About Bank of Maharashtra Personal Loan
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.
Bank of Maharashtra Personal Loan Eligibility
Individuals who wish to apply for a Maha Bank personal loan need to satisfy the following eligibility criteria.
- Age Limit– Applicants should be at least 21 years old and less than 60 years to avail this loan.
- Salaried – The applicant should be a salaried individual with a regular source of income.
- Existing Customer – Salaried applicants should have an existing home loan or a Corporate Salary Account with the bank.
- Minimum Income– Applicants with a salary account should have a minimum income of Rs. 3 lakh per annum. Existing borrowers should have a minimum income of Rs. 2.50 lakh per year.
- Work Experience – Applicants should have a minimum work experience of 2 years, having been in their current establishment for at least one year.
- Banking Relationship– Applicants should have a minimum relationship of one year with the bank.
Factors affecting Bank of Maharashtra Personal Loan Eligibility
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.
- Income– Banks are successful to the extent to which they utilize their finances effectively. The income of an individual plays an important role in loan applications, with banks gauging their repayment capacity on this basis. Individuals with higher incomes are likely to get the loan approved faster than individuals with low income.
- Age – Young individuals are viewed as risky applicants, given their tendency to shift jobs and experiment with life. Similarly individuals approaching the retirement age can be viewed cautiously by the bank.
- City of Residence– Applicants from big cities generally find it easier to get their loan sanctioned compared to those from smaller towns.
- Type of Employment – Temporary employees are viewed as a risky proposition, as their job is not guaranteed. Permanent employees are likely to get the loan sanctioned faster than probationary or temporary employees, as they have a regular source of income and job stability.
How CIBIL score affects your Bank of Maharashtra Personal Loan Eligibility
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.
How to Increase Bank of Maharashtra Personal Loan Eligibility
Individuals who wish to improve their personal loan eligibility can follow these simple steps.
- Longer tenure– A longer tenure allows people more time to repay the loan, reducing their EMIs and offering them an opportunity to meet the minimum income requirements expected by the bank.
- Timely Payment– Timely payment of current EMIs and credit card bills is likely to improve their CIBIL score, increasing their chance to get a personal loan approved.
- Prepayment –Prepaying any existing loan instils confidence in the bank about the loan repayment capacity of an individual.
- Mix of loans – A healthy mix of secured and unsecured loans is viewed positively by banks.
- Limited Applications – Multiple loan applications can make the applicant look desperate for money, lowering his/her overall credibility.
- Lower Loan Amount – Applications for lower loan amounts are likely to be approved faster than applications which request for high amounts.
FAQs on Bank of Maharashtra Personal Loan Eligibility
Q. Is there a minimum age requirement to avail Bank of Maharashtra personal loan?
A. Yes, applicants should be at least 21 years old in order to apply for this loan.
Q. Should an applicant provide a guarantor for this loan?
A. Yes, applicants should provide one guarantor who should be approved by the bank.
Q. Can new account holders apply for a personal loan?
A. Applicants should have a minimum banking history of one year with the bank in order to apply for a personal loan.
Q. What is the maximum loan amount one can avail under this loan?
A. The maximum loan amount one can avail is Rs. 1.50 lakh.