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Bank of Maharashtra offers personal loans at an interest rate of 12.60% p.a. You can avail a maximum loan amount of Rs.1.5 lakh. The processing fee is charged by the bank at the rate of 1% of the loan amount, subject to a minimum of Rs.1,000. The Bank of Maharashtra personal loan can be availed for a maximum period of 36 months.
| Particulars | Details |
| Interest Rate | 12.60% p.a. |
| Processing Fee | 1% of the disbursed loan amount |
| Loan Tenure | Up to 36 months |
| Loan Amount | Up to Rs.1.5 lakh |
| Lowest EMI per Lakh | Rs.3,350 |
The rate of Bank of Maharashtra Personal Loan is calculated on the basis of MCLR. The 1-year MCLR is 8.60%. The interest rate for personal loans offered by Bank of Maharashtra is 1-year MCLR + 4%. Thus, the effective rate of interest for Bank of Maharashtra Personal Loans is 12.60% p.a.
The other fees and charges which are applicable to Bank of Maharashtra Personal Loans consist of documentation charge which is calculated at the rate of 0.20% of the loan amount.
1. For a salary of Rs.25,000 per month
Ms. Thakur is an employed individual residing in New Delhi. She draws a monthly income of Rs.25,000. She has taken a personal loan of Rs.2 lakh through Bank of Maharashtra. The loan repayment tenure for the loan amount is 3 years. The interest applicable on the loan is 12.60% p.a. The amortisation schedule for Ms. Thakur’s personal loan is given below:
| Loan Amount | Rs.2 lakh | |||
| Processing Fee | 1% | |||
| Loan Tenure | 3 year or 36 months | |||
| Rate of Interest | 12.60% p.a. | |||
| Month | Principal Paid (A) (Rs.) | Interest Paid (B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
| 1 | 4,600 | 2,100 | 6,700 | 1,95,400 |
| 2 | 4,649 | 2,052 | 6,701 | 1,90,751 |
| 3 | 4,697 | 2,003 | 6,700 | 1,86,054 |
| 4 | 4,747 | 1,954 | 6,701 | 1,81,307 |
| 5 | 4,797 | 1,904 | 6,701 | 1,76,510 |
| 6 | 4,847 | 1,853 | 6,700 | 1,71,663 |
| 7 | 4,898 | 1,802 | 6,700 | 1,66,765 |
| 8 | 4,949 | 1,751 | 6,700 | 1,61,816 |
| 9 | 5,001 | 1,699 | 6,700 | 1,56,815 |
| 10 | 5,054 | 1,647 | 6,701 | 1,51,761 |
| 11 | 5,107 | 1,593 | 6,700 | 1,46,654 |
| 12 | 5,160 | 1,540 | 6,700 | 1,41,494 |
| 13 | 5,215 | 1,486 | 6,701 | 1,36,279 |
| 14 | 5,269 | 1,431 | 6,700 | 1,31,010 |
| 15 | 5,325 | 1,376 | 6,701 | 1,25,685 |
| 16 | 5,381 | 1,320 | 6,701 | 1,20,304 |
| 17 | 5,437 | 1,263 | 6,700 | 1,14,867 |
| 18 | 5,494 | 1,206 | 6,700 | 1,09,373 |
| 19 | 5,552 | 1,148 | 6,700 | 1,03,821 |
| 20 | 5,610 | 1,090 | 6,700 | 98,211 |
| 21 | 5,669 | 1,031 | 6,700 | 92,542 |
| 22 | 5,729 | 972 | 6,701 | 86,813 |
| 23 | 5,789 | 912 | 6,701 | 81,025 |
| 24 | 5,850 | 851 | 6,701 | 75,175 |
| 25 | 5,911 | 789 | 6,700 | 69,264 |
| 26 | 5,973 | 727 | 6,700 | 63,291 |
| 27 | 6,036 | 665 | 6,701 | 57,255 |
| 28 | 6,099 | 601 | 6,700 | 51,156 |
| 29 | 6,163 | 537 | 6,700 | 44,993 |
| 30 | 6,228 | 472 | 6,700 | 38,765 |
| 31 | 6,293 | 407 | 6,700 | 32,472 |
| 32 | 6,359 | 341 | 6,700 | 26,112 |
| 33 | 6,426 | 274 | 6,700 | 19,686 |
| 34 | 6,494 | 207 | 6,701 | 13,193 |
| 35 | 6,562 | 139 | 6,701 | 6,631 |
| 36 | 6,631 | 70 | 6,701 | 0 |
Ms. Thakur will be paying an EMI amount of either Rs.6,700 or Rs.6,701 for 36 months to pay off her loan completely. The total amount to be paid by her would be Rs.2,43,212. This includes a total interest amount of Rs.41,212 and a processing fee of Rs.2,000.
