Bank of Maharashtra Personal Loan

About Bank of Maharashtra Personal Loan

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.

Personal Loan

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    Bank of Maharashtra Personal Loan Interest Rates

    ParticularsDetails
    Interest Rates 11.75% - 12.75%
    Loan Amount Up to ₹ 40 Lakhs
    Tenure Period36 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 11.75% per annum than your EMI will be as follows.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 5,00,00011.75%1₹ 44,366₹ 32,391₹ 5,32,391
    ₹ 5,00,00011.75%2₹ 23,478₹ 63,482₹ 5,63,482
    ₹ 5,00,00011.75%3₹ 16,548₹ 95,711₹ 5,95,711

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 1,47,601₹ 50,969₹ 3,52,398
    2₹ 1,65,909₹ 32,661₹ 1,86,488
    3₹ 1,86,649₹ 12,081₹ 0
    You can also calculate Personal loan EMI for your required loan amount at Wishfin.

    Documentation Required

    SalariedSelf-Employed
    Signed application form with photograph Signed application form with photograph
    Copy of passport/voter ID card/driving licenseCopy 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 Interest Rate

    If you want to avail the personal loan from Bank of Maharashtra, this bank charges an interest rate of 11.75-12.75% p.a. Yes, you can avail the loan at this rate of interest, and fulfill all your personal needs. But, to avail the loan from this bank, it is important that you meet the eligibility criteria first. Once you are eligible in bank’s perspective, you can easily avail the loan, in fact at lower interest rate as well.

    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.

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    EMI Calculator