|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|
|Loan Scheme for Professional and Self-Employed||0||1% of loan amount||As per requirements||up to 5 years|
|Maha Consumer Loan Scheme||1 Year MCLR + 3.75%||0.50% on loan amount||up to Rs 1,50,000||up to 60 months|
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.
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:
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.