Beti Bachao Beti Padhao

Maha Bank Personal Loan scheme for Salaried customers

ParticularsScheme guidelines
1Name of the schemeMAHA BANK PERSONAL LOAN SCHEME- for Salaried customers
2Type of FacilityTerm Loan
3Purpose of loanTo cater to the requirements of meeting personal expenses.
4EligibilityBorrowers are categorized in three category based on employment.

Category –A. –

Confirmed Employees of Central Govt. / State Govt. / Public Sector Undertakings/ Govt. Educational Institutions having Salary Account with BOM or any other Bank. Satisfactory account relationship with our Bank or any other Bank.

Category –B. –

Confirmed Employees of Private / Public Limited Company having external rating “A” & above having Salary Account with BOM or any other Bank. Satisfactory salary account relationship with Bank for at least -6- months.

Category C. –

Other Salary account holders (Confirmed Employees) whose salary is credited in our Bank and tie up arrangement with employer or irrevocable undertaking from employer is available.

5Min Annual IncomeMinimum annual Income – 3.00 Lakhs.
Minimum past 1 year ITR/Form 16 is Mandatory from current employer.
6Maximum Quantum of FinanceMaximum Rs 20.00 Lakhs.

Loan amount is 20 times of Gross Monthly Income or as per Maximum Quantum of Finance whichever is lower.
7MarginNil
8Age Limit
  • Minimum:: 21 Years
  • Maximum:58 Years at the time of sanction
Age of Borrower plus repayment period should not exceed retirement age or 60 years of age, whichever is lower.
9Repayment Period

For Category A

  1. Salary Account with Bank of Maharashtra - 84 months
  2. Salary Account with Other Bank -60 months

For Category B & C

60 months

10Rate of Interest

Category –A.

a) Salary Account with Bank of Maharashtra

CIBIL Score

ROI

ER

800 & above

RLLR + 0.70

9.75

776 to 799

RLLR + 1.00

10.05

750 to 775

RLLR + 1.50

10.55

700 to 749

RLLR + 2.00

11.05

NTC or -1 or 0

RLLR + 1.70

10.75

b) Salary Account with Other Bank

CIBIL Score

ROI

ER

800 & above

RLLR + 1.50

10.55

776 to 799

RLLR + 2.00

11.05

750 to 775

RLLR + 2.50

11.55

700 to 749

RLLR + 3.00

12.05

NTC or -1 or 0

RLLR + 2.75

11.80

Category –B.

a) Salary Account with Bank of Maharashtra

CIBIL Score

ROI

ER

800 & above

RLLR + 1.50

10.55

776 to 799

RLLR + 2.00

11.05

750 to 775

RLLR + 2.50

11.55

700 to 749

RLLR + 3.00

12.05

NTC or -1 or 0

RLLR + 2.75

11.80

b) Salary Account with Other Bank

CIBIL Score

ROI

ER

800 & above

RLLR + 1.90

10.95

776 to 799

RLLR + 2.50

11.55

750 to 775

RLLR + 3.00

12.05

700 to 749

RLLR + 3.50

12.55

NTC or -1 or 0

RLLR + 3.25

12.30

Category C –

CIBIL Score

ROI

ER

800 & above

RLLR + 1.90

10.95

776 to 799

RLLR + 2.45

11.50

750 to 775

RLLR + 2.95

12.00

700 to 749

RLLR + 3.45

12.50

NTC or -1 or 0

RLLR + 3.25

12.30

11Deduction

For Category A

Not to Exceed 65% of the Gross Monthly Income including Proposed EMI.

For Category B & C

Not to Exceed 60% of the Gross Monthly Income including Proposed EMI.

12SecurityNil (Clean Loan)
13GuarantorNot required
14Processing Fee1.00 % of the loan amount + GST (Min: Rs 1000/-)
15Documentation charge0.20% of the loan amount + GST

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