Overdraft in Savings Account from Bank of Maharashtra to Pay Off Debt
The right loan to pay off your debt and live a stress-free life.
Bank of Maharashtra Salary Gain Scheme
This loan helps Bank of Maharashtra Savings Account holders get the funds they need for personal needs. While this loan can be used to meet any contingencies and personal needs such as a wedding, overseas travel and so on, it can also be used to consolidate your 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 hold a Bank of Maharashtra Savings Account to help them get the financial assistance they need for personal needs
- Borrowers can avail this overdraft as a consolidation loan and pay off their high-interest debts especially credit card debt
Loan Amount
- The maximum loan amount sanctioned by the bank under this loan is Rs. 3 lakh or three times of monthly take-home salary, whichever is lower
Interest
- As of October 2020, the interest rate applicable to this loan is not mentioned on the bank’s website. Please contact a bank representative to get details at the time of applying for this loan
Repayment
- This loan must be repaid within 12 months
Eligibility
- Borrowers must have a savings account with the bank
- The borrower should be a salaried employee of a central/state government or other government undertakings, government/government-aided educational institutions and co-operative societies
- Minimum take-home salary of the borrower should be at least Rs. 25,000 per month
Security Needed
- This is an unsecured loan
Margin Money (Borrowers Contribution to Total Cost)
- As of October 2020, the margin charges by the bank on this loan is not mentioned on the bank’s website. Please check with a bank representative for details
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, then a margin of 20% means the borrower will have to pay Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
Processing Charges
- The bank charges 0.50% of the total loan amount for processing this loan subject to a minimum of Rs. 500 per annum
Documents Needed for Individuals
- 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
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