Bank of Maharashtra Personal Loan

Bank of Maharashtra offers personal loans @8.90% p.a. onwards to salaried and self-employed persons for loan amounts of up to Rs.20 lakh and for tenures of up to 7 years for salaried employees and 5 years for self-employed professionals.

It offers a salary gain personal loan scheme and overdraft facility for the employees of Central/State Government, PSUs. They offered a special personal loan to Bharat Petroleum Corporation Limited Employees.

Bank of Maharashtra Personal Loan Overview
Loan Amount	Up to Rs.20 Lakhs
Maximum Loan Tenure	Salaried- 7 years Others- 5 years
Interest Rate	8.90% p.a. – 14.70% p.a.
Processing Fees	Up to 1% of the loan amount + GST
Age Limit	21 to 60 years
Occupation	Salaried or Self-employed
Minimum Income	Rs.3 Lakhs per annum

Key Features: Bank of Maharashtra Personal Loan

The important features or benefits of availing personal loan from the Bank of Maharashtra are as follows:

• Low EMI Amount- Borrowers need to pay low EMI due to longer loan repayment tenure and the starting interest rate of the Bank is also low.
• Higher Loan Amount- The individual can avail of a personal loan amount of up to Rs.20 Lakhs to cater to the requirements of meeting all personal expenses.
• Simplified Disbursement Process- Complete loan process approval and disbursement is hassle-free.
• Minimal Documentation- Less number of documents needs to submit by salaried or self-employed persons.
• Lowest Processing Fee- The processing fee is up to 1% (minimum Rs.1,000/-) of the loan amount with applicable GST.
• No Hidden Charges- Bank of Maharashtra disclosed all their charges earlier, They don’t have any hidden charges.
• No Prepayment Penalty- Borrower doesn’t need to pay any prepayment penalty/foreclosure charges to the Bank of Maharashtra.
   

Bank of Maharashtra: Personal Loan Eligibility Criteria

1. Maha Bank Personal Loan Eligibility

• All confirmed Employees of Central/State Government/PSUs/Public or Private Limited Companies/MNCs drawing a salary from the Bank of Maharashtra.
• Salaried customers/applicants not having a salary account with the Bank of Maharashtra, are to be considered for a personal loan subject to the employer undertaking for deduction of loan installments from the salary.
• Self-employed Professionals [only doctors (MBBS, MD, MS), CAs, and Architects] having their own businesses can avail of a personal loan if they are banking with the Bank of Maharashtra (with credit facility) for the last one year.
   

Note- For the employees of a private or public limited company, maintaining salary accounts with the Bank of Maharashtra, such companies should have an external rating of ‘A’ and above.

2. MahaBank Aadhar Loan

• Central and State Government/ Municipal Corporations/ PSUs and family pensioners drawing pensions from their branches.
• Minimum annual income- Not Applicable
   

3. Personal Loan Scheme for BPCL Employees

• All  the confirmed employees of Bharat Petroleum Corporation Limited (BPCL)- Public sector unit
• Minimum annual income must be Rs.3 lakhs per annum.
   

Also Read- Bank of Baroda Personal Loan

4. Salary Gain Scheme

Eligibility criteria for Government/State/PSUs Employee or Other than Govt./State/PSUs Employee

• Minimum Age- 21 Years
• Maximum Age Limit- Age should be 3 years before retirement or superannuation.

• The Individuals permanently employed with Central government/State government/Undertakings (including govt. and govt. aided educational institutions).
• The customer should be in permanent employment with reputed corporates/ public or private limited companies/MNCs (employees of pvt and public ltd. Companies maintaining salary account with the bank, such companies should have an external rating of A and above from RBI accredited rating agency).
• Minimum 1 year of work experience is required.
• Minimum take home salary of the applicant should be Rs.25,000 per month.
   

5. Consumer Personal Loan

• Age Limit-21 years to 60 years.
• Existing housing loan borrower/ corporate salary account holder (having minimum 2 years in employment and 1 year in the present organization). Having a minimum of one year relationship with the Bank.
   

Bank of Maharashtra also considers the applicant’s credit score and monthly income while evaluating the personal loan eligibility, just like other personal loan providers.

Bank of Maharashtra: Personal Loan Documents

The following are the below mandatory documents needed to avail personal loan from the Bank of Maharashtra-

 

• Identification Proof (any one)- Passport / Voter ID Card / Aadhar Card/ Driving License/PAN Card/Photo identity card issued by the present employer.
• Residence Proof (any one) - Electricity Bill / Voter ID Card / Telephone Bill (landline)/ Aadhar Card/ Driving License/ Passport/ Photo identity card issued by the present employer.
• Other documents required as applicable as per the loan scheme.
   

