Maharashtra Bank Personal Loan

Introduction

Maharashtra Bank offers Personal Loans for various categories of their customers through a wide range of loan schemes. The loans offered under these schemes can be used for any personal expenditure including weddings, house renovation, a vacation, or a medical procedure. The bank also offers attractive rates of interest and various other benefits on Personal Loans.

Features of Maharashtra Bank Personal Loan

Loan amount

Bank of Maharashtra personal loan amount can go as high as Rs. 20 Lakhs and sanctioned depending on age, credit score, etc.

Tenure flexibility

Repayment of the loan amount can be paid in flexible options of tenure depending on the borrower’s convenience.

Fast process

Bank of Maharashtra processes personal loans fast and can be done online with minimal documentation.

Interest rate

Bank of Maharashtra offers personal loans with very competitive interest rates with affordable EMIs.

Details of Maharashtra Bank Personal Loan

  1. Interest rates start as low as 9.55%-12.80% per annum.
  2. Processing fee of 1% of the loan amount is charged.
  3. Maximum loan amount is set at Rs.20 lakh depending on gross annual income.
  4. Repayment tenure is up to 84 months or 7 years.
  5. Guarantor required in some loan eligibility requirements.

Personal Loans Types offered by Maharashtra Bank

Mahabank personal loan scheme

Salaried individuals and self-employed professionals can avail of this scheme.

Features

I. Loan amount ranging upto Rs. 20 Lakhs.
II. Repayment tenure can range upto 84 months for salaried individuals and 60 months for others.
III. Requires no collateral or security.

Salary gain scheme

Salaried individuals can avail of this scheme to meet their personal financial needs. The scheme is offered as an Overdraft in a saving account.

Features

I. Loan amount ranges upto Rs. 3 Lakhs.
II. Requires no collateral or security.

Consumer loan scheme

This loan can be availed to purchase consumer items such as computers and other electronic goods.

Features

I. Loan amount ranges in between Rs. 50,000 to Rs. 1,50,000.
II. Repayment tenure can range upto 60 months.

Scheme for solar water heating system

This scheme is specially designed to purchase and install Solar Water Heating System(capacity – 100 to 400 liters/day).

Features

I. The loan amount can be 80% of the benchmark cost or the actual cost of the system unit(cost approved by MNRE).
II. Repayment tenure can range upto 36-60 months.

Eligibility For Maharashtra Bank Personal Loan

1. The borrower should be within the age gap of 21-60 years.

2. All employees of central/state government/PSUs/public or private limited companies/MNCs are eligible for this personal loan.

3. Salaried individuals who do not have a salary account with the bank will be subject to employer undertaking for deduction of loan installment from salary.

4. Self-employed professionals such as doctors, architects having their businesses should have an account with the Bank of Maharashtra for the last 1 year.

5. Minimum annual income should be Rs. 3 Lakhs.

6. Required CIBIL Score is 750 or above.

Required documents for Maharashtra Bank Personal Loan

  • Photo ID proof – Passport/Voter Id/Aadhar Card/Driving License(anyone).
  • Address proof – Electricity Bill/Ration Card/Passport(anyone).
  • Income Proof – Salary slip, Bank account statement, ITR, etc.
  • Employment proof – A certificate stating 1 year of continued employment(for salaried individuals).

Bank may ask for other additional documents if necessary.

Fees and Charges of Maharashtra Bank Personal Loan

Mahabank personal loan scheme

I. Processing fee – 1% of the loan amount + GST(minimum of Rs. 1000).
II. Documentation charges – 0.20% of the loan amount + GST.

Salary gain scheme

I. Processing fee – 0.5% of the OD amount per annum(minimum Rs. 500).
II. Documentation charges – 0.20% of the loan amount + GST.

Consumer loan scheme

I. Processing fee – Depends on the loan agreement.
II. Documentation charges – 0.20% of the loan amount + GST.

Contacts

Call(Toll-free) – 1800 233 4526/1800 102 2636.

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