Bank of Maharashtra offers personal loans at an interest rate of 9.45% p.a. You can avail of a maximum loan amount of Rs.20 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 | 9.45% p.a. |
| Processing Fee | 1% of the disbursed loan amount |
| Loan Tenure | Up to 36 months |
| Loan Amount | Up to Rs.20 lakh |
| Lowest EMI per Lakh | Rs.3,201 |
The rate of Bank of Maharashtra Personal Loan is calculated on the basis of RRLR which is 6.80%. The interest rate for personal loans offered by the Bank of Maharashtra is RRLR + 2.65%. Thus, the effective rate of interest for Bank of Maharashtra Personal Loans is 9.45% 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 9.45% p.a. The amortisation schedule for Ms. Thakur’s personal loan is given below:
| Loan Amount | Rs.2 lakh | |||
| Loan Tenure | 3 years or 36 months | |||
| Rate of Interest | 9.45% p.a. | |||
| Month | Principal Paid(A)1 (Rs.) | Interest Paid(B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
| 1 | 4,827 | 1,575 | 6,402 | 1,95,173 |
| 2 | 4,865 | 1,537 | 6,402 | 1,90,308 |
| 3 | 4,903 | 1,499 | 6,402 | 1,85,405 |
| 4 | 4,942 | 1,460 | 6,402 | 1,80,463 |
| 5 | 4,981 | 1,421 | 6,402 | 1,75,482 |
| 6 | 5,020 | 1,382 | 6,402 | 1,70,462 |
| 7 | 5,060 | 1,342 | 6,402 | 1,65,403 |
| 8 | 5,099 | 1,303 | 6,402 | 1,60,303 |
| 9 | 5,140 | 1,262 | 6,402 | 1,55,164 |
| 10 | 5,180 | 1,222 | 6,402 | 1,49,984 |
| 11 | 5,221 | 1,181 | 6,402 | 1,44,763 |
| 12 | 5,262 | 1,140 | 6,402 | 1,39,501 |
| 13 | 5,303 | 1,099 | 6,402 | 1,34,198 |
| 14 | 5,345 | 1,057 | 6,402 | 1,28,853 |
| 15 | 5,387 | 1,015 | 6,402 | 1,23,466 |
| 16 | 5,430 | 972 | 6,402 | 1,18,036 |
| 17 | 5,472 | 930 | 6,402 | 1,12,564 |
| 18 | 5,515 | 886 | 6,401 | 1,07,048 |
| 19 | 5,559 | 843 | 6,402 | 1,01,489 |
| 20 | 5,603 | 799 | 6,402 | 95,886 |
| 21 | 5,647 | 755 | 6,402 | 90,240 |
| 22 | 5,691 | 711 | 6,402 | 84,548 |
| 23 | 5,736 | 666 | 6,402 | 78,812 |
| 24 | 5,781 | 621 | 6,402 | 73,031 |
| 25 | 5,827 | 575 | 6,402 | 67,204 |
| 26 | 5,873 | 529 | 6,402 | 61,331 |
| 27 | 5,919 | 483 | 6,402 | 55,413 |
| 28 | 5,966 | 436 | 6,402 | 49,447 |
| 29 | 6,013 | 389 | 6,402 | 43,434 |
| 30 | 6,060 | 342 | 6,402 | 37,375 |
| 31 | 6,108 | 294 | 6,402 | 31,267 |
| 32 | 6,156 | 246 | 6,402 | 25,111 |
| 33 | 6,204 | 198 | 6,402 | 18,907 |
| 34 | 6,253 | 149 | 6,402 | 12,654 |
| 35 | 6,302 | 100 | 6,402 | 6,352 |
| 36 | 6,352 | 50 | 6,402 | 0 |
Ms. Thakur will be paying an EMI amount of either Rs.6,401 or Rs.6,402 for 36 months to pay off her loan completely. The total amount to be paid by her would be Rs.2,30,471.
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 9.45%. 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 | |||
| Loan Tenure | 3 years or 36 months | |||
| Rate of Interest | 9.45% p.a. | |||
| Month | Principal Paid(A)1 (Rs.) | Interest Paid(B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
| 1 | 2,413 | 787 | 3,200 | 97,587 |
| 2 | 2,432 | 768 | 3,200 | 95,154 |
| 3 | 2,452 | 749 | 3,201 | 92,702 |
| 4 | 2,471 | 730 | 3,201 | 90,232 |
| 5 | 2,490 | 711 | 3,201 | 87,741 |
| 6 | 2,510 | 691 | 3,201 | 85,231 |
| 7 | 2,530 | 671 | 3,201 | 82,701 |
| 8 | 2,550 | 651 | 3,201 | 80,152 |
| 9 | 2,570 | 631 | 3,201 | 77,582 |
| 10 | 2,590 | 611 | 3,201 | 74,992 |
| 11 | 2,610 | 591 | 3,201 | 72,382 |
| 12 | 2,631 | 570 | 3,201 | 69,751 |
| 13 | 2,652 | 549 | 3,201 | 67,099 |
| 14 | 2,673 | 528 | 3,201 | 64,426 |
| 15 | 2,694 | 507 | 3,201 | 61,733 |
| 16 | 2,715 | 486 | 3,201 | 59,018 |
| 17 | 2,736 | 465 | 3,201 | 56,282 |
| 18 | 2,758 | 443 | 3,201 | 53,524 |
| 19 | 2,779 | 422 | 3,201 | 50,745 |
| 20 | 2,801 | 400 | 3,201 | 47,943 |
| 21 | 2,823 | 378 | 3,201 | 45,120 |
| 22 | 2,846 | 355 | 3,201 | 42,274 |
| 23 | 2,868 | 333 | 3,201 | 39,406 |
| 24 | 2,891 | 310 | 3,201 | 36,515 |
| 25 | 2,913 | 288 | 3,201 | 33,602 |
| 26 | 2,936 | 265 | 3,201 | 30,666 |
| 27 | 2,959 | 241 | 3,200 | 27,706 |
| 28 | 2,983 | 218 | 3,201 | 24,724 |
| 29 | 3,006 | 195 | 3,201 | 21,717 |
| 30 | 3,030 | 171 | 3,201 | 18,687 |
| 31 | 3,054 | 147 | 3,201 | 15,634 |
| 32 | 3,078 | 123 | 3,201 | 12,556 |
| 33 | 3,102 | 99 | 3,201 | 9,454 |
| 34 | 3,127 | 74 | 3,201 | 6,327 |
| 35 | 3,151 | 50 | 3,201 | 3,176 |
| 36 | 3,176 | 25 | 3,201 | 0 |
The total amount to be paid by Mr. Sayantan by the end of his loan repayment tenure is Rs.1,15,233.
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.
The minimum and maximum age requirement to avail a personal loan through Bank of Maharashtra are as follows:
No, you do not have to provide a margin to take a personal loan through the Bank of Maharashtra.
Yes, you will be required to provide one guarantor to be able to avail yourself of a personal loan through Bank of Maharashtra.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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