Bank of Maharashtra Personal Loan

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Why us?

Rates as low as 10.50%*
Loans Up to 30 Lacs
Same Day Disbursal
Doorstep Service
Unbiased Experts Advice

About Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan

Life is full of uncertainties. No one can tell when you required money for business, education, family wedding, travel, home renovation or even medicinal needs. At such point throughout everyday life, a Personal Loan helps you to act naturally dependent and assume responsibility for the circumstance. We, at Bank of Maharashtra, offer Personal Loan to both salaried and self employed applicants.  Personal loans requires basic documentation process, quick disbursal at affordable Interest rate.

About Bank of Maharashtra

Bank of Maharashtra is a public sector bank giving financial products and capital market administrations to its customers. It was established in the year 1935, and it’s headquartered in Pune, India. Its key products are mainly bank accounts of various types, loans, credit cards, etc. which are made available to customers through a network of 1868 branches.

Why choose Bank of Maharashtra Personal Loan?

This is a leading bank and offers a lot on a personal loan to customers. This loan help you in difficult situations, like a medical issues may emerge, and you probably won’t have enough cash to satisfy the emergency clinic bills, and other issue may arise like the debt which needs to be paid, and making a home, higher examinations a great deal of it is there where the clients will approach for the loan. So the banks help clients to satisfy their necessities.

  1. Easily Available: It is accessible at all the banks  and it is useful to fulfil one’s personal need.
  2. Minimum Documents: Minimal documentation, nothing to be given as a security reason.
  3. Fast Approval: Instantly approved with hassle-free within 24 to 48 hours.

Bank of Maharashtra Personal Loan Eligibility

There are some eligibility criteria based on which the bank provides a personal loan to the applicant. There are two categories of applicants:

  1. Salaried
  2. Self-employed

There are distinctive qualification criteria for both the applicants.

For the salaried applicant:

  1. Firstly, your age should be in between 21 years to 61 years.
  2. Also, your salary has to come to a bank account.
  3. Moreover, at the time of availing this loan your credit score needs to be above 750.
  4. Furthermore, you must be working with the current employer for at least one year.
  5. In addition to this, the salaried applicant must have one year of working experience.

For the self-employed applicant:

  1. First, the age criteria for self employed applicant is 25 to 65 years.
  2. Your business needs to be running for about three years at least.
  3. Also, your business must yield 30 Lacs as the annual turnover.
  4. Most importantly your credit score needs to be above 750 to avail this loan.

Bank of Maharashtra Personal Loan Documents

  1. Identity Proof: It incorporates Aadhaar card, Passport, Voter card, Driving Permit.
  2. Residence Proof: It includes Updated Passbook, Aadhaar card, Passport, Voter card, Driving permit. Furthermore, if the candidate is living in a rented apartment , at that point, they need to present their tenant contract, power and water charge which must be for the sake of the candidate and the location of the proprietor.
  3. Two coloured photographs
  4. The applicant has to provide their PAN card, which is an essential document under the KYC formality.
  5. If the applicant is a salaried one, at that point, they need to present their pay slip of the most recent three months and the bank statement of the past six months.
  6. And if the applicant is self-employed, then they have to submit the ITR of the last three years and registration of their business should be done.

Bank of Maharashtra Personal Loan Interest Rate

Bank Maharashtra Personal Loan Interest Rates start from 15.10% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self employed are higher.

Bank of Maharashtra Personal Loan Tenure

Personal loans are of shorter tenure ranges from 12 months to 36 months as they are taken to meet their immediate requirements.

Bank of Maharashtra Personal Loan Benefits

  1. No Restriction on Use of Money: Apart from different loans, the cash which will come from the personal loan can be used any where according to your needs. This loan is to manage difficult situation at home like fixing the house, to pay clinic bills and for occasions.
  2. No security: Apart from different loans, the documentation system is basic and no requirement for collateral.
  3. Adaptable Amount of loan: It depends upon the customer money related history and credit report
  4.  Flexible Terms: 1 year to 3-year terms will be given, and it relies upon banks.
  5.  Advance Disbursal: After the endorsement of your loan, the procedure of loan disbursal is fast.
  6. Authorized Loan: If you are eligible for the loan, the loan get  approved within 24 hours.
  7. No Third party involvement: The loan is legitimately given to the borrower without the support of the outsider. It is a connection between the borrower and the moneylender.
  8. Hassle free Approval: Getting a personal loan is currently a convinent procedure. Online loan makes it helpful and simple. You can get the principal amount in your account within 3 days.

Why apply for a Personal Loan in Dialabank?

You can apply for Bank of Maharashtra personal loan online on the site of dialabank.com. You need to search for Dialabank on google. As the financial business will be the third biggest by 2025  and we Dialabank help the customer to get loan because Dialabank is connected up with different banks.

So look for Bank of Maharashtra personal loan there. Fill the application structure with the fundamental data of yours and click on apply catch. You will get a call from our side within 5 minutes. You can also dial 60011600 too for more data about Bank of Maharashtra personal loan.

