A Top-up Loan for Home Loan Borrowers to Help Consolidate Their Debts.

A top-up loan to pay off your debt.

Bank of Maharashtra Mahabank Top Up Loan Scheme for Other Purposes

This loan helps home loan borrowers get the funds to meet their personal needs. It can also be used to consolidate high-interest debts. This loan cannot be availed for speculative reasons.

Features of Mahabank Top Up Loan Scheme for Other Purposes from Bank of Maharashtra

Why this Loan?

  • The Bank of Maharashtra Mahabank Top Up Loan Scheme for Other Purposes is meant for borrowers who want to avail financial assistance for personal needs after availing the home loan scheme from the bank
  • Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and other loans, thereby reducing their debt burden
  • Take over housing loan borrowers are also eligible for this loan

Loan Amount

  • The maximum loan amount offered by Bank of Maharashtra under this loan is up to 75% of the loan value based on the latest valuation report not older than 3 months

Interest

  • As of October 2020, the interest rate applicable to this loan is not mentioned on this website. We suggest talking to a bank representative for details

Repayment

  • This loan must be repaid within 10 years subject to maturity of the policy

Security Needed

  • The bank may ask for additional mortgage charge on existing property mortgaged by the bank

Margin Money (Borrowers Contribution to Total Cost)

  • There is no margin applicable to this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh and if the margin is 20%, the margin money comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges 0.10% for processing this loan up to Rs. 10,000

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.

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