Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Bank of Maharashtra (BOM) Consumer Loan Scheme is Rated as "Great!" by 9 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    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.

    Bank of Maharashtra (BOM) Consumer Loan Scheme 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? 7
      , mumbai
      Reviewed on Dec 13, 2018
    • 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? 5
      , 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? 1
      , 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? 9
      , 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? 4
      , 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? 4
      , 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? 8
      , jalna
      Reviewed on Jul 12, 2014
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