  1. We have a calculator for the customer to know their EMI.
  2. Instant loan Approval: After submitting all the records for the personal loan, then the customer will get moment endorsement.
  3. Responsive: The client question reaction is brisk.
  4. For more info, you can call on 9878981166

FAQs About Bank of Maharashtra Personal Loan

Q. What is Bank of Maharashtra Personal Loan?

Mahabank Personal Loan Scheme is a loaning product of Bank of Maharashtra that can be used for any personal financial need. The interest rates offered by the bank are dependent on your CIBIL score starting at 10.85% per annum.

Q. How does Bank of Maharashtra Personal Loan work?

Personal is an unsecured loan that does not require you to submit any security with the bank. Bank of Maharashtra’s Mahabank Personal Loan is full of features and benefits to cater to all your needs.

You can avail of a loan of up to ₹10 lakhs by simply submitting your documents along with an application form to the bank. Upon verification and approval, the loan amount is transferred to your account which then can be used to cover all your personal expenses.

Q. What is Personal Loan rate of interest in Bank of Maharashtra?

Bank of Maharashtra’s Mahabank Personal Loan Scheme interest rates start at 10.85% per annum and vary according to your CIBIL Score.

Q. What is the procedure of Personal Loan in Bank of Maharashtra?

You can avail a maximum loan amount of ₹10 lakhs under Mahabank Personal Loan Scheme. You will need to visit the bank branch with your documents and upon verification and approval of your eligibility, the loan amount is transferred to your account. You can now use this money for any of your personal financial needs and repay it in easy EMIs.

Q. How can I get Bank of Maharashtra Personal Loan?

Walk into the nearest Bank of Maharashtra branch with your documents and contact the loan officer about Personal Loan. Upon submission, verification, and approval of your loan application, the amount will be transferred to your bank account. You can also visit Dialabank’s website and compare the offers from different banks and finance companies and apply with us for hassle-free processing.

Q. How to apply for Personal Loan in Bank of Maharashtra?

Apply for Bank of Maharashtra Personal Loan online on the official website of the bank or visit the nearest branch with all your documents. You can also fill an inquiry form at Dialabank’s digital platform to avail of personalized assistance and get the best offers and deals in accordance with your needs.

Q. Why apply for Bank of Maharashtra Personal Loan?

Bank of Maharashtra has an extensive network all over India through which you can easily fulfill all your financial needs. They provide Personal Loans at low-interest rates and with minimal processing fees. The loan amount can be used to finance any personal expense that you may have.

Q. How much EMI on Bank of Maharashtra Personal Loan?

The EMIs on your Mahabank Personal Loan Scheme can be calculated using any EMI calculator available online. The interest rates offered by the bank are dependent on your CIBIL score and start at 10.85% per annum.

Q. How much CIBIL score required for Bank of Maharashtra Personal Loan?

You will need a CIBIL Score above and equal to 600 to become eligible for a Personal Loan. Bank of Maharashtra has interest rates dependent on your CIBIL Score, therefore, the higher it is the lower your interest will be.

Q. Minimum credit score needed for Bank of Maharashtra Personal Loan?

A minimum credit score of 600 is required to avail the Mahabank Personal Loan Scheme. The bank also provides the loan to borrowers with credit scores of -1, 0, and in between 1-5.

Q. How to calculate Bank of Maharashtra Personal Loan EMI?

You can easily use the EMI calculator present on Dialabank’s website to calculate an estimated EMI towards your Bank of Maharashtra Personal Loan using the following three parameters, your loan amount, loan tenure, and rate of interest.

Q. What can I use Bank of Maharashtra Personal Loan for?

Bank of Maharashtra Personal Loan can be used to finance all your personal expenses, whatsoever, like marriage, home renovation, higher education, and etc. You will need to sign an undertaking stating that you will not use the loan amount for any speculative purpose like buying equity shares or investing in real estate.

Q. Can I prepay Bank of Maharashtra Personal Loan?

Yes, you can prepay your loan if you have the required funds. You will need to visit the branch with your loan documents and pay all the outstanding amount along with any other fees as applicable.

Q. How to prepay Bank of Maharashtra Personal Loan?

If you wish to close your loan before the end of its tenure you can visit your loan branch with all your documents and apply for a foreclosure. You will be required to pay your outstanding loan amount and any applicable foreclosure charges.

Q. How to repay Bank of Maharashtra Personal Loan?

You can repay your Bank of Maharashtra Personal Loan in easy monthly installments (EMIs). You may also use the net-banking facility provided by the bank to pay for your Personal Loan.

Q. How to repay Bank of Maharashtra Personal Loan online?

Pay for your Mahabank Personal Loan online using the net-banking facility available on Bank of Maharashtra’s official website.

Q. What documents are needed for Bank of Maharashtra Personal Loan?

You will need your basic KYC documents for identity and address verification along with two recent passport-sized photographs. For your income proof, you will have to submit ITR files/ Salary Slips and Bank statements.

Q. How to check Bank of Maharashtra Personal Loan status?

Track your loan application status by contacting your loan branch either in person or through their customer care number.

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