Bank of Maharashtra

Bank of Maharashtra

Bank of Maharashtra was founded on 16 September 1935. It is a nationalised bank under the Ministry of Finance, Government of India ownership. It has more than 15 million across the country, With 1900+ branches. In Maharashtra, it has the largest network of branches. 

Bank of Maharashtra Offerings

• Saving account
• Current Account
• Term deposits
• Capital Gain Account
• Loans
• Government schemes
• Corporate banking
• Loans for MSME

Bank of Maharashtra Loans Offered

• Maha Super Housing Loan Scheme
• Maha Combo Loan Scheme.
• Mahabank Vehicle Loan Scheme for Old car and Two Wheeler
• Education loan Scheme
• Consumer Loan Scheme
• Maha Super Car loan Scheme
• Pradhan Mantri Awas Yojna 
• Top up loan for Home loan Borrowers
• Maha Loan Gold Loan Scheme
• Mahabank Personal Loan Scheme

Bank of Maharashtra Gold Loan

Bank of Maharastra offers a gold loan scheme called Maha Gold Loan to borrowers in order to meet their personal financial needs such as tuition fees, marriage, medical needs, business travel, and so on.

Features of Bank of Maharashtra Gold Loan Scheme

• This gold loan scheme has a maximum repayment period of 12 months.
• Under this scheme, the maximum loan amount available from Mahabank is Rs. 5 lakh. This is determined by ensuring that the LTV ratio and scale of finance do not exceed 75% of the loan amount during the loan tenure.
• A borrower will receive a minimum loan amount of Rs. 20,000 against the gold he or she has pledged with the bank.
• For ornaments made of 22-carat gold, the borrower is eligible for a loan amount of Rs. 2,000 per g, or 75% of the market value of the gold ornament (excluding the weight of stones attached to the ornaments, if any), whichever is less.
• The gold jewellery itself is the collateral/security that must be placed in order to take advantage of this gold loan scheme.
• The Bank accepts all gold ornaments. The Bank does not make gold loans for primary or bullion gold.
• The principal can be repaid within a loan tenure of no more than 12 months, and interest is charged on a monthly basis under the term loan facility. Repayment under this facility can also be set up as a series of bullet payments.
• The entire loan amount must be repaid once a year under the cash credit facility and is subject to an annual review. 
• The interest payment under this facility is charged monthly and is adjusted as needed by the bank.
• The bank will charge a processing fee if applicable.

Bank of Maharashtra Personal Loan

The Bank of Maharastra provides a personal loan programme known as the ‘Mahabank Personal Loan’. The loan amount provided under this scheme can be used for any personal purpose, such as weddings, home renovations, vacations, or medical procedures. On the Mahabank Personal Loan, the bank provides an attractive rate of interest as well as a variety of benefits.

Bank of Maharashtra Personal Loan Details

Eligibility For A Loan

When it comes to the Mahabank Personal Loan, the Bank of Maharashtra does not have any strict eligibility conditions. The eligibility requirements for a personal loan from the Bank of Maharashtra are rather lax. The eligibility parameters for a Bank of Maharashtra Personal Loan are listed below.

• The minimum age is 21 years old.
• 60 years is the maximum age limit.
• The personal loan is available to salary, self-employed, and existing home loan applicants.
• A minimum annual income of Rs.3 lakh is required.
• The maximum loan amount available is Rs.20 lakh.
• 84 months is the maximum repayment period.

Bank of Maharashtra Car Loan

Bank of Maharashtra offers car loans under the ‘Maha Super Car Loan Scheme’ at interest rates starting from 9.00 % p.a. depending on the applicant’s employment status and CIBIL score the loan can be repaid over a period of up to 84 months. The maximum loan amount that can be obtained as a car loan from the Bank of Maharashtra is unlimited.

Quantum of Finance You Can Avail as Car Loan from Bank of Maharashtra

The amount you can borrow from the Bank of Maharashtra for a car loan is determined by your annual income and is as follows:

• Salaried applicants/pensioners: Up to 36 times your net monthly salary or pension, based on your most recent pay or pension.
• Other applicants – Up to two times gross taxable income or two times average annual income based on two years’ worth of ITRs, whichever is lower.
• Corporate clients (companies/firms) – Up to three times their average annual income based on two years’ ITRs, or up to Rs.100 lakh, whichever is less. Corporate clients would need clearance from the Credit Approval Committee of Zonal Managers for loans over Rs.100 lakh.

Bank of Maharashtra Car Loan – Margin

• Borrowers with new or existing car loans must pay a minimum of 10% of the vehicle’s cost (ex-showroom price plus insurance charges plus RTO charges)
• Others – At least 15% of the vehicle’s cost (ex-showroom price plus insurance + RTO fees)
• Clients in the corporate sector – a minimum of 20% of the vehicle’s cost (ex-showroom price plus insurance charges plus RTO charges).

Bank of Maharashtra Home Loan

Bank of Maharashtra offers qualified customers home loans based on the current Repo Rate Linked Lending Rate (RRLR), which is 7.05%. The processing fees start at Rs.2,000. The maximum loan amount is Rs.30 lakh, with a 30-year payback period that includes an 18-month grace period.

