Bank of Maharashtra is a prominent bank to get personal loans to cover personal expenses such as travelling, medication, social obligations, etc. The bank is now linked to the MCLR interest rate system, as guided by the RBI. The existing personal loans, however, continue to be applied to the Base Rate calculation system of interest.
The RBI guidelines direct the banks to offer personal loans at the MCLR interest rates. The interest rates in this system vary on numerous factors such as the cost of maintaining CRR, cost of funds, bank operating expenses, minimum rate of return (profit/margin), etc.
Subject to the change with RBI guidelines, the interest rates are now linked with the MCLR interest rate system. The Interest as per the MCLR system on Mahabank Customer Loan and Mahabank Personal Loan is MCLR plus 5
The existing borrowers shall continue to pay interests as per the Base Rate system. The rates, however, being revised by RBI, new rates shall be applicable. Moreover, the bank has also changed its Prime Lending Rates, BPLR. It is calculated as the average rate of interest on the bank loan. The Base Rate and the MPLR for Bank of Maharashtra are 9.7 % and 15 % respectively.
For the existing loans, the interest charges as per the Base Rate system. The interest rates applicable as per the revised base rate system on Mahabank Consumer Loan and Mahabank Personal Loan are Base Rate plus 5.5 %.
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