Home  »  Banking  »  Loans  »  Personal Loan  »  Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Bank of Maharashtra Personal Loan 14.50-15.10%, Floating 1% (min. ₹1,000), One time fee max Rs 1,50,000 36 months
Details
Documents Required

  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • One can avail loan to meet medical expenses, expenses of family functions, travel expenses and so on.
  • No margin on loan amount
  • Attractive interest rates
  • No hidden charges
Eligibility

  • 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 new applicant should be Rs 3,00,000
  • Form 16 from the employer is mandatory
  • In case of an existing home loan borrower, the minimum annual salary should be Rs 2,50,000.
  • Income Tax Returns or Form 16 for the past 2 years is a must from the employer.
Other Details

  • The maximum personal loan amount is Rs 1,50,000.
  • Maximum repayment tenure is 36 months
  • The processing fee is 1.00% of loan amount (min Rs 1000)
Loan Scheme for Professional and Self-Employed 0 1% of loan amount As per requirements up to 5 years
Details
Documents Required

  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • The loan amount can be used by the borrower to purchase any equipment or for carrying on any repairs or renovation work to the existing equipment or for purchase of tools.
  • The loan amount can also be used for acquiring or for repairing the business premises or for fulfilling working capital requirements.
  • The loan can be availed by professionals including lawyers, chartered accountants, cost accountants, engineers, solicitors, dentists, doctors, and so on.
Eligibility

  • The minimum age of the borrower should be 18 years
  • The maximum age of the applicant should be 60 years.
  • The borrower should have a regular source of income to secure the loan.
  • Form 16 from the employer is mandatory
Other Details

  • The processing fee is 1% of the loan amount above Rs 25000
  • Margin amount is 25% and it varies as per the requirement and assessment
  • The loan amount depends on assessed requirements considering financial viability, repayment capacity.
  • Loan repayment period starts from short term and ranges up to 5 years.
  • The loan amount can be repaid through easy monthly instalments.
Maha Consumer Loan Scheme 1 Year MCLR + 3.75% 0.50% on loan amount up to Rs 1,50,000 up to 60 months
Details
Documents Required

  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Recent 3 months salary slip or Salary Certificate from the currently employed organization.
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years which is acknowledged by the IT Department.
  • Identity Card of Employer
  • For Business Owners/ Self-Employed Persons: IT Returns, Profit & Loss Account, Audited Balance Sheets, Assessment orders, advance tax challans (for both company as well as firm and personal account) for the previous three years.
Benefits

  • Bank of Maharashtra gives loans for the purchase of consumer durable items which includes laptops or computers, electronic gadgets and so on.
  • Margin is a minimum of 25% of the cost of the consumer goods
  • In the case of computers or laptops or electronic gadgets, the minimum margin amount is 40%.
  • The repayment tenure is spread over 60 months.
Eligibility

  • 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 a corporate salary account holder should be Rs 3,00,000 per annum.
  • The applicant should be employed in the current organization for a minimum of 2 years.
  • The applicant should submit Form 16 or Income Tax Returns form secured from the employer mandatorily at the time of submitting the filled in application form.
  • In the case of existing housing loan borrowers, the minimum salary of the individual of salaried or businessmen or professional individuals should be Rs 2,50,000.
  • The existing home loan borrowers should submit a minimum of past 2 years ITR or Form 16 from the employer.
Other Details

  • The minimum quantum of finance is Rs 50,000
  • The maximum quantum of the loan amount is Rs 1,50,000
  • The processing fee is 0.50% of the loan amount.
  • The minimum processing fee is Rs 500
  • One guarantor is required for securing the Maha Consumer Loan Scheme
FAQs

Q: What is mean by pre-closure and part payment?

A: 1.Pre-closure means that a customer wants to close the entire principal outstanding amount at a single time.

2.

Part payment means that a customer wants to repay only a certain portion of the outstanding amount. You have to ask the loan agent(loan officer) clearly while applying for a personal loan.

Q: What is the interest rate in Bank of Maharashtra for a personal loan?

A: Bank of Maharashtra, a public sector bank in India offers a wide range of financial products and services including Personal Loans. It offers a personal loan with an attractive interest rest rate of 12.70%.

Q: Does Bank of Maharashtra collect any charges for late EMI payment?

A: Yes, the bank will collect certain ECS bounce charges or penalties for late payment. In addition, it will get reported in your credit report. Depending on the severity of the default it can have a serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.

Q: What are the features of BOM personal loan?

A: Features of Bank of Maharashtra personal loan:

  • Provides with an attractive rate of interest.
  • Available for corporate salary account holders, self-employed individuals and existing housing loan owners of the bank.
  • Processing charges are 1% of the loan amount.
  • One guarantor is accepted according to the bank rules.
  • The loan tenure is between 1-3 years

Q: What are the criteria for pre-closure of Bank of Maharashtra personal loan?

A: Pre-closure of the personal loan is allowed on paying at least 12 regular EMIs if you are a salaried borrower. In the case of the self-employed borrowers, foreclosure can be made on payment of minimum 6 EMIs. Pre-closure charges are implied, while partial prepayment is not permitted.

Find IFSC


More Headlines

Get Latest News alerts from Goodreturns

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more