• Bank of Maharashtra Personal loan

    Bank of Maharashtra offers personal loans for salaried individuals with minimum annual income of Rs.3 lakh at flexible tenures and low interest rates.

    • Interest rate starts as low as 10.85% p.a.
    • Processing fee of 1% of the loan amount is charged.
    • Maximum loan amount is set at Rs.10 lakh depending on gross annual income.
    • Repayment tenure is up to 60 months or 5 years.

    Bank of Maharashtra, a public sector bank in India offers a wide range of financial products and services including Personal Loans. The bank was founded in 1935 by a group of missionaries.The government of India holds a major stake in the bank by owning 81.2% of the total shares in the bank.

    The bank offers a personal loan scheme called ‘Mahabank Personal Loan’. The loan amount granted under this scheme can be used for any personal expenditure including weddings, house renovation, a vacation or a medical procedure. The bank offers an attractive rate of interest and various benefits on the Mahabank Personal Loan.

    Bank of Maharashtra Personal Loan Details

    Interest Rate 10.85% p.a.
    Processing Fees 1.00% of the Loan Amount (Min.:Rs.1000/-)
    Loan Tenure 60 months
    Guarantor Requirement Guarantor required


    Listed below are the features of Bank of Maharashtra personal loan.

    • The loan amount can be used for any personal expenditure.
    • Fast processing.
    • Smooth documentation.
    • Attractive rate of interest.
    • Available for corporate salary account holders, self employed individuals and existing housing loan owners of the bank.
    • Maximum repayment term of 36 months.
    • Processing charges- 1% of the loan amount.
    • One guarantor is accepted according to the bank rules
    • Interest rate at base rate+ 5.50%
    • Maximum loan amount of Rs 1.50 lakh
    • The loan tenure is between 1-3 years

    Bank of Maharashtra personal loan rates

    Bank of Maharashtra offers personal loans to allow individuals to cover a range of personal expenses like medical expenses, travel, fulfilling social obligations, etc. All new personal loans offered by Bank of Maharashtra will now be linked to the MCLR interest rate system. Existing loans will continue to be offered on the Base Rate system of interest calculation.

    Bank of Maharashtra MCLR(Marginal Cost of funds based Lending Rate)

    As per the RBI guidelines, all loans (including personal loans) offered by Bank of Maharashtra will be linked to MCLR (Marginal Cost of Funds based Lending Rate). MCLR rates are dependent on various factors like cost of funds, cost of maintaining cash reserve ratio (CRR), minimum rate of return (margin / profit) and bank’s operating expenses. With effect from 7 January 2020, following is the schedule of MCLR rates applicable on loans provided by Bank of Maharashtra.

    Tenor MCLR
    Overnight MCLR 7.60%
    1 month MCLR 7.70%
    3 month MCLR 7.75%
    6 month MCLR 7.90%
    1 year MCLR 8.25%

    Bank of Maharashtra Personal Loan Repo Linked Lending Rate (RLLR)

    Particular RLLR (p.a.) 
    Repo Linked Lending Rate  8.20% 

    Loan Eligibility

    Bank of Maharashtra doesn't have a stringent eligibility criteria when it comes to the Mahabank Personal Loan. The eligibility criteria for Bank of Maharashtra personal loan is pretty relaxed. Listed below is the eligibility criteria to avail a Bank of Maharashtra Personal Loan.

    • Minimum age- 21 years
    • Maximum age- 60 years
    • Salaried, self employed and existing house loan borrowers are eligible for the personal loan.
    • Minimum income- Rs.3 lakh p.a.
    • Maximum loan amount granted- Rs.1.5 lakh
    • Maximum repayment term- 36 months
    • Tenure period of the loan ranges in between 1-3 years

    How to calculate EMI for Bank of Maharashtra personal loan?

    EMI for Bank of Maharashtra personal loan can be calculated with the help of a tool known as EMI calculator. EMI calculator helps you figure out the EMI payable of your loan with no hassles. The tool is very easy and convenient to use.

    The customer needs to enter a few details such as the loan amount, tenure of the loan, rate of interest charged and the processing fee in order to get the EMI of the loan. Once the details of the personal loan is entered in the EMI calculator, the calculator will output the result immediately. The EMI calculator not only gives out details about the EMI of the loan but it also outputs the break up of the total loan amount payable to the lender by the borrower. This includes the principal amount, rate of interest and the processing fee.

    Bank of Maharashtra Personal Loan FAQs

    Am I eligible for Bank of Maharashtra personal loan?

    Bank of Maharashtra offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Bank of Maharashtra personal loan is Rs. 15,000 per month. If you fall into this group, you can definitely apply for a Bank of Maharashtra personal loan.

    How do I repay Bank of Maharashtra Personal loan?

    You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    What is the maximum loan one can get from Bank of Maharashtra ?

    Bank of Maharashtra offers personal loans as high as Rs. 1.5 Lakhs for successful applicants depending on their financial record and repayment history.

    What is the tenure for Bank of Maharashtra personal loan?

    Bank of Maharashtra offers personal loan with a tenure period ranging from 12 months to 36 months making it suitable for all loan seekers.

    How many types of personal loan does Bank of Maharashtra offer?

    Bank of Maharashtra offers only one kind of personal loan scheme for its customers.

    What is the main purpose of the loan?

    The main purpose of the loan is to provide finance for those who are in immediate need of finance. The loan amount is usually offered to fund personal expenses including expenses such as wedding expenses, house renovation, etc. The main aim of the personal loan is to offer immediate finance for personal expenses.

    What can the loan amount be used for?

    The loan amount can be used for any personal expenditures that’s legal. The bank does not have any restriction on what the loan amount can be used for as long as the reason is legal.

    What is the Eligibility criteria for the BOM Personal Loan?

