Bank of Maharashtra is a major bank of Maharashtra, India, registered on 16 September 1935 with an authorized capital of Rs. 1 million. It began business on 8 February 1936. Ban financial assistance to small units has given birth to many of today's industrial houses. After nationalization in 1969, the bank expanded rapidly. The bank has the largest network of branches by any public sector bank in the state of Maharashtra. Mahabank provide Personal Loan Schemes for Permanent salaried / Professionals (must be IT assesses) to meet personal expenses. Read on to learn about the eligibility and documentation requirements for the loan you avail.
Bank of Maharashtra Personal Loan
Bank of Maharashtra, a public sector bank in India offers a wide range of financial products and services including personal loans. The bank was founded in 1935 by a group of missionaries.The government of India holds a major stake in the bank by owning 81.2% of the total shares in the bank.
The bank offers a personal loan scheme called ‘Mahabank Personal Loan’. The loan amount granted under this scheme can be used for any personal expenditure including weddings, house renovation, a vacation or a medical procedure. The bank offers an attractive rate of interest and various benefits on the Mahabank Personal Loan.
Why choose Bank of Maharashtra Personal Loan?
There is no dearth for personal loans in the market right now. All the Indian banks offer personal loans with different features and interest rates. But Bank of Maharashtra Personal Loan stands out among other personal loans for various reasons.
- The Bank of Maharashtra personal loan is available to existing house loan borrowers too.
- The applicant is allowed one guarantor for the loan.
- Flexible payment term.
- Special offers on the personal loan if you hold a salary account with the bank.
- Fast processing.
- Very low processing fee.
- Very secure.
Features of Bank of Maharashtra personal loan
Listed below are the features of Bank of Maharashtra personal loan.
- The loan amount can be used for any personal expenditure.
- Fast processing.
- Smooth documentation.
- Attractive rate of interest.
- Available for corporate salary account holders, self employed individuals and existing housing loan owners of the bank.
- Maximum repayment term of 36 months.
- Processing charges- 1% of the loan amount.
- One guarantor is accepted according to the bank rules
- Interest rate at base rate+ 5.50%
- Maximum loan amount of Rs 1.50 lakh
- The loan tenure is between 1-3 years
Bank of Maharashtra personal loan interest rate
The rate of interest on any personal loan usually depends on various aspects such as the loan amount, income level of the applicant, loan amount taken and the tenure period of the loan. Bank of Maharashtra offers very attractive interest rates on its personal loans. It also offers discounts on Bank of Maharashtra personal loan to existing account holders. The bank offers a floating rate of interest rate on the personal loan.
Floating rate of interest is very different from a fixed rate of interest. Floating rate of interest tends to change over the course of the loan but fixed rate of interest tends to remain the same.
The bank offers a floating rate of interest of 15.50% (base rate+ 5.50%) on the Mahabank Personal Loan. If you are an existing house loan borrower or a corporate salary account holder with the bank you are eligible for a discount of 1.00% on the interest rate offered.
Bank of Maharashtra personal loan eligibility
Bank of Maharashtra doesn’t have a stringent eligibility criteria when it comes to the Mahabank Personal Loan. The eligibility criteria for the personal loan is pretty relaxed. Listed below is the eligibility criteria to avail a Bank of Maharashtra Personal Loan.
- Minimum age- 21 years
- Maximum age- 60 years
- Salaried, self employed and existing house loan borrowers are eligible for the personal loan.
- Minimum income- Rs.3 lakh p.a.
- Maximum loan amount granted- Rs.1.5 lakh
- Maximum repayment term- 36 months
- Tenure period of the loan ranges in between 1-3 years
How to calculate EMI for Bank of Maharashtra personal loan?
EMI for Bank of Maharashtra personal loan can be calculated with the help of a tool known as EMI calculator. EMI calculator helps you figure out the EMI payable of your loan with no hassles. The tool is very easy and convenient to use.
The customer needs to enter a few details such as the loan amount, tenure of the loan, rate of interest charged and the processing fee in order to get the EMI of the loan. Once the details of the personal loan is entered in the EMI calculator, the calculator will output the result immediately. The EMI calculator not only gives out details about the EMI of the loan but it also outputs the break up of the total loan amount payable to the lender by the borrower. This includes the principal amount, rate of interest and the processing fee.
Bank of Maharashtra Personal Loan FAQs
- Am I eligible for Bank of Maharashtra personal loan?
- How do I repay Bank of Maharashtra Personal loan?
- What is the maximum loan one can get from Bank of Maharashtra ?
- What is the tenure for Bank of Maharashtra personal loan?
Bank of Maharashtra offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Bank of Maharashtra personal loan is Rs. 15,000 per month. If you fall into this group, you can definitely apply for a Bank of Maharashtra personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Bank of Maharashtra offers personal loans as high as Rs. 1.5 Lakhs for successful applicants depending on their financial record and repayment history.
Bank of Maharashtra offers personal loan with a tenure period ranging from 12 months to 36 months making it suitable for all loan seekers.
This blog serves as a comprehensive guide to the offerings of Bank of Maharashtra when it comes to personal loans, and I must say it's a commendable resource for anyone exploring their financial options. The author meticulously breaks down the key features, making it easy for readers to grasp the advantages of opting for a personal loan from this esteemed institution.
ReplyDelete