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-
Identifi
cation 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 guarantors 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
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
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
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
Bank of Maharashtra
Up to Rs 20 Lakhs
annum)
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