Bank of Maharashtra is providing personal loans on Base Rate +5.50%

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Bank of Maharashtra Personal Loan

Bank of Maharashtra is a public sector bank that is serving about 15 million customers across the country with its brilliant financial products. The bank was founded in 1935 and it has 1897 branches in India. Bank provides various financial products to the customers. It includes Loans, insurances, banking, credit cards internet banking and wealth management. Loans are not of a single type, there can be so many kinds of loan, like

  1. Personal Loan
  2. Education Loan
  3. Business Loan
  4.  Car Loan
  5. Two-wheeler Loan
  6. Home loan

These all loans are categorized as secured loans and unsecured loans.

The personal loan comes in the category of secured loan. Let us discuss a personal loan.

What is a personal loan

In a personal loan, we borrow a loan amount from the bank or non-banking financial organization at some rate of interest. The applicant can use this amount of loan anywhere he/she wants to do, there is no restriction on the use of the bank, you are free to make your choice. However, everyone has already a reason to get a personal loan, nobody decides after getting the personal loan neither they get a personal loan just like that.

Why is it Unsecured?

An unsecured loan is a kind of loan where the bank doesn’t ask for any security to provide you a loan amount. It basically depends on your source of income, your credit history and your promise to return the loan to the bank.

Uses

The customer is free to use the amount of loan anywhere but here we will discuss some common reasons to get the gold loan.

1.       For wedding purpose.

2.       To buy a second-hand car.

3.       In case of any medical emergency.

4.       Sometimes to pay the medical bills.

5.       To pay small debts or credit card bills if they are causing more rate of interest.

 

6.       Besides that educational purposes can be a reason to get a personal loan. Do you need a personal loan from Bank of Maharashtra? Check out your eligibility, documents required and benefits in availing personal loan from Bank of Maharashtra.

 

 

Purpose To meet personal Expenses
Eligibility Permanent salaried / Professionals (must be IT assesses)
Age 21 – 60 years at Loan Maturity
Minimum Employment For Service Persons Total – 5 Yrs
Current – 2 yrs
Professionals -3 years
Minimum Annual Income Salaried persons, permanent in service / professionals -minimum income Rs. 3.00 lakh p.a. (Teachers having salary a/c Rs.2.00 lac)
Maximum amount Rs.1.50 lac
Salaried- 6 times Gross Pay
Professionals- 50% of Gross Avg. Income of last 3 yrs IT return or last yrs inc. whichever is less
Margin Nil
Deduction Limit 60% of Gross Pay
Security CLEAN
Guarantor One Guarantor acceptable to Bank
Repayment EMI – 36 mts (Max) or residual service whichever is less
Interest Rate & Processing fee 1% of Loan Amt. Min. Rs.500.00
Insurance N.A.
Group Finance No Group Finance
Others N.A.

How to Apply?

  1. You can apply for a personal loan online on www.dialabank.com.
  2. Fill the application form online with your basic information.
  3. Don't forget to mention your contact number because it is the only way to contact you. It will be kept secured there is no need to worry about.
  4. You will get a call back from the experts.
  5. This information is free of cost.

 

Other Leading Personal Loan Providers (Click to Apply)

  1. HDFC Personal Loan
  2. ICICI Bank Personal Loan
  3. Axis Bank Personal Loan
  4. SBI Personal Loan
  5. PNB Personal Loan
  6. Citibank Personal Loan
  7. Fullerton India Personal Loan
  8. Personal Loan from Other Banks

Personal Loan Calculator Personal Loan Interest Rates
Personal Loan Calculator Personal Loan Interest Rates