Want to Consolidate your Debts?

Take a look at Bank of Maharashtra’s Mahabank Personal Loan Scheme.

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 their 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

Loan Amount

  • The loan amount sanctioned under this loan scheme depends on the gross annual income of the borrower
  • The maximum loan amount offered under this loan scheme is Rs. 10 lakh

Interest

  • The applicable interest rate on this loan depends on the CIBIL score of the borrower
  • As of October 2020, the interest rate applicable on this loan ranges from 9.70% to 10.70%

Repayment


  • This loan must be repaid within 5 years

Eligibility

  • Confirmed employees of Public Sector Undertakings, Multinational Companies, Joint Stock Companies, Govt. and government-aided institutions and reputed corporates are eligible for this loan
  • Employees of Public and Private Limited Companies making a profit for the last 3 years and maintaining salary accounts with Bank of Maharashtra are eligible for this loan

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

Margin Money (Borrowers Contribution to Total Cost)


  • Since it is a personal loan which can be used for any purpose, you don’t need to provide any margin on the loan

Processing Charges

  • The bank charges 1% of the loan amount for this loan, with a minimum of Rs. 1,000

Documents Needed

  • 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.

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