Bank of Maharashtra offers a range of financial products to different segments of its customer base. The bank offers different debt repayment loan options to its business and retail customers.
You can choose from a range of loans that are specifically suited to your different needs.
Bank of Maharashtra Consolidation Loans
Bank of Maharashtra understands that retail customers can sometimes cross their spending limits because of certain personal exigencies or overspending and end up with a substantial amount of debt. It may range from a few extra thousand rupees to lakhs spread across credit cards, personal loans, travel loans, education loans and so on.
This creates two main problems for most people. First, it becomes for people to track all the payments that need to go out every month toward the repayment of debt. Second, it affects the credit score and paying interest on different loans may lean substantial amount of extra money paid as interest.
Bank of Maharashtra offers consolidation loans to help people deal with these debts effectively. These loans help customers consolidate and pay off all their debts by using a single loan. This consolidation loan can be an unsecured loan like a personal loan or a secured loan like a loan against property, gold or securities. A consolidation loan can help you pare down your debt and live a stress-free life.
Bank of Maharashtra does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans that can be used to consolidate your debt. They include:
- Mahabank Personal Loan Scheme
- Loan Scheme for Individuals
- Loan Against Property
- Top Up Loan for Home Loan Borrowers
- Maha Gold Loan Scheme (Loan Against Gold Ornaments)
- Salary Gain Scheme
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Please note that in some cases information is less or simply not available. In such instances, we have not been able to create a page on that loan as yet, but we may do so in the future if information becomes available.
Bank of Maharashtra Mahabank Personal Loan Scheme
This loan helps borrowers get access to funds to meet their urgent financial needs. While a personal loan can be used to meet urgent expenses such as wedding expenses, travel expenses, medical expenses and so on, it can also be used to pay off their high-interest loans such as credit card debts or other loans thereby consolidating their debts. The maximum loan amount sanctioned under this loan scheme is Rs. 10 lakh.
Features of Personal Loan from Bank of Maharashtra
Why this Loan?
- The Bank of Maharashtra Mahabank Personal Loan Scheme is meant for borrowers who need financial assistance to meet urgent needs. It can also be availed to consolidate and pay off credit card debt and other high-interest loans
- This is an unsecured loan
Bank of Maharashtra Loan Scheme for Individuals
This loan helps borrowers get funds to meet their urgent financial needs such as wedding expenses, travel expenses, medical expenses and so on against a term deposit held with Bank of Maharashtra. Borrowers can avail this scheme as a consolidation loan and pay off their high-interest loans such as credit card debts or other loans, thereby reducing their overall debt.
Features of Bank of Maharashtra Loan Scheme for Individuals
Why this Loan?
- The Bank of Maharashtra Loan Scheme for Individuals is meant for borrowers who need financial assistance to meet urgent needs against a term deposit held with the bank. It can also be availed to consolidate and pay off credit card debt and other high-interest loans
- This is a secured loan and must be repaid before the date of maturity of the receipt
Bank of Maharashtra Loan Against Self-Occupied Property for Personal Needs
This loan helps borrowers get access to funds by mortgaging their property to meet their financial needs. While a mortgage loan can be used to meet financial expenses such as a wedding, foreign travel, house repairs and so on, it can also be used to consolidate debts. This loan cannot be availed for speculative reasons.
Features of Bank of Maharashtra Loan Against Property
Why this Loan?
- The Bank of Maharashtra Loan Against Property is meant for borrowers who want to get financial assistance by mortgaging an unencumbered self-occupied residential property, commercial property or building in their name for a period not less than one year
- Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
- This is a secured loan
Bank of Maharashtra Mahabank Top-up Loan Scheme for Other Purposes
This term loan helps borrowers get access to funds for personal expenditure related to child’s education, a child’s wedding, medical treatment, purchase of expensive consumer durables, etc. This loan can also be used to consolidate high-interest debts. This loan is offered only to existing home loan borrowers.
Features of Bank of Maharashtra Mahabank Top-up Loan Scheme for Other Purposes
Why this Loan?
- The Bank of Maharashtra Mahabank Top-up Loan Scheme for Other Purposes is meant for existing Bank of Maharashtra home loan borrowers who want to avail financial assistance to meet their financial needs
- This loan can also be availed as a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts into a single, easy-to-manage loan
Bank of Maharashtra Maha Gold Loan Scheme
This loan helps borrowers get access to funds by pledging their gold ornaments. This is a secured loan and can be used to meet any financial needs such as a wedding, overseas travel, etc. In addition to this, it can also be used to consolidate high-interest debts. The bank does not grant this loan against gold coins.
Features of Bank of Maharashtra Maha Gold Loan Scheme (Loan Against Gold Ornaments/Jewellery)
Why this Loan?
- The Bank of Maharashtra Loan Against Gold Ornaments is meant for borrowers who want to avail financial assistance by pledging gold ornaments to meet their financial needs. Being a secured loan, borrowers can avail this scheme as a consolidation loan
- This loan is offered as cash credit or term loan
Bank of Maharashtra Salary Gain Scheme
This loan helps salaried employees get access to funds to meet their personal needs. While this secured loan can be used to meet expenses for a child’s education, wedding expenses, overseas travel, medical exigencies and so on, it can also be used to consolidate high-interest debts.
Features of Bank of Maharashtra Salary Gain Scheme
Why this Loan?
- The Bank of Maharashtra Salary Gain Scheme is meant for salaried employees who want to avail financial assistance for all kinds of personal financial exigencies
- Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, hence consolidating their debts
- It is sanctioned as an overdraft
Important Note: Bank of Maharashtra may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Bank of Maharashtra Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of three factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR)/Baroda Repo Linked Lending Rate (BRLLR), Strategic Premium (SP) and Credit Risk Premium
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Bank of Maharashtra Website: www.bankofmaharashtra.in and www.mahaconnect.in (net banking)
- Headquarters: Pune, Maharashtra
- Call Centre Toll-Free Number: 1800 233 4526