Bank of Maharashtra Personal Loan Approval Process

About Bank of Maharashtra Personal Loan

Bank of Maharashtra is a government-owned banking financial service established on 16 September 1935 Bank of Maharashtra Personal Loan Approval Process . It is headquartered in Lokmangal, Shivajinagar, Pune. Bank of Maharashtra provides Personal loans to help people fulfil their business and personal financing needs. It is an unsecured loan and anyone between 21 to 60 years of age can apply for this loan. Both salaried, as well as self-employed, are eligible for this loan. Salaried people in both government, as well as the private sector, can apply for this loan. Also, women borrowers are eligible to get special offers on personal loans.

Bank of Maharashtra Personal Loan Eligibility

Particulars	Salaried	Self-Employed
Age	21 - 60 years	21 - 65 years
Minimum Income	Rs.15,000*	Rs.5 Lakh p.a.
Co-applicant	Not mandatory	Not mandatory
Loan Tenure	12 – 60 months	12 – 60 months
Maximum Loan Amount	Rs.40 Lakh	Rs.40 Lakh
Employment Type	Employees of private limited companies and public sector undertakings	Self-employed individuals
Employment/Business Continuity	At least 2 years; minimum 1 year with current employer	4 years Post Qualification experience for Doctors/ Chartered Accountants. 5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score	750 and above	750 and above
Residential Status	Resident Indian staying in own house or a rented house

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

Click here to know more about - Salaried Applicant
Click here to know more about - Self-employed Applicant

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank	Age Limit	Minimum Work Experience	Minimum Income (Per Month)
SBI	Up to 76 years	NA**	Rs.15,000
HDFC	21 to 60 years	2 years	Rs. 20,000
Private	23 to 58 years	2 to 5 years	Rs.17,500
Axis	21 to 60 years	NA**	Rs.15,000
Kotak Mahindra	22 to 55 years	1 year	Rs.25,000
Tata Capital	21 to 58 years	1 year	Rs.15,000
IndusInd	21 to 60 years	2 to 5 years	Rs.25,000
Ujjivan Small Finance	22 to 58 years	NA**	Above the minimum wage limit
India Infoline Finance Limited	25 to 60 years	6 months to 2 years	Rs.35,000
HDBFS	21 to 65 years	1 year to 3 years	Rs.15,000 for salaried Rs.1 lakh p.a. for self-employed
Indian Overseas Bank	Up to 58 years	NA*	Rs.5,000
IDFC First Bank	23 to 68 years	3 years	NA*
Federal Bank	21 - 55 Years	3 years	Rs.25,000
Punjab National Bank	21 – 58 years	2 years for doctors	Rs.15,000
Andhra Bank	21 - 55 years	NA**	NA*
Canara Bank	NA**	NA**	Salaried: Rs.6,000 & above Self-employed - Rs. 1.5 lakh
IDBI Bank	Up to 75 years for Pensioners	NA**	Rs.1.5 lakh p.a.
Fullerton India	21 to 55 years	1 to 2 years	Rs.15,000
RBL Bank	25 to 60 years	1 to 3 years	Rs.25,000
Bank of Baroda	21 to 60 years	1 year to 2 years	60% of gross monthly income
Deutsche Bank	25 to 60 years	NA**	Rs.25,000
Karnataka Bank	NA**	3 years	NA*
United Bank of India	up to 75 Years	2 years	NA*
UCO Bank	21 to 65 years	1 year to 5 years	Rs.20,000

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

Documents Required for Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan Approval Process

The first step for approval is filling out the application form. You can either fill the form through the website or in person.
The second step for approval is to collect and submit documents needed for the loan like identity proof, address proof, income proof, employment proof, and passport size photographs.
The third step is for approval of the personal loan is documents verification.
The last step of personal loan approval is loan disbursement. Also, you can not cancel a loan after its disbursement.

Steps to Apply for Bank of Maharashtra Personal Loan

The first step is to visit the website of the bank you have to apply to and get all the details you need.
Fill out all the required details required like personal and financial details.
After the submission of the form, the lender will match your eligibility with the amount you want to avail of the loan.
After agreeing for processing of form, you have to submit the documents needed.
Then after the processing of documents, your loan will get disbursed if approved.

Bank of Maharashtra Personal Loan Approval Process FAQs

✅ Can I get a personal loan if I have a bad credit score?

It is difficult to get a personal loan if you have a bad credit score because personal loans are unsecured loans.

✅ What are the mandatory documents for a personal loan?

The mandatory documents for a personal loan are identity proof, address proof, bank statements for the last 3 months, and salary slips for the last 3 months.