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Bank of Maharashtra Personal Loan Interest Rates
Bank of Maharashtra Personal Loan Interest Rates start from 10% p.a. Bank of Maharashtra Personal Loan Interest Rate are based on various factors such as credit score, employer’s profile, salary account relationship, etc. of its loan applicants. In the same manner, various other lenders also consider these parameters while setting their personal loan interest rates.
Mentioned below are Bank of Maharashtra Personal Loan Interest Rates for different personal loan schemes:
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% |
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 Maharashtra
| 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% |
Note: Interest rates as of 13th November 2024
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Compare Personal Loan Interest Rates of Different 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 |
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Factors Affecting Bank of Maharashtra Personal Loan Interest Rate
Mentioned below are various factors that may influence Bank of Maharashtra Personal Loan.
Credit Score
Bank of Maharashtra Personal Loan Interest Rates are also offered on the basis of the credit score matrix set by the bank, just like many lenders do while setting the personal loan interest rates for their loan applicants.
Bank of Maharashtra offers lower interest rates to personal loan applicants who have credit scores of 750 and above, followed by those having credit scores in the ranges of 700-749 and 650-699. Bank of Maharashtra charges the highest personal loan interest rates from applicants having credit scores of 600-649. Thus, prospective personal loan borrowers should aim at maintaining their credit scores above 750 to avail Bank of Maharashtra personal loans at lower interest rates.
Maintaining credit scores of 750 & above may also help individuals in availing personal loans from other lenders at lower interest rates as most lenders offer preferential interest rates to applicants having higher credit scores. They can maintain or improve their credit scores by following healthy credit practices such as paying their credit card bills and repaying EMIs on time, avoiding multiple credit card or loan applications within short durations and maintaining a healthy credit mix. Doing this will also help improve their personal loan eligibility. Along with this, consumers should also review their credit reports at regular intervals to detect any clerical errors in their credit reports, which are adversely impacting their credit score. Such errors should be reported to the concerned credit bureau and lender. A rectified credit report should report a higher credit score.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
Income
Bank of Maharashtra Personal Loan are provided to loan applicants with a minimum annual income of Rs 3 lakh. While Bank of Maharashtra Personal Loan Interest Rate matrix based on the applicant’s income has not been disclosed, many lenders follow the practice of offering personal loans at preferential interest rates to loan applicants with higher monthly/yearly incomes. This is because personal loan applicants with higher incomes pose a lower credit risk due to their higher loan repayment capacity.
Existing Relationship with the Bank
The bank has not disclosed if it offers concessional Bank of Maharashtra Personal Loan Interest Rates to its existing customers. However, the bank under its personal loan festive scheme offers its lowest personal loan interest rates to the employees of Central Government/State Government/Public Sector Undertakings, who are maintaining a salary account with it and have CIBIL Score of 700 and above. Similarly, other lenders also offer personal loans at favorable interest rates to applicants who have a standing relationship with them. So if you are planning to avail personal loan, you can consider getting in touch with the bank/NBFC with whom you already have a standing relationship with. Along with this, you should also compare the personal loan interest rates offered by different banks/NBFC to find the best interest rate available on your credit profile.
Employer’s Profile
Bank of Maharashtra considers the employer’s and occupation profile of its personal loan applicants when evaluating their loan eligibility. As mentioned above, applicants employed with Central Government/State Government/ Public Sector Undertakings who are maintaining salary accounts with Bank of Maharashtra and also having CIBIL Score of 700 and above are offered the lowest Bank of Maharashtra personal loan interest rates under its personal loan festive scheme.
Similarly, other lenders also consider the employer and occupation profile of their loan applicants when setting personal loan interest rates for them. Usually, banks/NBFCs set lower interest rates on personal loan for salaried when compared to personal loan for self-employed. Within salaried applicants, those working for government or PSUs are offered preferential interest rates because their job and income security is usually higher than other salaried individuals. Among private sector employees, lenders offer lower interest rates to personal loan applicants working in MNCs or reputed private sector organizations due to the higher capacity of such organizations to deal with adverse economic conditions than other private sector organizations.
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Tips to Avail Personal Loans at Lower Interest Rates
- Maintain a credit score of 750 or above.
- Check for pre-approved personal loan offers from banks and NBFCs.
- Visit online financial marketplaces to check and compare Bank of Maharashtra Personal Loan Interest Rates with the interest rates offered by other banks and NBFCs.
- Keep track of personal loan interest rates offered by top banks/NBFC, especially during festive seasons.
- Enquire with banks/NBFCs with whom you have deposit or loan accounts.
FAQ
What is the personal loan interest rate offered by Bank of Maharashtra?
Ans. Bank of Maharashtra offers personal loans at interest rates starting from 10% p.a. onwards. The final interest rates offered to its personal loan applicants would depend their CIBIL Score, occupation profile, type of personal loan schemes and lender’s existing relationship with the applicant.
How to get lowest personal loan interest rate from Bank of Maharashtra?
Ans. The lowest personal loan interest rate offered by Bank of Maharashtra is 10% p.a. However, the lender has not disclosed the eligibility criteria for availing lowest personal loan interest rates.
Does Bank of Maharashtra offer special discounts or offers on its personal loan interest rate?
Ans. Bank of Maharashtra has not disclosed any discounts or offers on its personal loan interest rates. Applicants can directly connect with the bank to check whether they qualify for any special discounts or offers on personal loan interest rates.
Does Bank of Maharashtra offer personal loans at fixed or floating interest rates.
Ans. Bank of Maharashtra offers personal loans at floating interest rates. As personal loan interest rates offered by Bank of Maharashtra are linked to RLLR (Repo Linked Lending Rate), any change in the repo rate would lead to a change in the interest rates of its existing personal loan borrowers depending on the interest reset date set by the bank.