• Bank of Maharashtra Personal Loan Interest Rate

    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

    Factors Affecting Bank of Maharashtra Personal Loan Interest Rates

    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.

    Other Fees and Charges

    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.

    Illustrations

    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.

    FAQs on Bank of Maharashtra Personal loan Interest Rates

    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?
    2. 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.

    3. What is the maximum and minimum age limit to be eligible for a personal loan through Bank of Maharashtra?
    4. The minimum and maximum age requirement to avail a personal loan through Bank of Maharashtra are as follows:

      • Minimum age – 21 years
      • Maximum age – 60 years
    5. Is there a requirement for a margin to avail a personal loan through Bank of Maharashtra?
    6. No, you do not have to provide a margin to take a personal loan through the Bank of Maharashtra.

    7. Do I have to provide a guarantor to be able to avail myself of a personal loan through the Bank of Maharashtra?
    8. Yes, you will be required to provide one guarantor to be able to avail yourself of a personal loan through Bank of Maharashtra.

    9. I am an existing customer of Bank of Maharashtra. Will I be eligible for any discounts for my personal loan?
    10. 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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