Bank of Maharashtra Personal Loan
With affordable interest rates and adjustable repayment terms, Bank of Maharashtra offers personal loans. There is little to no paperwork required in order to obtain a loan. Bank of Maharashtra with interest rates starting at 10.0% - 12.80%. A maximum loan of upto 20 lacs with a maximum 0 to 7 year repayment period is available to you.
The personal loans offered by Bank of Maharashtrahave low interest rates and flexible payback schedules. A loan can be obtained with little to no paperwork. Interest rates on personal loans from Bank of Maharashtra start at 10.49%, making them a great option for any of your urgent financial requirements. You may be eligible for a loan with a maximum amount of Rs 20,000 to Rs 1 crore and a maximum payback term of 6 months to 5 years.
| Interest Rate | 10.0% - 12.80% | |
|---|---|---|
| Maximum Loan | upto 20 lacs | |
| Processing Fees | 1 % | |
| Maximum Loan Tenure | 0 to 7 year | |
Loan Disbursal in 3 hrs*
100% Online ProcessA Four-Step Guide to Efficient Financing
Bank of Maharashtra Personal Loan EMI Calculator
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Documents Required for Bank of Maharashtra Personal Loan
The Bank of Maharashtra Personal Loan documents to be presented while applying for personal loans.
The loan application is finished
Three passport-size photos
Identification documents with photos, such as a voter ID card, passport, driver's licence, or IT PAN card
A photocopy of a recent phone bill or an electricity bill is proof of residence.
Passbook and Account Statements for the Previous Six Months
For the past two fiscal years, salaried employees' Form 16/IT returns
IT returns over the past three years for independent contractors
You can utilise the personal loan from Bank of Maharashtra, which is an unsecured loan, to pay for various expenses. An extensive selection of loan products is available from the public-sector bank, Bank of Maharashtra. The Indian government maintains a large ownership stake in the bank, owning 81.2% of the shares after it was founded in 1935 by a group of missionaries. One of the bank's many programmes, the Mahabank Personal Loan programme, is the most well-liked programme among the others in the programme line.
Feature and Benefit of Bank of Maharashtra Personal Loan
You can better comprehend the qualities and advantages of personal loans by keeping in mind the following essential points:
Personal loans are now available from all banks. The following characteristics make The Bank of Maharashtra unique:
Existing house loan borrowers can also get loans from the bank.
One guarantor is all that the application needs.
It has a flexible payment schedule.
Loans close extremely quickly.
The loans may be obtained safely.
Money from the loan can be used for personal purposes.
More rapid processing
Favourable Bank of Maharashtra Personal Loan interest rates
Accessible to all salaried workers and independent contractors, regardless of whether they are Borrowers on a mortgage
Process of applying Bank of Maharashtra Personal Loan
Here are the steps that you have to follow for Bank Of Maharashtra Personal Loan apply online:
Click the 'Online Loans' button when you go to www.bank of maharashtra.in.
'Personal Loan' should be chosen.
If you already have an account with Bank of Maharashtra, choose "Yes" and input your 10-digit registered cellphone number and 11-digit account number/CIF number.
If you don't already have a Bank of Maharashtra account, choose "No" and then enter your registered 10-digit cell phone number.
Click "Send OTP" after selecting the checkboxes.
Enter the OTP that was sent to your phone.
After authenticating the OTP, complete and submit the "Personal Details" page's required personal data, then click the "Next" button.
Click the 'Next' button after providing all the necessary information about your job, work history, etc.
Include information about your income, such as your monthly take-home pay, deductions, and EMI payments, in the "Financial Information" window.
Describe any existing loans and deposits if you wish to declare at this time.
Before checking the box, carefully read the declaration.
The "Next" button should be clicked.
Select "Yes" and then enter the co-applicants' information before pressing the "Next" button if you want to add them as co-applicants for a personal loan.
If not, use the "Next" button.
Enter information about the loan, such as the requested loan amount, the loan's repayment schedule, and its purpose, under the "Loan Details" window.
The "Next" button should be clicked.
By clicking the 'Next' button, you can choose the branch that is most convenient for you.
Your E-KYC information must be entered, then click "Next."
You will receive an immediate loan offer based on the information you supplied after the verification process is complete.
After reading the offer, click "Apply for Loan" to send your loan application.
Save the loan application ID after downloading the offer so that you can track it later.
You can also fill out a Bank of Maharashtra loan application form in person at the bank.
FinCrif Frequently Asked Questions ( FAQ )
What purposes is the loan amount eligible for?
ANS. Any legal personal expense may be paid for with the loan's proceeds. The usage of the loan amount is not subject to any restrictions from the bank, provided the justification is legitimate.
What conditions must be met before becoming eligible for a BOM Personal Loan?
ANS. The borrower must be between the ages of 21 and 60 in order to qualify for the loan. Existing salaried home loan borrowers and holders of corporate accounts with salaries are eligible for the loan. To qualify, the candidate must make a certain amount of money.
What is the longest loan term possible?
ANS. Long, variable tenures are available from the bank.For this specific personal loan programme, the bank offers a maximum tenure duration of 84 months.
Eligibility Criteria for Bank of Maharashtra Personal Loan
You must meet the requirements listed below to be eligible for a personal loan from Bank of Maharashtra.
Age 21 should be the minimum for applicants.
The applicant's age should not be greater than 60.
The applicant should make between 2.50 lakh and 3 lakh rupees per year as a minimum income.
Two years at least in the same position
One year in the company.
