• Custom Free
     

    Custom quote

  • Bank of Maharashtra (BOM) Personal Loan Interest Rates

    Loading your search...
  • 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

    Factors affecting Bank of Maharashtra Personal Loan Interest Rates

    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.

    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 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.

    Frequently Asked Questions (FAQs)

    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:

    • Minimum age – 21 years
    • Maximum age – 60 years

    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.

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.