2. For a salary of Rs.50,000 per month
Mr. Sayantan is a resident of Kolkata who works with a MNC and draws a monthly salary of Rs.50,000. He has availed a personal loan of Rs.1 lakh through Bank of Maharashtra. The rate of interest applicable to the loan amount is 12.60% p.a. The loan repayment tenure for the loan is 36 months. The amortisation schedule for the personal loan availed by Mr. Sayantan can be summed up as follows:
| Loan Amount | Rs.1 lakh | |||
| Processing Fee | 1% | |||
| Loan Tenure | 3 year or 36 months | |||
| Rate of Interest | 12.60% p.a. | |||
| Month | Principal Paid (A) (Rs.) | Interest Paid (B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
| 1 | 2,300 | 1,050 | 3,350 | 97,700 |
| 2 | 2,324 | 1,026 | 3,350 | 95,376 |
| 3 | 2,349 | 1,001 | 3,350 | 93,027 |
| 4 | 2,373 | 977 | 3,350 | 90,653 |
| 5 | 2,398 | 952 | 3,350 | 88,255 |
| 6 | 2,423 | 927 | 3,350 | 85,832 |
| 7 | 2,449 | 901 | 3,350 | 83,383 |
| 8 | 2,475 | 876 | 3,351 | 80,908 |
| 9 | 2,501 | 850 | 3,351 | 78,407 |
| 10 | 2,527 | 823 | 3,350 | 75,881 |
| 11 | 2,553 | 797 | 3,350 | 73,327 |
| 12 | 2,580 | 770 | 3,350 | 70,747 |
| 13 | 2,607 | 743 | 3,350 | 68,140 |
| 14 | 2,635 | 715 | 3,350 | 65,505 |
| 15 | 2,662 | 688 | 3,350 | 62,843 |
| 16 | 2,690 | 660 | 3,350 | 60,152 |
| 17 | 2,719 | 32 | 3,351 | 57,434 |
| 18 | 2,747 | 603 | 3,350 | 54,687 |
| 19 | 2,776 | 574 | 3,350 | 51,911 |
| 20 | 2,805 | 545 | 3,350 | 49,106 |
| 21 | 2,835 | 516 | 3,351 | 46,271 |
| 22 | 2,864 | 486 | 3,350 | 43,407 |
| 23 | 2,894 | 456 | 3,350 | 40,512 |
| 24 | 2,925 | 425 | 3,350 | 37,587 |
| 25 | 2,955 | 395 | 3,350 | 34,632 |
| 26 | 2,987 | 364 | 3,351 | 31,645 |
| 27 | 3,018 | 332 | 3,350 | 28,628 |
| 28 | 3,050 | 301 | 3,351 | 25,578 |
| 29 | 3,082 | 269 | 3,351 | 22,496 |
| 30 | 3,114 | 236 | 3,350 | 19,382 |
| 31 | 3,147 | 204 | 3,351 | 16,236 |
| 32 | 3,180 | 170 | 3,350 | 13,056 |
| 33 | 3,213 | 137 | 3,350 | 9,843 |
| 34 | 3,247 | 103 | 3,350 | 6,596 |
| 35 | 3,281 | 69 | 3,350 | 3,315 |
| 36 | 3,315 | 35 | 3,350 | 0 |
The total amount to be paid by Mr. Sayantan by the end of his loan repayment tenure is Rs.1,21,606. The total interest amount included is Rs.20,606 and the processing fee is Rs.1,000.
1. I am an employed individual working in a corporate firm and have my salary account with Bank of Maharashtra. What is the minimum annual income that I need to have in order to be eligible for a personal loan through Bank of Maharashtra?
You will be required to have a minimum income of Rs.3 lakh in the previous year. In addition to providing the income proof for the previous year, you will also be required to provide the ITR or Form 16 for at least the last 2 years.
2. What is the maximum and minimum age limit to be eligible for a personal loan through Bank of Maharashtra?
The minimum and maximum age requirement to avail a personal loan through Bank of Maharashtra are as follows:
3. Is there a requirement for a margin to avail a personal loan through Bank of Maharashtra?
No, you do not have to provide a margin to avail a personal loan through Bank of Maharashtra.
4. Do I have to provide a guarantor to be able to avail a personal loan through Bank of Maharashtra?
Yes, you will be required to provide one guarantor to be able to avail a personal loan through Bank of Maharashtra.
5. I am an existing customer of Bank of Maharashtra. Will I be eligible for any discounts for my personal loan?
You will be eligible for a discount of 1% on the interest rate for your personal loan only if you are holding a corporate salary account or a housing loan with the bank.
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