|Bank of Maharashtra Personal Loan Interest rates 2018|
|Interest rate||1 year MCLR + 4.00% = 12.95% p.a.||Up to Rs.1.5 lakh: 1 year MCLR + 2.00% = 10.95% p.a.|
|Loan Amount||Maximum: Rs.1.50 lakh||Vary on a case to case basis, depending upon factors like assessed requirement, financial viability, repayment capacity etc.|
|Loan Tenure||Maximum: 36 months||Maximum: 60 months|
|Processing Fee||1.00% of the loan amount subject to a minimum of Rs.1,000 + GST + Swachh Bharat Cess.||1% of the loan for amount above Rs.25,000. Taxes additional.|
|Age||Minimum : 21 Years Maximum: 60 Years||NA|
Bank of Maharashtra offers personal loans for different tenures to help you meet your emergency financial needs. The amount received as personal loan from Bank of Maharashtra can be used for funding a wedding, arranging a family pleasure trip or funding other personal needs. You can accomplish a lot of tasks by opting for a personal loan offered by the Bank of Maharashtra. The personal loans offered by Bank of Maharashtra is known as Maha Bank Personal Loans. You can apply for Bank of Maharashtra Personal Loan online or manually by visiting the nearest branch of Bank of Maharashtra (BOM).
Bank of Maharashtra offers attractive rates of interest on personal loans. However, the bank may consider certain factors such as your income, eligibility and repayment capacity while granting you a particular amount as personal loan. Bank of Maharashtra charges 5.50% plus base rate on its personal loan schemes. However, the may change its personal loan interest rates from time to time.
You can calculate your EMIs for Bank of Maharashtra Personal Loan by using a personal loan EMI Calculator or the mathematical formula used for EMI calculation. However, it is easier to calculate EMIs by using an online EMI calculator wherein you need to put the following information - the principal amount, applicable rate of interest, tenure of your loan and processing fees (if any). Once, you put these information in the EMI calculator, it will instantly reveal your monthly EMIs and the loan amortization table that will provide you a clear picture of how much interest you need to pay on the principal amount on yearly basis.
Example: When you take a personal loan of Rs. 1 lakh from the Bank of Maharashtra at 5.50% for 5 years with a processing fees of 1%, you pay the below mentioned amounts as repayment towards the principal as well as interest component.
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
|Year 1||7,326||2,225||92, 674|
|Year 2||18, 282||4,638||74, 394|
|Year 3||19, 312||3,611||55,082|
|Year 4||20,401||2,521||34, 681|
|Year 5||21, 551||1,370||13, 129|
There are certain factors that may affect your Bank of Maharashtra Personal Loan interest rates in 2016. So, it is important to know the following factors before you apply for a personal loan with Bank of Maharashtra:
It is important you don’t carry a casual attitude towards your CIBIL score or credit report. Try to maintain a good CIBIL score by repaying your debts and credit card bills on time. There is a possibility that the Bank of Maharashtra may offer you reduced rates of interest on your personal loan, provided you have a good CIBIL score. If your credit score is 750 or above, you are in an advantageous position to negotiate with the bank to offer you lower rate of interest on your personal loan.
You should know the following key things before you apply for a Bank of Maharashtra Personal Loan in 2016:
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