Bank of Maharashtra offers a “Maha Bank” personal loan scheme designed to cater to any personal financial need an individual could have. Bank of Maharashtra provides this Personal loan at extremely competitive interest rates and with flexible repayment options, providing immediate monetary relief in case of financial emergencies. Personal loans offered by Bank of Maharashtra are easy to obtain and hassle free, designed keeping the needs of a customer in mind.
Individuals who wish to apply for a Maha Bank personal loan need to satisfy the following eligibility criteria.
A host of factors can affect the eligibility of an applicant when it comes to obtaining a personal loan, a few of which are mentioned below.
Banks rely on CIBIL scores to gauge loan applicants, relying on it to a large extent. The CIBIL score determines whether an individual gets the loan approved or rejected, as it is a good indicator of the applicant’s financial stability. A CIBIL score of above 800 is considered good and applicants with this score are likely to improve their chances of getting a Bank of Maharashtra personal loan. Individuals with low CIBIL scores are viewed as risky and they are unlikely to get their loan application approved, as it raises concerns about their repayment capacity.
A CIBIL score throws sufficient light on the financial history of an individual, offering banks a peek into his/her life, providing enough information to determine whether the person is credit worthy or not. A good score can also help applicants get a better deal on interest rates or avail higher loan amounts.
Individuals who wish to improve their personal loan eligibility can follow these simple steps.
A. Yes, applicants should be at least 21 years old in order to apply for this loan.
A. Yes, applicants should provide one guarantor who should be approved by the bank.
A. Applicants should have a minimum banking history of one year with the bank in order to apply for a personal loan.
A. The maximum loan amount one can avail is Rs. 1.50 lakh.
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