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  • Bank of Maharashtra (BOM) Personal Loan Eligibility

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  • Bank of Maharashtra offers the Maha Bank Personal Loan scheme for existing home loan borrowers, or for corporate salary individuals who have 2 years working experience and at least a year’s relationship with Bank of Maharashtra. Applicants should be a minimum of 21 years old and a maximum of 60 years old to be eligible for the Maha Bank personal loan scheme.

    Bank of Maharashtra Personal Loan Eligibility Criteria

    Listed below are the eligibility details of the Maha Bank personal loan scheme:

    Criteria Salaried
    Age Minimum: 21 years old Maximum: 60 years old
    Income
    • Corporate salaried individuals: Minimum of Rs.3 lakh p.a. and 2 years ITR or Form 16
    • Existing home loan borrowers: Minimum of Rs.2.5 lakh p.a. and 2 years ITR or Form 16
    Work Experience Should have work experience of at least 2 years and 1 year with the present company
    CIBIL Score 750+
    Residential Status Resident of India
    Interest Rate 12.6% p.a.
    Loan Amount Up to Rs.1.5 lakh
    Loan Tenure Up to 36 months

    Factors affecting Bank of Maharashtra Personal Loan eligibility

    • Work experience of the applicant: To be eligible for the Maha Bank personal loan scheme, the applicant should have a minimum of 2 years' experience and a minimum of 1 year in the present organization. If the applicant does not meet this eligibility requirement, his/her application will be rejected.
    • The annual income of the applicant: Bank of Maharashtra takes into consideration the annual income of the applicant to determine if he/she is eligible for the personal loan scheme. Existing home loan borrowers of the bank need to have an annual income of Rs.2.5 lakh p.a. and corporate salaried individuals need to prove that they earn Rs.3. lakh p.a. to be eligible for the personal loan scheme.
    • Relationship with Bank of Maharashtra: Corporate salaried individuals who wish to apply for a personal loan need to have at least a year’s relationship with Bank of Maharashtra to be eligible.
    • CIBIL score: The applicant should have a good enough credit score, anywhere above 750 to be eligible for the Maha Bank personal loan scheme.
    • EMI/NMI ratio: To be eligible for the personal loan, the EMI and other relevant deductions should not cross 60% of the net monthly salary of the individual.
    • Age of the applicant: To be eligible for personal loan scheme, the applicant should not be more than 60 years old at the end of the loan tenure. If he/she will be, then the personal loan application will be rejected by the bank.

    How to improve chances of Bank of Maharashtra eligibility

    • Choose a suitable tenure: If one’s income is low and just about meets the minimum income requirement, the applicant should choose a longer to ensure that the EMI is less and will not cause financial strain.
    • Use an EMI calculator: By using the EMI calculator, the applicant can determine the loan amount he/she will be eligible for, which is decided based on the tenure chosen and applicant’s income.
    • Ensure you have all the required documentation: Failing to submit the necessary documents will result in the personal loan application getting rejected. Applicants should ensure that the necessary documentation is in place, such as proof of income documents (Form 16, last 2 years’ IT returns certificate, salary slips and bank statements) and identity and address proof documents (Passport, Voter’s ID Card, Aadhaar). The applicant will have to submit his/her PAN as well.
    • Ensure all debts are paid: The applicant has to ensure that his/her credit score is good and that all their past loan dues are paid. This will assure Bank of Maharashtra that he/she is responsible enough to repay the loan.

    FAQs

    1. Do I need a guarantor to avail the Maha Bank personal loan scheme?
    2. Yes, you will need 1 third-party guarantor to avail a personal loan from Bank of Maharashtra.

    3. Does Bank of Maharashtra accept personal loan online applications?
    4. No, Bank of Maharashtra does not have an online application facility. You will have to visit the nearest bank branch to apply for the Maha Bank personal loan scheme.

    5. Does the Maha Bank personal loan scheme have a processing fee?
    6. Yes, borrowers will have to pay a processing fee of 1% of the loan amount, subject to a maximum of Rs.1,000 when availing the Maha Bank personal loan.

    7. How will I know if Bank of Maharashtra has approved my personal loan application?
    8. You can visit the bank and using your application reference number to check the status of your personal loan. Otherwise, if your application is approved, Bank of Maharashtra will get in touch with you via SMS or email to inform you that your application has been approved and the loan amount will be disbursed in a few days.

    9. Where do I make personal loan queries?
    10. You can contact the customer care unit of Bank of Maharashtra to make a personal loan query by dialing 1800-233-4526/1800-102-2636.

        

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