| Bank of Maharashtra Consumer Loan Highlights 2024 | |
| Purpose | For the purchase of consumer durable products |
| Interest rate | 13.20% p.a. |
| Loan amount | Up to Rs 1.5 lakh |
| Repayment tenure | Up to 5 years |
| Processing fee | 1% of the loan amount, Minimum Rs 500 + applicable charges |
| Margin | 25% |
| Security | Hypothecation of Consumer Durables |
| Guarantor | One Guarantor acceptable to the bank |
| Deduction Limit | 60% of Gross Pay |
| Insurance | Not compulsory |
Note: Interest rate as of 14th November 2024
Table of Contents
Bank of Maharashtra Consumer Loan Interest Rate
Bank of Maharashtra offers consumer loans at 13.20% p.a. The bank also offers a 1% discount on the applicable interest rate to existing housing loan borrowers/corporate salary account holders. As Bank of Maharashtra Personal Loan Interest Rates start from 10% p.a., customers who want to finance their consumer durable goods purchases can also consider availing Bank of Maharashtra Personal Loan or other personal loan schemes from other lenders. Consumers should compare the personal loan interest rates offered by different banks/NBFCs to find the best interest rate available on their credit profile.
Bank of Maharashtra Consumer Loan Fees and Charges
Processing Charges
A processing fee of up to 0.50% of the loan amount (minimum of Rs 500) plus taxes are charged while applying for Bank of Maharashtra Consumer Durable Loan.
Eligibility Criteria
- Eligible Entities: Permanent Salaried / Professionals
- Age Criteria: Minimum 21 years at time of loan application and maximum up to 60 years at time of loan maturity
- Minimum Employment: For service people is 5 years, current 2 years and professionals 3 years
- Minimum Annual Income: Rs. 3 lakh for individuals and Rs. 2 lakh for Teachers
- Minimum income for existing home loan borrowers (salaried/businessmen/professional individuals only) should be Rs 2 lakh
Documents Required of Bank of Maharashtra Consumer Durable Loan
The bank will require past 2 year’s ITR/Form 16 from the employer from both salaried and self-employed customers while sanctioning Bank of Maharashtra Consumer Durable Loan.