Bank of Maharashtra Personal Loan Starting @ 10.75%% Interest Rate. SAVE 59k on interest | Paisa.co

Bank of Maharashtra Personal Loans

Bank
Tenure

0

10

Show Offers with Tenure

Done
Processing Fee

Zero Processing Fee No Pre-Closure Fee No Part-Payment Fee No Guarantor Required

BOM Personal Loan

BOM Personal Loan

12.70%

Processing Fee

1

Loan Amount

₹ Up to 1.50 Lacs

Tenure

1 - 3 Years

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Key Facts
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Key Facts

Apply for loan for Personal Expenses such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, Expenses for Family Functions etc.

You can borrow a maximum Rs. 1.50 Lacs, subject to deduction norms.

Enjoy repayment period of maximum 36 Months.

No margin money needs to be paid in order to avail the loan.

Fee Details

Interest Rate : 12.70%
Processing Fee : 1
Pre Closure Fee : N/A
Late Payment Fee :
Part Payment Fee : N/A
MCLR : 8.70%

Documents Required

Proof of Address: Aadhaar Card / Voter ID Card / Ration Card
Proof of Identity: PAN Card / Aadhaar Card / Voter ID Card / Passport
Proof of Income (For Salaried): Last 2 Year ITR, Form 16, Last 3 months salary slip and Last 6 months bank’s statement.
Proof of Income (For Non-Salaried): Last 2 Years ITR, Audited Balance Sheet, and Last 1 Year Bank Statement.

Pros

- No Margin Money Required

Cons

- High Processing Fee
- No Prepayment Allowed

Priviliges

Online Approval

Balance Transfer

Eligibility

- Existing Housing Loan Borrowers subject to Salaried Individuals only, having minimum standing of 1 year relationship with the bank.
- Corporate Salary Account holders having minimum standing of 1 year relationship with the Bank, where borrower is having a total experience of minimum 2 years in employment and with 1year in the current organization.
- For Corporate Salary Account holders, Rs. 3 lakh as per the last year income along with minimum last 2 year ITR/Form 16 from the Employer is Mandatory.
- Applicant should be of age range between 21 Years to 60 Years.

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Description:

Do I need a guarantor or co-applicant for personal loan?

Yes, one guarantor is mandatory to avail Mahabank Personal Loan.

Is there any concession offered on Mahabank Personal Loan?

Yes, a 1% concession on applicable interest rate is offered to existing Housing Loan Borrowers / Corporate Salary account Holders.

How do I repay my loan?

Personal Loan availed from Bank of Maharashtra can be repaid in EMI (Equated Monthly Installments), where Monthly EMI should not exceed 60% of the Gross Income of the borrower including Proposed EMI.