Bank of Maharashtra Personal Loan Online

Loan amountMaximum up to Rs. 20 Lakhs
Repayment tenureUp to 7 years for salaried & 5 years for others
Rate of interest9.45% to 12.80% p.a.
Processing fee1% of the loan amount + GST
Income requiredMinimum annual income of Rs. 3 Lakhs
Age limit21 to 60 years

Features of Bank of Maharashtra Personal Loan

Key features of Maharashtra Bank personal loan are mentioned below:

  • Loan amount: The Bank of Maharashtra offers loan amount up to 20 times of gross monthly income, subject to a maximum of Rs. 20 Lakhs. 
  • Rate of interest: Depending on the Credit Score of the borrower and other eligibility factors, Bank of Maharashtra personal loan interest rate may vary between 9.45% to 12.80% p.a. 
  • Tenure: The maximum repayment tenure offered by the lender is up to 7 years for salaried applicants and 5 years for others.
  • Processing fee: The bank charges a processing fee of 1% of the sanctioned loan amount plus applicable GST. 
  • Prepayment: The bank offers a personal loan prepayment facility at no additional cost. 

Benefits of Bank of Maharashtra Personal Loan

  • Lowest processing fee and Personal Loan Interest Rates in India.
  • Minimal documentation is required.
  • Low personal loan EMI and higher loan amount. 
  • Online personal loan tracking facility through ‘Track my loan’.
  • Simplified disbursement process.
  • Zer hidden charges involved.
  • No prepayment penalty is levied on the loan.

Types of Bank of Maharashtra Personal Loans

  • Maha Bank Personal Loan Scheme
    • Purpose: Meeting personal expenses like weddings, holidays, etc.
    • Loan amount: Up to Rs. 20 Lakhs
    • Rate of interest: Maharashtra Bank loan interest rate from 9.45% to 12.80% p.a.
    • Tenure: Up to 7 years
    • Processing fee: 1% of the loan amount + GST
  • Consumer Loan Scheme
    • Purpose: Purchasing consumer durables like laptops, computers, electronic gadgets, etc. 
    • Loan amount: Rs. 50,000 to Rs. 1.5 Lakhs
    • Rate of interest: 10.70% p.a. 1% discount available for corporate salary account holders and existing housing loan borrowers. 
    • Tenure: Up to 5 years
    • Processing fee: 0.50% of the loan amount
  • Maha Bank Personal Loan Scheme for BPCL Employees
    • Purpose: Meeting personal expenses of Bharat Petroleum Corporation Private Limited (BPCL) employees.
    • Loan amount: Up to Rs. 20 Lakhs
    • Rate of interest: 9.45% p.a.
    • Tenure: Up to 7 years
    • Processing fee: Nil
  • Maha Adhaar Loan
    • Purpose: Meeting personal expenses needs of pensioners like medical, pilgrimage, domestic needs, etc.
    • Loan amount: Equivalent to the pension of 18 months, subject to a maximum of Rs. 6 Lakhs
    • Rate of interest: 8% p.a. for defence & staff pensioners and 8.50% p.a. for general pensioners
    • Tenure: 60 EMIs, subject to maximum 77 years of age at the time of loan maturity.
    • Processing fee: 0.50% of the loan amount, subject to a minimum of Rs. 500
  • Salary Gain Scheme
    • Purpose: Overdraft personal loan for meeting day to day personal needs of government, PSU and state employees.
    • Loan amount: Up to Rs. 5 Lakhs
    • Rate of interest: 9.95% p.a.
    • Processing fee: 0.50% of the overdraft amount per annum, subject to a minimum of Rs. 500

Additional Info: Check Bank of Maharashtra Balance Check Number service.

Bank of Maharashtra Personal Loan EMI Calculation

The Personal Loan EMI Calculator helps you determine if the loan fits into your budget or not. The EMI (equated monthly instalment) is the amount paid by the borrower to the lender towards the loan.  
You can calculate your Maharashtra Bank loan EMI online with our Personal Loan EMI Calculator tool. Just open the EMI Calculator page given under the Financial Tools section on our website and enter a few parameters like the loan amount, rate of interest, and repayment tenure.  
Below is an illustration showing the EMI calculation for the Bank of Maharashtra loan scheme using the MyMoneyMantra Personal Loan EMI Calculator:

  • Loan amount: Rs. 10 Lakhs 
  • Rate of interest: 9.45% p.a. 
  • Tenure: 5 years
  • EMI: Rs. 20,977
  • Total Interest: Rs. 2,58,646
  • Total payment: 12,58,646

Bank of Maharashtra Personal Loan Documents Required

Identity proof (any one): PAN Card, Passport, Driving License, Election ID Card, Aadhaar Card, or Photo ID Card issued by the current employer.

Residence proof (any one): Passport, Election ID Card, Electricity Bill, Telephone Bill, Driving License, Aadhaar Card, or Photo ID Card issued by the current employer

Documents of salaried applicants: 

  • Original or certified copy of last 3 months’ salary slips
  • Copies of last 2 years’ ITR duly acknowledged by IT Department/IT Assessment orders or last 2 years’ Form 16 from the employer.
  • Undertaking from the employer for remitting the monthly instalment, whenever feasible.
  • The last 6 months’ salary bank account statements if the salary is credited to another bank.  