Home Loan Interest Rate

Bank of Maharashtra Credit Card

The Bank of Maharashtra is one of the country’s largest public sector banks, offering a diverse range of services to its clients. Among its products, the bank offers a variety of credit cards that come with a variety of features and perks and are tailored to the demands of its customers.

Bank of Maharashtra Eligibility & Documentation

Bank of Maharashtra Net Banking

Features & Benefits of Bank of Maharastra Internet Banking

• Account Transaction Details – With internet banking, you can easily view your bank account’s transaction activity and history at a glance. This is especially useful for keeping track of your savings account transactions and looking for any discrepancies.
• Account Statements Can Be Viewed or Printed – Internet banking allows users to not only view but also print their account statements. These are required not only for personal reference but are also frequently required in order to obtain other financial services such as loans, insurance, tax assessments, and so on.
• Transfer of Funds – The ability to transfer funds electronically is one of the most important features of internet banking. Customers can use Union Bank internet banking to transfer funds not only to another Union Bank account but also to accounts held by other banks in India.
• Direct/Indirect Tax Payments – Internet banking allows users to make direct or indirect tax payments from their accounts. The instructions are straightforward and simple to follow.
• Making Secure Online Payments Is Simple – Another useful feature of internet banking is the ability to make secure online payments. With almost everything now available online, it is very simple to shop for groceries, clothing, make travel reservations, and so much more. Not only that, but internet banking now allows users to pay their utility bills (such as electricity, water, and broadband bills) online. With an easy auto-debit facility, internet banking also allows for the convenient and timely payment of insurance premiums and loan EMIs.

Bank of Maharashtra Customer Care Number

1800 233 4526 is the customer care number for the Bank of Maharashtra.

Bank of Maharashtra Customer Complaints

•  What should I do if my account has been charged in an unauthorised manner?

You should contact your bank and file a dispute, as this is an option available to all customers. This dispute can be resolved by visiting the bank in person, by phone, or by emailing bank support.

• Are ATM transactions charged to customers?

The RBI has mandated a minimum number of free ATM transactions. However, banks may increase the number of free transactions or charge fees for additional transactions at ATMs. For more information, please visit the website of the bank where you have your account.

• Who is in charge of issuing these cards?

Banks issue debit cards that are linked to a bank account. Banks typically issue credit cards. Banks or non-banks give prepaid cards or wallets in exchange for money paid in advance by the cardholder and stored in such cards.

How to open a savings account in the Bank of Maharashtra

To open a savings bank account in the Bank of Maharashtra, you need to follow the below-mentioned steps:

(1) Personally Visit Bank of Maharashtra Branch

Firstly, you will require to tour the bank branch in which you want to open your account.

(2) Fill out the Savings Account, Account Opening Form.

First, get the form from there and fill all the mandatory details of the customer’s information and other information in the different sections given in the designated form like name, address, contact number, e-mail id, PAN, type of account to be opened, nominee’s name, etc.

(3) Attach Required all the Mandatory Documents with the Account Opening Form (AOF)

After filling out the account opening form, you need to attach KYC documents like PAN, Proof of Address & Proof of Identity.

Some banks make it mandatory to provide a Permanent address and telephone number.

(4) Verification process will start now

The banker will verify the Account Opening Form and other attached documents. If he is happy with these requirements, he will proceed further.

(5) Now, deposit the Minimum Balance Amount into your Savings Account per the requirements of your Savings Account.

After verifying the banker’s Account Opening Form (AOF) & Other Documents, you will be allotted an account number. You will then be obligated to deposit the least requisite balance in your account as per the account type of the savings bank account.

(6) Now go to the bank and get the Cheque Book, Passbook, Debit Card, and other documents.

Once your account has been successfully opened, the banker will hand over the Cheque Book, Passbook, Debit Card, and Other Documents to you, and you will be able to make transactions from your account.

How to open a current account in the Bank of Maharashtra

If you require to initiate a current account in the Bank of Maharashtra, you need to follow these simple below-mentioned steps:

(1) Visit the Bank Branch

For this, first, you need to visit the bank branch in which you need to open your account.

(2) Fill the Account Opening Form (AOF) for Current Account

Get the Account Opening Form and fill in all the necessary details of the customer’s information and other information in the different sections given in the form like name, address, contact number, e-mail id, PAN, type of account to be opened, nominee’s name, etc.

(3) Attach Required Documents with the AOF

After finishing the account opening form, you must attach KYC documents based on the type of account you wish to open, such as a savings account, a current account, and so on. These documents will also be dependent on your legal status, such as Individual, HUF, Proprietor, Partnership Firm, Company, Trust, and so on.

(4) Get your AOF & Other Documents by the Banker

The banker will verify the AOF and other attached documents. They will proceed if he is satisfied with these requirements.

(5) Deposit the Minimum Balance Amount in the Account

After it, you will be assigned an account number, and you are needed to submit the minimum required balance in your account.

(6) Obtain your Cheque Book, Passbook & Other Documents from the Bank

After that, the bank will be successfully open your account, and the banker will hand over Cheque Book, Passbook & Other Documents to you, and then you will be allowed to start the activity from your account.

FAQ’s about Bank of Maharashtra