Documents for Salaried Persons

• Original or certified copy of the latest salary slips for the previous 3 months.
• Copies of IT returns of the last 2 years duly acknowledged by department/ IT assessment orders or Form 16 for the previous 2 years from the employer.
• Undertaking from the employer for transfer of monthly installments, wherever feasible.
• In the case of another bank, a Bank account (salaried) statement for the last 6 months is required.
   

Documents for Non-Salaried Persons/ Businessman/ Professional

• Latest 3 years of IT returns including income computation, profit and loss account, Balance sheet, audit report, etc. In the case of professionals, 2 years of IT return is required.
• Shop establishment act, tax registration copy, company registration license, and bank statement of last year.
   

Bank of Maharashtra Personal Loan: Interest Rate, Processing Fees, and Documentation Charge

Bank of Maharashtra personal loan interest rates range between 8.90% p.a. to 14.70% p.a. The bank offers personal loans based on the job profile, types of schemes, and CIBIL Score of their applicants.

1. Maha Bank Personal Loan Scheme Festive Offer

Type of Applicant	Interest Rate
Employees of Central Government/State Government/ Public Sector Undertakings maintaining salary accounts with Bank of Maharashtra and having a minimum CIBIL Score of 700.	8.90% per annum

See below the table of CIBIL score and the impact of CIBIL score on ROI.

CIBIL Score	Rate of Interest
750 and above	11.35% p.a.
700 to 749	12.20% p.a.
650 to 699	13.20% p.a.
600 to 649	14.70% p.a.
(-1) or 0 and 01 to 05	13.70% p.a.

Other Personal Loan Schemes

Types of Schemes	Interest Rate
Personal Loan for BPCL Employees	10.35% p.a.
Maha Bank Aadhar Loan Scheme	General pensioners- 10.40% p.a. Defence Pensioners- 9.90% p.a.
Salary Gain Personal Loan Scheme	11.85% p.a.

2. Processing Fees of Bank of Maharashtra Personal Loan

• Consumer Loan Scheme- 0.50% of the loan amount
• Salary Gain Personal Loan Scheme- 0.50% of the OD amount p.a., subject to minimum 500/- p.a.
• Maha Bank Aadhar Loan Scheme- 0.50% of the loan amount subject to a minimum of Rs.500/- and maximum of Rs.5000/- (exclusive of GST), No processing fees for staff pensioners are charged.
• Maha Bank Personal Loan Scheme to BPCL Employees- NIL
• NIL processing fees (festive offers).
   

3. Bank of Maharashtra Documentation Charges- 0.20% of the loan amount plus applicable GST.

For Example- Sunita avails a personal loan for Rs.20 Lakhs, the interest rate is 12% and the repayment period is 4 years. Calculate EMIs, total interest payable, and the total payable personal loan amount.

• Monthly EMIs of Rs.52,668, the total interest payable will be Rs.5,28,048 and the total amount repayable in 4 years will be Rs.25,28,048 (principal + interest).
   

Types of Bank of Maharashtra Personal Loan

1. Maha Bank Personal Loan Scheme for Everyone

Purpose- Maha Bank Personal Loan is a regular loan scheme for meeting the personal expenses of salaried and self-employed professional applicants.

• Borrower can avail of loan amounts up to Rs.20 lakh.
• Loan tenure for salaried up to 7 years and loan tenure for others is up to 5 years.
   

Guarantor

• No guarantor is required for employees of Central/State Govt./PSUs maintaining salary accounts with the Bank of Maharashtra and having a CIBIL score of 700 and above.
• For others one guarantor is acceptable to the bank but the guarantor’s salary should be equal to or more than the borrower and another employee of the same institution can be taken as a guarantor.
   

2. MahaBank Aadhar Loan

Purpose- To meet personal expenses of Central/State Govt. / Municipal Corporation / PSUs and family pensioners drawing pension from Bank of Maharashtra.

Maximum Loan Amount

Age Limit	General Pensioners	Defence & BOM Staff Pensioners	Family Pensioners of General/BOMStaff/ Defence
Up to 65 years	10 Lakhs	10 Lakhs	4 Lakhs
Up to 70 years	5 Lakhs	7 Lakhs	3 Lakhs
Up to 73 years	3 Lakhs	5 Lakhs	2 Lakhs
For general pensioners and family pensioners maximum loan amount is equivalent to 18 month’s pension. For Defence and BOM staff pensioners maximum loan amount is equivalent to 36 month’s pension.

