• Bank of Maharashtra (BOM) Consumer Loan Scheme

    Established in 1935 and nationalised in 1969, the Bank of Maharashtra (BOM) has a customer-centric approach to achieve its goals. The bank offers a wide variety of services and products such as gold bond scheme, DEMAT services, term loans, Ban assurance, Capital Market Application (ASBA), e-SBTR, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, electronic payment of taxes, Pradhan Mantri Jeevan Jyoti Bima Yojana, overdrafts, Letters of Credit and New Pension Scheme among many others.

    What can this loan be used for?

    The Bank of Maharashtra offers the ‘Maha Consumer Loan Scheme’ for consumers who wish to purchase any electronic gadgets or consumer durables such as laptops.

    Who can avail this loan?

    The Maha Consumer Loan Scheme can be availed by current housing loan borrowers and corporate salary account holders. Borrowers should, however, have been employed for a minimum period of two years and one year in their current organization. Borrowers should have an account with the bank for a minimum period of one year.

    What are the terms associated with this loan?

    Borrowers should provide at least one guarantor to avail of the Maha Consumer Loan Scheme. In many cases, borrowers have to hypothecate the purchased consumer goods.

    What is the minimum and maximum age limit of borrowers?

    The minimum age at which the Maha Consumer Loan Scheme offered by Bank of Maharashtra can be availed of is 21 years while the maximum age limit is 60 years.

    What is the maximum loan amount which can be availed?

    The minimum loan amount which can be availed by customers under the Maha Consumer Loan Scheme offered by the Bank of Maharashtra is Rs.50,000 while the maximum is Rs.1.50 lakh.

    What is the interest rate charged by Bank of Maharashtra?

    Customers have to contact officials of Bank of Maharashtra to have a clear understanding of the interest rates charged by the bank. In most cases, the interest rate charged is base rate + 5.00%. Corporate salary account holders and housing loan borrowers can avail of 1% discount offered on the interest rate.

    What is the repayment period for this loan?

    The maximum repayment period for Maha Consumer Loan Scheme is 60 months.

    What is the minimum annual income required to avail of the Maha Consumer Loan Scheme?

    The minimum annual income required for corporate salary account holders to be eligible is Rs.3 lakh while for current housing loan borrowers will depend on terms of the housing loan scheme. Corporate salary account holders have to mandatorily submit ITR/Form 16 of the past two years.

    What is the margin of Bank of Maharashtra on the Maha Consumer Loan Scheme?

    The minimum margin is 25% for consumer goods and 40% for computers, electronic gadgets and laptops.

    What are the deduction and processing charges for the Maha Consumer Loan Scheme offered by Bank of Maharashtra?

    The deduction charges should not exceed 60% of the gross income of customers including the Equated Monthly Instalments (EMIs). The Bank of Maharashtra, under the Maha Consumer Loan Scheme, charges 0.50% of the loan amount as processing fees.

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