    The applicant has to be between the ages of 21 to 60 years in order to be eligible for the loan. The loan is available for salaried existing house loan borrowers and corporate account salary holders. The applicant must be earning a minimum income to be eligible.

    What is the maximum loan amount granted?

    The maximum loan amount granted under the scheme is Rs. 1.50 lakh, subject to deduction.

    What is the rate of interest offered on the personal loan?

    The bank offers a rate of interest of the Base rate plus 5.50%. The final rate of interest offered will depend on the base rate offered. A discount of 1% will be offered to existing home loan borrowers from the bank and corporate salary account holders with the bank.

    What is the maximum tenure offered on the loan?

    The bank offers long flexible tenures to choose from. The highest tenure period offered by the bank for this particular personal loan scheme is 36 months.

    How does one apply for the loan online?

    One can apply for the loan online through the comforts of their house. An individual can apply for the loan online through the bank’s official website or they can apply for it through a third party financial website which also provides information about the loan.

    Is there a guarantor required for the loan?

    The bank accepts one guarantor for the personal loan scheme.

    What is the processing fee charged for the loan?

    The bank charges a processing fee of 1% for the loan for a minimum amount of Rs.1,000.

    How do I check the status of my Bank of Maharashtra personal loan?

    To track the status of your personal loan availed from Bank of Maharashtra, you can visit the link - https://www.bankofmaharashtra.in/knowstatusapp/homepage.aspx, enter your application reference number and mobile number, select loan facility from the dropdown, and enter the captcha provided. Once you enter these details, you will be shown the status of your personal loan application.

    Whom do I contact if I have a query on Bank of Maharashtra personal loan?

    For any queries/complaints related to your personal loan, you can call Bank of Maharashtra customer care toll-free numbers at 1800 233 4526 or 1800 102 2636.

    *This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Bank of Maharashtra Limited. For further information about any of the products mentioned above please contact Bank of Maharashtra.


    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.

    Bank of Maharashtra Personal Loan Reviews

    • Bank of Maharashtra Personal Loan
      "Better loan for me"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with Bank of Maharastra. I got the loan amount of Rs. 50000. 1 year before i bought the loan with the interest rate of 7.5% and I'm happy about that. There was no processing fee. I used to pay the EMI of Rs. 2000 and i have selected the tenure period of 3 years and i make the payment through ECS. I pay on time every time.
      Was this review helpful? 16
      , mumbai
      Reviewed on Dec 13, 2018
    • Bank of Maharashtra
      Bank of Maharashtra Personal Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      Bank Of Maharashtra bank gave me good service on personal loan, they gave me the principal amount of Rs. 1.5 lakh for the tenure of 36 months. Now one loan got completed through foreclosure, another loan is running. interest rate which they offered me is upto the mark.
      Was this review helpful? 7
      , bangalore
      Reviewed on Nov 07, 2017
    • Bank of Maharashtra Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I applied for the personal loan from Bank of Maharashtra, i was happy that my loan application was approved and the requested amount was disbursed. As i work this bank, the service was good and quick. I had taken loan for 1.5 lakhs with the rate of interest of 11% which is nominal when compared to other banks.
      Was this review helpful? 1
      , aligarh
      Reviewed on Oct 28, 2017
    • Bank of Maharashtra Personal Loan
      0.5 1.0/5 "Really Bad"
      ICICI was about to process my personal loan and asked for my documents for the verification and I have submitted the documents online as well, actually i needed the loan of 1.67 lakhs because I have home loan and card loan so balance amount I need to transfer in one so ICICI is charging me 11% rate of interest where other banks is offering by 8.5 something, so that's why dropped the plan.
      Was this review helpful? 1
      , baloda bazar
      Reviewed on Aug 27, 2017
    • Bank of Maharashtra Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The personal loan process was good at Bank of Maharashtra. It was completed within three days. The rate of interest was also normal. It was a rate of 15.5%. The processing charges was of 3L for the loan amount of 1.5 Lakh. Overall it was a satisfactory experience.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jun 17, 2016
    • Bank of Maharashtra Personal Loan
      "always good..."
      0.5 5.0/5 "Blown Away!"
      In all the times Bank of Maharashtra is fine. Bank employees will come my place to help. For us they have given very low rate of interest as 10% for the personal loan. In addition to that, for us the processing charge is zero and because of our company.
      Was this review helpful? 15
      , pune
      Reviewed on Nov 28, 2015
    • Bank of Maharashtra Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I could not recall the interest rate that been sanctioned to me for personal loan but offered rate is reasonable. Documentation process was not lengthy as it was smooth and quick. Also Bank of Maharashtra is nominal in processing charge. As my salary account is with them so got some offers and the loan got disbursed in 15 days of time. EMI date is 15th of every month.
      Was this review helpful? 7
      , mumbai
      Reviewed on Apr 29, 2015
    • Bank of Maharashtra Personal Loan
      "Great experience"
      0.5 3.5/5 "Pretty good"
      It was very easy for me to avail a personal loan from bank of Maharashtra because one of my friend is working with them. He helped me a lot and made the loan process much easier. Very quickly I have got the loan sanctioned. Compared to private banks documentation was very simple and the processing was little delayed upto 15 days but that's fine. I don't find anything problematic with this bank.
      Was this review helpful? 7
      , mumbai
      Reviewed on Aug 02, 2014
    • Bank of Maharashtra Personal Loan
      "Disappointing Service"
      0.5 2.0/5 "Expected more"
      I am overall satisfied with the Bank of Maharashtra salary account i am holding this account for the past four years the net banking fund transfer and the customer service is really good and i got sufficient number of ATM's and i get alert message from the bank when ever i make a transaction.
      Was this review helpful? 12
      , jalna
      Reviewed on Jul 12, 2014
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