Bank of Maharashtra Personal LoanApply Now
Bank of Maharashtra personal loan is an unsecured loan you can use to meet different expenses. The public-sector bank, Bank of Maharashtra offers a broad range of loan products. Founded by with a group of missionaries in 1935, the Indian government has a significant stake owning 81.2 % shares of the bank. Out of different schemes offered by the bank, the bank provides a scheme called Mahabank Personal Loan which is the most popular among other schemes in the line it has.
This loan is granted to fulfil one’s personal expenses such as repairs and renovations of the house, weddings, education fee, travel, medications, etc. It also charges minimal interests rates for its customer to gain maximum benefits. At our website, Loanbaba.com, we provide you every detail about the bank personal loan.
|Bank of Maharashtra Personal Loan Details Updated|
|Loan Amount||Maximum Rs. 1.50 lakhs|
|Loan Tenure||3 Years|
|Interest Rate||12.70% Floating|
Why Choose Bank of Maharashtra Personal Loan?
- The advantage of this loan is its same interest throughout the duration.
- Simple documentation is needed and the personal loan in Bank of Maharashtra then gets processed faster.
- The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- You can check out Bank of Maharashtra personal loan eligibility and Bank of Maharashtra Personal Loan EMI calculator at Loanbaba.com.
Features of Personal Loans at Bank of Maharashtra
The following key points will help you understand the features and benefits of the personal loans:
Every bank today offers personal loans. The Bank of Maharashtra stands out because of the following reasons:
- The bank provides loans to existing home loan borrowers too.
- The applicant needs only one guarantor.
- It has a flexible term of payment
- Loans process very fast.
- The loans can be securely taken
- Loan amount can be utilised for personal expenses
- Faster processing
- Attractive interest rates
- Accessible to all salaried individuals, self-employed professionals no matter they have a housing loan or not
- The repayment term is 36 months
- Only one guarantor is required to get the loan
- Interest rates applicable are base rate plus 5.5 %.
- Loan up to Rs 1.5 lakh can be availed.
- Loan tenure is about 1 to 3 years.
Why Apply for BOM Personal Loan?
Loanbaba provides comprehensive information about personal loan schemes by Bank of Maharashtra. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for BOM Personal Loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Bank of Maharashtra Personal Loan Interest Rates
Personal Loan Bank of Maharashtra interest rate is 12.70% floating, but varies as per individual profile. Keep a check on this page to note the updated Bank of Maharashtra personal loan interest rate for the current year.
Bank of Maharashtra Personal Loan Eligibility Calculator
Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost Bank of Maharashtra personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for Bank of Maharashtra personal loan are discussed below:
- The applicant for personal loan Bank of Maharashtra needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan.
- He/she meet the requirement for credit score and should not be under too many debts.
Types of Bank of Maharashtra Personal Loans
Bank of Maharashtra has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
Bank of Maharashtra Personal Loan FAQs
Below provided are important questions about personal loan Bank of Maharashtra FAQs
1. What are the eligibility criteria for Bank of Maharashtra personal loan?
The eligibility criteria for Bank of Maharashtra personal loans are:
- Age – 21 to 60 years.
- Self-employed, salaried and existing house loan borrowers are eligible
- Income – the person should have an income of at least three lakhs per annum
- Maximum loan granted – Rs 1.5 lakh
- Repayment period – up to 36 months
- Tenure of the loan – 1 to 3 years.
2. What is the processing fee?
The processing fee is only 1% of the loan value
3. Any special benefits are available for Bank of Maharashtra account holders?
Personal loans have special offers if you have a salary account.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Bank of Maharashtra .