banks and NBFCs is best for personal loan in India
Processing Fees & Charges
| Processing Fees | NIL (Festive Offer) |
| Documentation Charges | 0.20% of the loan amount + GST |
Check the personal loan processing fee charged by top personal loan lenders
Types of Bank of Maharashtra Personal Loan
Maha Bank Personal Loan Scheme for All
Purpose: Regular personal loan scheme for meeting the personal requirements of salaried and self-employed professionals
Loan Amount: Up to Rs 20 lakh
Tenure:
- For Salaried- Up to 7 years
- For Others- Up to 5 years
Maha Bank Personal Loan Scheme for BPCL Employees
Purpose: To meet the personal requirements of all the confirmed employees of BPCL- Public Sector Unit
Loan Amount: Up to Rs 20 lakh
Tenure: Up to 7 years
Processing Fee: NIL
Salary Gain Scheme
Purpose: Personal loan overdraft facility to meet the day to day requirements of Central/State government employees, individuals employed with PSUs, reputed corporates and public or private sectors
Loan Amount:
- For employees of Central/State Government and PSUs: 5 times monthly take home salary subject to maximum loan amount of Rs 5 lakh
- Other than employees of Central/State Government and PSUs: 3 times monthly take home salary subject to maximum loan amount of Rs 5 lakh
Processing Fee: 0.50% of overdraft amount p.a. subject to minimum Rs 500
Eligibility for Bank of Maharashtra Personal Loan
Maha Bank Personal Loan Scheme
- Employees of Central/State Government/PSUs/Public or Private Limited Companies/MNCs drawing salary from Bank of Maharashtra/Reputed Corporates
- For salaried applicants not having salary account with the Bank of Maharashtra, the personal loan is sanctioned subject to Employer’s undertaking for deduction of monthly loan installments from the salary
- Self-employed Professionals (only doctors, CAs and Architects) having own business can avail a personal loan if they are banking with the Bank of Maharashtra (with credit facility) for the last 1 year
For BPCL Employees
- All the confirmed employees of BPCL (Bharat Petroleum Corporation Limited)- Public sector unit
- Minimum Annual Income: Rs 3 lakh
For Salary Gain Scheme
- Minimum age: 21 years
- Individuals permanently employed with Central government, State government, PSUs, reputed
corporates, public or private sector companies/MNCs - Minimum 1 year of work experience
- Minimum take home salary of the applicant should be Rs 25,000
Bank of Maharashtra may also consider the credit score and monthly income while evaluating the personal loan eligibility of its applicants, just like other personal loan lenders.
You may also check the personal loan eligibility criteria set by other personal loan lenders
Documents Required for Loan Application
The following are common documents needed to avail Bank of Maharashtra Personal Loan:
- Duly filled application form with passport-sized photographs
- Photo Identity Proof: A copy of your Passport / Voter ID / Aadhaar Card/ Driving License, etc. (Any one)
- Address Proof: A copy of your Electricity Bill / Ration Card / Passport, etc. (Any one)
- Income Proof: Salary Slips, Bank Account Statement, ITR, Form 16, etc.
- Employment Certificate: A certificate stating one year of continuous employment (for salaried applicant)
- Any other document required by the bank
Also know Bank of Maharashtra Bank Personal Loan Documents in detail
Bank of Maharashtra Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on Bank of Maharashtra Personal Loan
Does Bank of Maharashtra offer Personal Loan Balance Transfer?
Ans. Yes, Bank of Maharashtra offers Personal Loan Balance Transfer, wherein, the existing personal loan borrowers of other banks/NBFCs can transfer their personal loan accounts to Bank of Maharashtra at lower interest rates.
What is the minimum credit score at which the applicants can avail Bank of Maharashtra personal loan?
Ans. Bank of Maharashtra has not specified any cut-off credit score for personal loan applicants. However, the bank offers preferential interest rates to personal loan applicants based on their credit scores, with lowest interest rates being offered to those with credit scores of 750 and above.
Is there any restriction on prepayment of personal loan in Bank of Maharashtra?
Ans. There are no restrictions on prepayment of personal loan in Bank of Maharashtra. The prepayment charges for Bank of Maharashtra Personal Loan are NIL.
Can I choose between a fixed and floating rate of interest?
Ans. Bank of Maharashtra offers personal loans only at floating rate of interest.