Documents of non-salaried/businessman/professional applicants: 

  • Last 3 years’ ITR (2 years for professionals) including the Computation of Income, Balance Sheet, Profit & Loss Account, Audit Report, etc.
  • Shop Establishment Act
  • Copy of Tax Registration
  • Company Registration License
  • Last 1 year’s bank statement

Other documents if applicable 

Bank of Maharashtra Personal Loan Eligibility

  • The applicant must be aged 21 to 60 years.
  • All confirmed employees of Central/State government, PSUs, Public/Private Limited Companies, Reputed Corporates, and MNCs drawing a salary from the Bank of Maharashtra can apply.  
  • Salaried applicants not holding salary accounts with the Bank of Maharashtra can apply for the loan if the employer provides an undertaking for deduction of loan EMIs from salary.
  • Self-employed professionals like Doctors (MBBS, MD, & MS), Architects and CAs having their own businesses can also apply if they have been banking with the Bank of Maharashtra for the last 1 year. 
  • Employees of Public and Private Limited Companies maintaining salary accounts with the bank should have an external rating of A and above.

How to Check Bank of Maharashtra Personal Loan Application Status?

  • Visit the official website of the bank and go to the personal loan tracker page by clicking the link https://bankofmaharashtra.in/knowstatusapp/homepage.aspx.
  • Provide your Application Reference Number. 
  • Then enter your Registered Mobile Number. 
  • Choose the ‘Consumer Loan’ option under the ‘Select Loan Facility’ menu. 
  • Enter the displayed CAPTCHA code.
  • Click the ‘Submit’ button to know your Bank of Maharashtra Personal Loan status.

Bank of Maharashtra Personal Loan Interest Rates

Following are the Bank of Maharashtra personal loan interest rate 2021 till now:

Personal Loan SchemeCIBIL ScoreRate of Interest
Maha Bank Personal Loan750 & above9.45%
700 - 74910.30%
650 - 69911.30%
600 - 64912.80%
-1 or 0 & 01 to 0511.80%
Consumer Loan-10.70%
Aadhar Loan-8% - 8.50%
Salary Gain Scheme-9.95%
Maha Bank Personal Loan Scheme for BPCL Employees-9.45%

Bank of Maharashtra Personal Loan Customer Care

You can contact Bank of Maharashtra for any personal loan queries, feedback, or complaint at the bank’s All India Toll-Free Numbers, i.e. 1800 233 4526 and 1800 102 2636.

Apply for Bank of Maharashtra Personal Loan

  • Visit www.bankofmaharashtra.in and click on the ‘Online Loans’ button.
  • Select ‘Personal Loan’.
  • If you are an existing account holder of Bank of Maharashtra, select ‘Yes’ and enter your 11-digit account number/ CIF number and 10-digit registered mobile number.
  • If you are not an existing account holder of the Bank of Maharashtra, select ‘No’ and enter your 10-digit registered mobile number.
  • Select the checkboxes and click on ‘Send OTP’.
  • Enter OTP received on your mobile.
  • After validating OTP, fill in and submit all the mandatory personal information under the ‘Personal Details’ page and click on the ‘Next’ button.
  • Enter all the mandatory details regarding your occupation, work experience, etc. and click on the ‘Next’ button.
  • Under the ‘Financial Information’ window, submit income details like monthly income, deductions, monthly EMIs, etc.
  • Provide existing loan and deposit details if you wish to declare at this stage.
  • Read the declaration carefully and confirm by clicking on the check box.
  • Click on the ‘Next’ button.
  • If you want to add co-applicants for a personal loan, select ‘Yes’ and enter their personal details and click on the ‘Next’ button. 
  • Otherwise click on the ‘Next’ button.
  • Now under the ‘Loan Details’ window, submit details like the loan amount requested, repayment period, and purpose of the loan.
  • Click on the ‘Next’ button.
  • Select your preferred/convenient branch and click on the ‘Next’ button.
  • Submit your E-KYC details and click on the ‘Next’ button.
  • On completion of verification, you will get an instant loan offer as per the information provided by you.
  • Review the offer and click ‘Apply for Loan’ to submit your loan application.
  • Download the offer and save the loan 
  • application ID for tracking purposes.
  • You can also visit the bank and fill up the Bank of Maharashtra loan application form pdf. 

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Bank of Maharashtra Personal Loans FAQs

What is the current Bank of Maharashtra personal loan interest rate?

The current Maharashtra Bank personal loan interest rate starts from 9.45% p.a.

Can pensioners apply for the Bank of Maharashtra personal loan?

Yes, Central/State Government, Municipal Corporation, PSUs and Family pensioners drawing pensions from the Bank of Maharashtra can apply for personal loans under Maha bank Aadhar Loan Scheme.

What is the repayment tenure under the Bank of Maharashtra Consumer Loan scheme?

The maximum repayment tenure offered under the Bank of Maharashtra Consumer Loan scheme is up to 60 months.

What is the minimum income required to apply for the Bank of Maharashtra Personal Loan?

The minimum annual income required to apply for the Bank of Maharashtra Personal Loan is Rs. 3 Lakhs.

What is the current Repo Rate Linked Lending Rate (RLLR) of the bank?

The current RLLR of the Bank of Maharashtra is 6.80% w.e.f. 10.02.2022