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Mahabank Personal Loan scheme is to cater to the requirements of meeting personal expenses. We offer fast processing of your loan. Now you need not postpone things on your bucket list! Also, you can transfer your existing high interest Personal Loan to Bank of Maharashtra as well. With a fast approval, turn your dreams into reality!

Personal

Interest Rate

9.45%P.A

Features & Benefits

  • Interest
    Low EMI
  • Loan Amount
    Higher Loan Amount
  • Track my loan
    Track my Loan
  • Simplified Disbursement
    Simplified Disbursement
  • Projects
    Minimal Documentation
  • Processing Fee
    Lowest Processing fee
  • Hidden Charges
    No Hidden Charges
  • Prepayment Penalty
    No Prepayment Penalty
  • Processing Fee 1.00 % of the loan amount + GST
  • Loan amount is 20 times of Gross Monthly Income, maximum Rs 20.00 Lakhs.
  • Repayment Period upto 7 years for salaried and 5 years for others
  • Minimum annual Income – 3.00 Lakhs.
  • One Guarantor acceptable to the Bank

Documents Required

  • Proof of Identification : (any one)
    • Election ID Card
    • Pan Card
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  • Proof of Residence : (any one)
    • Electricity Bill
    • Election ID Card
    • Telephone Bill (Landline)
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  • For Salaried Persons
    • Original/Certified copy of the latest salary slips for the past 3 months
    • Copies of IT returns of last 2 years duly acknowledged by IT Dept/IT assessment orders or Form 16 for last 2 years from the Employer.
    • Undertaking from employer for remittance of monthly installment, wherever feasible.
    • Bank Account (Salaried Account) statement for the last 6 months (in case of other Bank)
  • For Non-Salaried Class /Businessman /Professional
    • Latest 3 years of IT returns (2 years in case of Professionals) including computation of income, profit and Loss Account, Balance sheet, Audit Report etc.
    • Shop Establishment Act
    • Tax Registration Copy
    • Company Registration License
    • Bank statement for past one year
  • Other documents as applicable as per scheme of loan.

Interest Rates

Interest Rate
Home

Housing Loan Interest Rate

9.45%P.A

Fore more Interest Rates & Charges Click here

EMI Calculator

Principal Loan Amount *:
Interest Rate ( % p.a ) *:
Loan Term (Years) * :
SHOW EMI

Check Eligibility

Eligibility

How will Bank of Maharashtra decide the personal loan amount i am eligible for?

  • All confirmed employees Central / State Govt. / PSUs / Public or Private Ltd Companies / Reputed Corporates */ MNCs drawing salary from our Bank
  • Salaried customers, not having salary account with our Bank, are to be considered for Personal loan subject to Employer undertaking for deduction of loan instalment from salary.
  • Self–employed professionals (Only Doctors (MBBS, MD, MS), CAs, Architects having own business) can also be given personal loan in case they are banking with us (with Credit facility) for the last one year.

*For the employees of Pvt. / Public Ltd. Company, maintaining salary accounts with the Bank, such companies should have external rating (in force) of A and above


Frequently Asked Questions (FAQs)

Faqs

A Personal Loan is a loan that can be availed for any personal purpose such as as home renovation, wedding, medical emergencies, travelling, debt repayments, bill payments and more. Unlike other loans, Personal Loan does not require any collateral or security and can be easily availed with minimum documentation. Like any other loan, you can repay Personal Loan with EMI (Equated Monthly Instalments); debited from your bank account.

To avail the Personal Loan, all you need to do is submit the loan application form. On meeting the eligibility criteria, you will get an offer with the sanctioned amount, tenure of loan and interest rate. Once you accept the offer, funds are transferred to your bank account instantly.

You can use the EMI Calculator to know your EMI amount before applying for the Loan.

Funds from Personal Loan can be used to cater to requirements of meeting personal expenses.

You can repay your Personal Loan via an auto-debit instruction through your Bank account on a stipulated date every month to repay your EMI.

  • For salaried repayment period is 84 months
  • For others repayment period is 60 months

How to Apply

Home Loan Apply Scan this Code
to Apply Personal Loan Online

Follow the step by step instructions to avail digital loan facility from our bank.

Please click on the following link to view how to apply for Digital Loan Online:

How to Apply for Digital Loans Online

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