Personal loans offered by Bank of Maharashtra can be used for personal expenses like medical and travel expenses. Existing home loan borrowers and corporate salary account holders can take advantage of Bank of Maharashtra personal loan interest rate.
| Particulars | Salaried | Self-Employed |
|---|---|---|
| Interest rate | 12.70% p.a. | 12.70% 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 |
| Prepayment/Foreclosure Charges | NA | 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 Personal Loan
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.
How to calculate interest/ EMI on my BOM Personal Loan
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 |
Factors affecting Bank of Maharashtra (BOM) Personal Loan Interest Rates:
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:
- Employment particulars: Bank of Maharashtra may take into consideration your employment details before it approves your personal loan application and determine its interest rate on it. If you work in a reputed organization and the nature of your employment is permanent, you may receive reduced rate of interest on personal loan from the Bank of Maharashtra. Banks normally have different eligibility conditions for salaried, self-employed individuals and applicants belonging to categories such as A and B.
- Relationship with Bank: A good relation with the Bank of Maharashtra may help you receive a personal loan at lower rate of interest. If you maintain a stable relationship with your bank and pay your debts on time without defaulting, the bank begins to trust you and consequently, it may offer reduced or lower rate of interest on your loan. Besides, Bank of Maharashtra may also offer cheaper rate of interest on personal loans for its high-valued customers.
- Loan tenure: Try to take a loan for a longer tenure. It may help you get cheaper rate of interest on your personal loan compared to a loan taken for a short tenure.
- Repayment capacity: The most important factor that may help you receive reduced rate of interest on your Bank of Maharashtra Personal Loan is your repayment capacity. If the bank thinks that you would be able to repay the amount without defaulting, it may offer you lower rate of interest.
How CIBIL Score affects your Maha Bank Personal Loan Interest Rates
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.
Key things you should know about Bank of Maharashtra Personal Loan interest rates
You should know the following key things before you apply for a Bank of Maharashtra Personal Loan in 2016:
- You need to know how to calculate the interest rate on your principal amount and your monthly EMIs for the same. A Personal Loan EMI Calculator will help you know exact amount of your interest and monthly EMIs.
- You should read the fine print and find out if any hidden fees & charges are involved in your personal loan.
- Keep an eye on your credit score. A good credit score always helps to avail discounted interest rates on personal loans.
- Bank of Maharashtra requires one guarantor for personal loans.
- You should also know about what is fixed rate of interest and what is floating rate of interest. If you opt for a fixed rate personal loan, you need to pay a fixed amount interest on your personal loan for the entire period. But, in case of a floating rate personal loan, your interest payments will vary.
