Bank of Maharashtra Personal Loan – Apply Online 2024

Personal Loan

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

Just fill a few more details to get quote...

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

₹ 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)

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.

Stay updated on your FINANCIAL HEALTH