Bank of Maharashtra is a leading public sector bank in India. It is headquartered in Pune, Maharashtra and is known for low-interest loans. Bank of Maharashtra personal loan is provided based on the income of the applicant and credit score. You can get a personal loan from Maharashtra Bank at a low rate of interest rate and use the fund for any type of expense like education, wedding, travel etc. Let’s check and understand all the major details of this bank’s personal loan.
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Bank of Maharashtra Personal Loan: Key Highlights
Bank of Maharashtra personal loan is available at interest rates starting from 10%. The loan is provided under three major categories: (a)Maha Bank Personal Loan Scheme for Salaried Customers, (b) Maha Bank Personal Loan Scheme for Professionals, and (c) Maha Bank Personal Loan Scheme for Business Class. Apart from a personal loan, you can also for a Bank of Maharashtra education loan for abroad. Check the details of this bank’s personal loan below:
| Maharashtra Bank Personal Loan | Key Highlights |
| Name of Personal Loan Scheme | Maha Bank Personal Loan Scheme for Salaried Customers Maha Bank Personal Loan Scheme for Professionals Maha Bank Personal Loan Scheme for Business Class |
| Rate of Interest | Starting from 10% per annum |
| Processing Fee | 1% of the loan amount + GST |
| Minimum Annual Income Required | INR 3 lakh |
| Maximum Loan Amount | INR 20 lakh |
| Repayment Period | 84 months (for customers with savings accounts with Bank of Maharashtra) 60 months for other customers |
How to Apply for a Bank of Maharashtra Personal Loan?
Bank of Maharashtra personal loans can be taken online. The process is fully digital and you can apply for the personal loan on the official website of the bank. You can also visit the nearest branch of the bank to apply for a loan. Check the loan application process below:
- Visit the official website of the bank
- Check the loan scheme and go through the features of the loan
- Fill out the loan application form and submit the documents
- Wait for loan approval
Also Read: Check here all about Bank of Maharashtra Education Loan processing time
Bank of Maharashtra Offline Loan Application
If you are unable to access the internet or you don’t have credentials for net banking then you can apply for the loan by visiting the nearest branch. Check the steps involved below:
- Visit the nearest branch of the Bank of Maharashtra
- Approach the nodal officer for loans and credit department
- Check the eligibility and submit the loan application form after filling it properly
- Attach the documents and submit them to the branch
Documents Required
Documentation is the most important part of the loan application. Check the details of the documents required for this bank’s personal loan:
- Duly filled and signed loan application form.
- Proof of Identity (Aadhar Card, Passport, Voter ID, Driving License)
- Proof of Address
- Salary slips for the last 3 months (if salaried).
- IT returns of the last 2 years (if salaried).
- Business proof, balance sheet, and profit & loss account for 2 years (if self-employed).
- Bank statements for the last 6 months.
These are standard documents required for a personal loan. The requirements can vary slightly based on specific loan amounts or conditions.
Also Read: Check here all the details about the Bank of Maharashtra education loan interest rate
Why the Bank of Maharashtra?
Bank of Maharashtra is one of the best government banks in India. It offers a lot of benefits which makes it different from other. Check some of the major benefits offered by the bank regarding loans:
- The bank offers longer repayment periods with low EMI amount
- The loan amount is higher and you can get up to 20 times your gross income
- Bank of Maharashtra charges the lowest processing fees for the loan i.e. 1% + GST
- The bank does not charge any prepayment penalty if you foreclose the loan before time.
This was all about the Bank of Maharashtra personal loan. Always go through the bank’s official website and understand all the details before applying for a loan. Check some FAQs based on the same below:
FAQs
The interest rate starts at 10% per annum. The rate may vary depending on the loan scheme and the applicant’s credit score.
You can avail a personal loan of up to INR 20 lakh from this bank. However, the loan amount is determined by your income and creditworthiness.
The repayment period for Bank of Maharashtra personal loans can go up to 84 months for customers with savings accounts at the Maharashtra bank, and up to 60 months for others.
You can apply for a Bank of Maharashtra personal loan either online through their official website or offline by visiting the nearest branch.
The essential documents required for a Bank of Maharashtra personal loan are a loan application form, identity and address proof, salary slips or business documents (based on employment type), and bank statements for the last six months.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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