Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan Features

Bank of Maharashtra Personal Loan Eligibility Criteria Details
Bank of Maharashtra Personal Loan Interest Rate 9.75% p.a.
Bank of Maharashtra Personal Loan Lowest EMI per lakh Rs 2112
Bank of Maharashtra Personal Loan Tenure 12 to 60 months
Bank of Maharashtra Personal Loan Processing Fee 1% to 2% of Loan Amount
Bank of Maharashtra Personal Loan Prepayment Charges Allowed after 12 Months (2 – 4 %)
Bank of Maharashtra Personal Loan Part Payment Charges Allowed after 12 Months (2 – 4 %) 
Bank of Maharashtra Personal Loan Min Loan Amt ₹ 50,000
Bank of Maharashtra Personal Loan Max Loan Amt ₹ 75 Lakh

About Bank of Maharashtra Personal Loan

Bank of Maharashtra is one of the major public sector banks in India. Indian government holds 87.01% of the total shares. The bank has 15 million existing customers across the country served through 1897 branches as of 5 April 2016. In the state of Maharashtra, it is largest network of branches by any public sector bank. To make your dreams come true avail the Bank of Maharashtra personal loan now. Avail the Best Bank Of Maharashtra Personal Loan on Lowest Interest Rates.

What is Bank of Maharashtra Personal Loan?

Are you need of a loan but don’t have any guarantor to sign on your behalf? Well, then I guess the Bank of Maharashtra Personal Loan will help you here. In a personal loan, there is no requirement of a guarantor. A personal loan can be taken for any purpose like education, vacation, marriage, medical, expanding the business, etc. so one can take a loan for anything after pledging gold against it.

Why Bank of Maharashtra Personal Loan?

  1. First of all, the documentation criteria in the personal loan are straightforward
  2. In the second place, an applicant applying for a personal loan can know his/her ability in just 1 minute, across all branches.
  3. In addition, the interest rates for personal loans are highly competitive.
  4. Besides, the interest rates are affordable and flexible
  5. As well as, the processing fee is very low, and there are no hidden charges.
  6. Furthermore, the loan amount gets disbursed within two days.
  7. Moreover, there are special interest rates for women.

Documents Required

Simple and easy documentation for Bank of Maharashtra Personal Loan(though documentation varies from individual to individual). The document requirement is based on your profession, income and loan requirement.

  1. Identity proof: As a verification document, one should especially require one among the following: (Passport/Id card/voter card/driving license/Aadhar Card) any one of them.
  2. Residence proof: The documents required as proof of residence are: (Passport/Id card/voter card/driving license/Ration Card/Aadhar Card).  And the applicant living in a rented apartment, then he has to submit his rental agreement, electricity bill on his name and the address of the owner.
  3. KYC formality: The applicant has to provide his PAN card which is an important document
  4. Salaried applicant: One has to submit his bank statements of the last six months and the salary slip of the last three months.
  5. Self-employed Applicant: The person applying for a personal loan should file ITR for the last three years, and the business should be registered.
  6. And if the applicant is self-employed, then they have to submit the ITR of the last three years and his business should be registered.
  7. Two colored passport size photos. (Applicant should not be wearing glasses)

Eligibility for Personal Loan

Not everyone can apply for a personal loan, an applicant have to follow some eligibility criteria based on which bank approves the applicant’s request. There are two categories of applicants:

  1. Salaried
  2. Self-employed

There are various eligibility criteria for both applicants.

Salaried Applicant:

  1. The minimum required age of an applicant must be between 21 years to 60 years.
  2. A metropolitan city borrower should have a minimum income of Rs 18,000. And for non-metropolitan city, the minimum salary should be Rs 12,000.
  3. The work experience of the borrower should be of three years, and the salary should be received in their account only.
  4. A person applying for the personal loan should have a good credit history.

Self-employed Applicant:

  1. The required age of a self-employed person should be of 25 years.
  2. The person should file ITR for the last three years, applying for a personal loan.
  3. An applicant must have a good credit score must, and there should not be any debt left due.
  4. The minimum amount should be of Rs 2.5 lakhs per annum at least.
  5. The business should be running for at least from last three years, if the applicant own a business.

Why LoanNow?

There are multiple portals from where you can get better options of Personal Loan but offers you a complete and easy guideline. is an unbiased comparison platform for banking related products. Alongside influencing your procedure to free from documentation bothers, we also offer satisfactory assistance regarding banking. We understand the value of your needs and likewise recommend plans. We endeavor to make your money related arranging as simple and fair as possible.

* Interest rate can vary as per individual’s portfolio.
* All loans repayment period are over 6 months. No short term loans.
* We don’t charge the individual for the process.
* Credit at sole discretion of the Banks we have a tie-up with.