Bank of Maharashtra Personal Loan


The Bank of Maharashtra offers personal loans at highly affordable interest rates starting from 10.00% per annum. You can avail a quick personal loan and cover all the emergency expenses with ease. The flexible repayment period, low processing fee, and minimal documentation make Maharashtra Bank Personal Loan a a unique and most opted financial option.

Apply for a Maharashtra Bank Personal Loan today!

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Bank of Maharashtra Personal Loan Details

Get a personal loan from Bank of Maharashtra effortlessly and take control of your finances. Here's a detailed breakdown of their personal loan interest rates.

Personal Loan Interest rate 10.00% p.a.
Loan Tenure 7 years
Maximum Amount ₹20 Lakhs
Minimum Salary ₹3 Lakhs p.a.
Processing Fee 1.00% of the loan amount + GST
Note: The information provided below is subject to change. Please visit the bank’s official page for the latest information.

Bank of Maharashtra Personal Loan Interest Rates & Charges

Know the important charges involved in the loan offer including the interest rates and processing fees to make the best choice for your financial potential. The following table shows the Bank of Maharashtra personal loan interest rates and processing fees.

Category Rates & Charges
Mahabank Personal loan Interest Rate From 10.00% to 12.80% p.a.
Processing Fee 1% of the loan amount + GST
Documentation Charge 0.20% of the loan amount + GST
Note: Information above is subject to change. Check the bank's official page for updates.

Bank of Maharashtra Personal Loan EMI Calculator

Considering a personal loan from the Bank of Maharashtra? Use the Personal Loan EMI Calculator to quickly determine your monthly instalment. Just enter your loan amount, interest rate, and tenure for instant calculation. Take control of your finances with this user-friendly tool and make informed decisions regarding personal loans.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Bank of Maharashtra Personal Loan Eligibility

The eligibility criteria vary from lender to lender for instant loans. Before applying for a personal loan, check the eligibility and assess your eligibility for the loan. Given below are some of the common eligibility criteria for Bank of Maharashtra personal loans.

Factors General Eligibility Criteria
Residential Status Indian
Employment status Salaried or business owners
Age 21 to 65 years
Monthly Income Minimum annual income of 3 lakhs
CIBIL Score Preferably above 750

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Documents Required For Bank of Maharashtra Personal Loan

Keep the following documents handy for a smooth application process for a personal loan from the Bank of Maharashtra and fast approval.

Identity Proof (any one) PAN Card, Driving License, Passport, Voter ID, Aadhar Card
Address Proof (any one) Electricity Bill, Aadhar Card, Landline Bill, Voter ID, Photo ID issued by current employer
Income Proof Latest salary slips for the past 3 months,
Bank statement for the last 6 months,
IT returns of the last 2 years/Form 16 for last 2 years,
Employer's agreement for monthly instalment remittance, if possible.
Other Documents As per the scheme of loan

Types of Bank of Maharashtra Personal Loan & Features

The Bank of Maharashtra offers four different types of personal loan schemes catering to the financial needs of specific borrowers categorised by their employment or income source.

Maha Bank Personal Loan Scheme for Professionals

  • Purpose: To meet the need for personal expenses of self-employed professionals like doctors, CAs, Architects, etc.
  • Interest Rate: 11.05% - 12.55%
  • Minimum Annual Income: ₹3 lakhs
  • Maximum Loan Amount: ₹20 lakhs
  • Age Limit: 21-65 years

Maha Bank Personal Loan Scheme for Salaried Employees

  • Purpose: To meet the need for personal expenses of salaried employees.
  • Interest Rate: 9.75% - 12.30%
  • Minimum Annual Income: ₹3 lakhs
  • Maximum Loan Amount: ₹20 lakhs
  • Age Limit: 21-58 years

Maha Bank Personal Loan Scheme for Existing Home Loan Customers of Business Class

  • Purpose: To meet the monetary requirements of business class customers having Home Loan with the Bank of Maharashtra.
  • Interest Rate: 11.55% - 12.55%
  • Minimum Annual Income: ₹3 lakhs
  • Maximum Loan Amount: ₹20 lakhs
  • Age Limit: 21-65 years

Maha Bank Personal Loan Scheme for BPCL Employees

  • Purpose: To cater to the financial requirements of employees of Bharat Petroleum Corporation Limited (BPCL).
  • Interest Rate: RLLR + 1.65%
  • Minimum Annual Income: ₹3 lakhs
  • Maximum Loan Amount: ₹20 lakhs

Comparison of Maharashtra Bank Personal Loan Vs Other Banks

When searching for personal loans, it's important to compare interest rates from different banks. This helps you understand the options better & check the table below for a suitable lender while comparing the interest rate and charges from the below pool of RBI approved lenders.

Lender Interest Rates (p.a.) Processing Fees
SBI 10.30%-15.10% p.a. Up to 1.50%
CBI 10.95% - 12.55% p.a. Up to 1%
ICIC Bank 10.75% p.a. onwards Up to 2.50%
HDF Bank 11.00% p.a. onwards Up to 2.50%
Axis Bank 10.25% p.a. onwards 1.5% to 2%

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Looking for a personal loan?

Features of Bank of Maharashtra Personal Loan

A personal loan with Mahabank offers the following exclusive benefits and features:

Instant Loan Approval

Get your loan approved
within minutes.

Long Repayment Tenure

Get up to 7 years of
repayment tenure.

Multipurpose Loan

Can be used for a variety
of purposes.

Low Interest Rates

The interest rates starting
from 10.00% p.a.

No Collateral

Get loan without risking
your valuable assets.

Zero Hidden Charges

No hidden charges and
extra penalties.

Steps to Apply for Personal Loan

Want to apply for a quick loan? Here’s the step-by-step process that you can follow to apply for a personal loan from RBI-approved banks and NBFCs on Buddy Loan:

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Take the next step!

Frequently Asked Questions

Basic eligibility for Bank of Maharashtra Personal Loan includes age between 21-60 years, stable employment, and a good credit score.

The minimum and maximum loan amounts for Bank of Maharashtra Personal Loan range from Rs. 50,000 to Rs. 20 lakh.

Income requirements for Bank of Maharashtra personal loan include a minimum annual income of Rs. 3 lakhs.

Current interest rates on Bank of Maharashtra Personal Loans start from 10.00% p.a.

Bank of Maharashtra may have prepayment charges or penalties, depending on the loan terms, so it's advisable to check with the bank directly.

Yes, you can use the loan to consolidate existing debts, subject to approval and conditions.

In case of difficulties making EMI payments, it's crucial to contact the bank promptly to discuss possible solutions, which may include restructuring the loan or seeking a temporary relief plan.

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