• Repayment Loan Tenure- 120 EMI, subject to 75 years of age at loan maturity.

3. Personal Loan Scheme to BPCL Employees

Purpose- To cater to the requirements of meeting the personal necessities of all the confirmed employees of BPCL- Public Sector Unit.

• Maximum Loan Amount- Up to Rs.20 lakh (loan amount is 20 times GMI or as per the maximum quantum of finance, whichever is lower).
• Loan Tenure- Up to 84 months.
• No processing fee is charged.
• Guarantor- One guarantor is acceptable to the bank.
• Security- NIL
   

4. Salary Gain Scheme

Purpose- This personal loan scheme provides an overdraft facility to meet the day-to-day requirements of Central/State/PSUs government employees, or other than government employees.

Loan Amount of Overdraft

• Employees of Central/State Government /PSUs- 5 times monthly take home salary subject to a maximum loan amount of Rs.5 lakh.
• Other than employees of Central/State Government/PSUs- 3 times monthly take home salary subject to a maximum loan amount of Rs.5 lakh.
   

Processing Fee- The processing charge is 0.50% of the overdraft amount per annum, subject to a minimum Rs.500/- p.a.

5. Consumer Personal Loan

Purpose- It is provided to purchase consumer durables including computers or laptops, electronic gadgets, etc.

• Quantum of Finance- Minimum Rs.50,000 and maximum loan amount is Rs.1.50 lakh, subject to deduction norms.
• Repayment Period- Maximum 5 years
• Guarantor- 1 guarantor is acceptable to the bank.
   

Pros and Cons of Bank of Maharashtra Personal Loan

Following are the pros and cons of availing of a personal loan from Bank of Maharashtra including a review of the users on google playstore.

PROS	CONS
The app is safe for users	Interface  is not user friendly
Bank of Maharashtra doesn’t have any hidden charges	Users are dissatisfied with the service
No prepayment penalty is charged	Many bugs in the app
Interest rate and other charges are low
Easy content, you can use effortlessly

Maha Mobile App (Bank of Maharashtra) Ratings & Review

The rating given by the users about Maha Mobile App is average on playstore, around 10 lakhs users downloaded Maha Mobile App, and the review is quite well customers are not so delighted with their service and app bugs, you can check the below table.

1.	Playstore Rating	2.9/5*
2.	Number of Downloads	10 Lakh+
3.	Number of Users Review	46,192
4.	Content Rating	3+
5.	App Size	35 MB

Bank of Maharashtra Customer Care Details

• PAN India toll-free number- 1800 233 4526 / 1800 102 2636 (help desk timing- 24*7).
• Bank of Maharashtra Email ID- mahaconnect@mahabank.co.in
• Head Office Address- Lokmangal, 1501, Shivajinagar (Pune-411005)
   

Personal Loan Comparison Chart: Bank of Maharashtra with Other Banks

To get the best offers to meet your requirement you need to compare all personal loan providers with the Bank of Maharashtra. Check the below chart for a better comparison.

Banks Name	Loan Amount	Repayment Tenure	Interest Rate (per annum)
Bank of Maharashtra	Up to Rs.20 Lakhs	Up to 7 years	8.90%  – 14.70%
HDFC Bank	Up to Rs.40 Lakhs	Up to 5 years	11%-21%
Federal Bank	Up to Rs.25 Lakhs	Up to 4 years	10.49% -17.99%
Axis Bank	Rs.50,000-Rs.40 Lakhs	1-5 years	12%-21%
IndusInd Bank	Rs.30,000-Rs.50 Lakhs	1-6 years	10.49%-29.5%
IDFC First Bank	Up to 1 Crore	Up to 5 years	Starts at 10.49%
Kotak Mahindra Bank	Up to 25 Lakhs	1 to 5 years	10.99% onwards

Conclusion- Bank of Maharashtra offers personal loans to salaried and non-salaried persons with low-interest rates and charges. Users are satisfied with the loan amount, tenure, and various types of personal loans offered by them. But dissatisfied with the service and the app interface is not up to the mark.

Also Read- SBI Personal Loan

As per suggestion bank of Maharashtra is more suitable for government salaried employees who have a minimum CIBIL score of 750. Their eligibility, documents, and charges depend on the type of loan scheme availed by you. But, it is highly recommended to do deep research before selecting any lenders to meet your necessities.