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Bank of Maharashtra Personal Loan – Apply Online 2024
Being a major public sector Bank in India, Bank of Maharashtra is a name that you can trust. With over 15 million customers spread across the length and breadth of the country, this bank is known for its valuable services. Moreover, the best thing about this entity is the fact that Government of India holds 81.61% of the total shares in it, thus it automatically grabs the attention of many. This reputed bank with its best of products and services leaves no stone unturned in order to fulfill varied needs of all its customers.
Whether you need funds for your child’s higher education or to buy a new sports car or to attend a friend’s marriage in foreign, no matter what are your personal financial needs, the bank is here with its best deals for personal loan. Yes, among its wide range of products, Bank of Maharashtra with its personal loan caters all your needs, and provides you with the instant funds to solve your personal financial problems. In order to get more details about personal loan, read this article further.
Bank of Maharashtra Personal Loan Interest Rates 2024
| Particulars | Details |
|---|---|
| Interest Rates | 9.50% - 12.80% |
| Loan Amount | Up to ₹ 40 Lakhs |
| Tenure Period | 36 months |
| Processing Fee | 0.50% – 2.25% of the loan amount |
| Foreclosure charge | 1% |
| Minimum Income | ₹20,000-25,000 |
Bank of Maharashtra Personal Loan Eligibility
To avail the personal loan in Bank of Maharashtra, you need to fit into the below eligibility criteria.
- The minimum age of the applicant should be 21 years
- The maximum age of the applicant should be 60 years
- The minimum annual income of the applicant should be ₹2.50 lakh-₹3 lakh
- Minimum 2 years in employment
- 1 year in current organization
Bank of Maharashtra Personal Loan EMI Calculator
The formula to calculate EMI (in arrears) is:
If you are interested in availing a loan of ₹5,00,000 from Bank of Maharashtra for 3 years at the rate of 12.50% per annum than your EMI will be as follows.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 5,00,000 | 12.50% | 1 | ₹ 44,541 | ₹ 34,497 | ₹ 5,34,497 |
| ₹ 5,00,000 | 12.50% | 2 | ₹ 23,654 | ₹ 67,688 | ₹ 5,67,688 |
| ₹ 5,00,000 | 12.50% | 3 | ₹ 16,727 | ₹ 1,02,165 | ₹ 6,02,165 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 1,46,422 | ₹ 54,300 | ₹ 3,53,577 |
| 2 | ₹ 1,65,810 | ₹ 34,911 | ₹ 1,87,766 |
| 3 | ₹ 1,87,939 | ₹ 12,955 | ₹ 0 |
You can also calculate Personal loan EMI for your required loan amount at Wishfin.
Documentation Required
| Salaried | Self-employed |
|---|---|
| Signed application form with photograph | Signed application form with photograph |
| Copy of passport/voter ID card/driving license | Copy of passport/voter ID card/driving license |
| Last 3 months bank statement/6 months bank passbook | Last 3 months bank statement/6 months bank passbook |
| Latest salary slip | Latest Bank statement |
| Current dated salary certificate with the latest Form 16 | Latest ITR or Form 16 |
Features and Benefits
- Low interest rates
- Simple documentation
- Quick processing & Disbursal
- Affordable Financing
- No requirement of collateral/guarantor
- Easy monthly repayment options
- High loan amounts
Bank of Maharashtra Personal Loan Application Form
If you are willing to apply for Bank of Maharashtra personal loan, it is absolutely easy for you to do the same. Yes, you can visit the online site of the bank, and download the form for the personal loan. In addition to, you can visit the bank in person so as to get the application form. You can easily avail the form either online or offline, hence can apply for the personal loan without any hassle.