Bank of Maharashtra Personal Loan

Bank of Maharashtra star star star star star 3.5 / 5.04 users

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 on 19th September 2018

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.

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 Bank of Maharashtra Personal Loan on Loanbaba.com?

At Loanbaba, you can compare and apply for personal loans online. You can check out several personal loan schemes by Bank of Maharashtra and go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page. You can also quickly apply for Bank of Maharashtra Personal Loan online on our website without having to visit the 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.

How to Apply for Bank of Maharashtra Personal Loan on Loanbaba?

You can apply for Bank of Maharashtra personal loan or any other bank /NBFC personal loan at Loanbaba.com.

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

  • addFAQs
    1. What are the eligibility criteria for Bank of Maharashtra personal loan?
    2. 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.
    3. What is the processing fee?
    4. The processing fee is only 1% of the loan value

    5. Any special benefits are available for Bank of Maharashtra account holders?

    Personal loans have special offers if you have a salary account.

Bank of Maharashtra Personal Loan Review


Personal Loan
star star star star star 14.0/5
My experience with Bank of Maharashtra bank for personal loan in Bangalore was a good one. My schedule was so hectic that I chose to apply online for the loan at loanbaba and was not disappointed by either of their service. Both loanbaba and Bank of Maharashtra were professional in their service.
Mumbai September 18, 2018
Personal Loan
star star star star star 12.0/5
personal loan by Bank of Maharashtra bank was perfect, but the turnaround time is something they can work upon.
Mumbai September 17, 2018
Personal Loan
star star star star star 13.0/5
This is first experience with Bank of Maharashtra bank and the personal loan process was on time. The Bank of Maharashtra team followed up as well properly. There were no issues in getting the amount.
Mumbai September 16, 2018
Personal Loan
star star star star star 15.0/5
I requested for personal loan in Ahmadabad from Bank of Maharashtra bank. At first there were some issues as their charges were increasing my expenses than expected, but worked out a solution to it. All thanks to their customer service.
Mumbai September 15, 2018

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