Bank of Maharashtra Personal Loan
Bank of Maharashtra Personal Loan Scheme can help you meet any of your personal financial requirements, with interest rates starting from 9.55% onwards.
Loan Details
Interest Rate
9.55% onwards
Processing Fee
1% of the loan amount above + GST
Prepayment
Charges
Nil
Tenure
Up to 7 years
- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
Bank of Maharashtra Personal Loan
- Age
- 21 - 60 years
- Credit Score
- 650 or more
- Employment type
- All confirmed employees of Central or State Governments, PSUs, Public or Private Ltd Companies, Reputed Corporates, MNCs, etc., drawing salary from our Bank.
- Salaried customers, not having a salary account with our Bank, are to be considered for Personal loan subject to Employer undertaking for deduction of loan installment from salary.
- Self–employed professionals: Only Doctors, CAs, Architects, etc., having their own business, can also be given personal loans in case they are banking with us (with a Credit facility) for the last one year.
- Minimum Annual Income
- Rs. 3 lakhs
- Work experience
- Total work experience required is 5 years, with minimum of one-year stability in the current organization.
- Photo Identity Proof: A copy of your Passport, Voter ID, Aadhaar Card, or Driving License.
- Address Proof: A copy of your Electricity Bill, Ration Card, or Passport.
- Income Proof: Salary Slips, Bank Account Statement, ITR, or Form 16.
- Employment Certificate: A certificate stating one year of continuous employment (for salaried applicant)
The loan verification process at Apnapaisa is straightforward and simple:
- Fill in the application form and submit it along with the other required documents. It can be quickly done by signing up on apnapaisa.com.
- You will receive a call from one of our representatives within 24 hours to schedule a pickup of the documents if you opt for offline submission of the documents.
- The concerned department representatives at Bank of Maharashtra will verify the documents and the details.
- After completing the loan’s verification process and approval, the lender will call you with the loan offer and ask for your consent for disbursal.
- Once you have accepted the loan offer, the amount gets credited to your accounts within 48 hours.
- You will get a copy of the duly signed loan agreement containing details of loan interest, tenure, loan amount, charges, and penalties.
Starting from as low as 9.55%, the rate of interest applicable varies
between 2.65 - 3.65% in addition to the current RLLR, depending on the borrower’s CIBIL
score.
CIBIL Score Rate of Interest Effective Interest
- 750 and above 9.55% 2.65% + RLLR*
- 650 to 749 10.05% 3.15% + RLLR*
- 600 to 649 10.55% 3.65% + RLLR*