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    • Bank of Maharashtra (BOM) Gold Loan is Rated as "Pretty good" by 6 Users

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    Bank of Maharashtra (BOM) Gold Loan

    One-day approval. Paperless. And low interest rates!Explore Personal Loans

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    Overview about Bank of Maharashtra Gold Loan

    Mahabank offers the gold loan scheme called Maha Gold Loan which is offered to borrowers in order to meet their personal financial requirements such as payment of tuition fees, marriage, medical needs, travel for business purposes, etc.

    Features of Bank of Maharashtra Gold Loan Scheme

    Repayment Tenure

    The maximum repayment tenure for this gold loan scheme is 12 months.

    Maximum Loan Amount

    The maximum loan amount that you can avail from Mahabank under this scheme, is Rs. 5, 00,000. This is determined based on the fact that LTV ratio and scale of finance is not more than 75% of the loan amount during the loan tenure.

    Minimum Loan Amount

    The minimum loan amount that a borrower will receive against the gold he/she has pledged with the Bank is Rs. 20,000/-.

    Scale of Finance

    The borrower is eligible for a loan amount of Rs. 1950 per gram for ornaments made of 22 carat gold or the loan amount will be equal to 75% of the market value of the gold ornament (excluding the weight of stones attached to the ornaments, if any), whichever is the least.

    Collateral/ Security

    The collateral/ security that is to be placed for availing this gold loan scheme is the gold jewellery itself.

    Type of Gold

    All gold ornaments are accepted by the Bank. The Bank does not provide gold loan for primary gold or bullion.

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    Repayment option

    Under the term loan facility, the principal can be repaid within a loan tenure nit exceeding 12 months and interest is charged on a monthly basis. Repayment under this facility can also be scheduled to bullet payments.

    Under the cash credit facility, the entire loan amount has to be repaid once in the year and is subject to an annual review. The interest payment under this facility is charged on a monthly basis and is revised as required by the Bank.

    Processing Fee

    A processing fee of Rs. 500 is applicable per gold loan application.

    Eligibility criteria for Bank of Maharashtra Gold Loan

    Anyone can avail the gold loan against their gold ornaments/ jewellery, if they fall within the age limit set the Bank. The applicant should be at least 18 years old and not more than 70 years old in order to avail loan against gold from Mahabank.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

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    Bank of Maharashtra (BOM) Gold Loan Reviews

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    • Bank of Maharashtra Personal Loan
      "DISSATISFIED"
      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.
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      , 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.
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      , 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? 5

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      , 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? 3

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      , 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? 2

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      , 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.
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      , jalna
      Reviewed on Jul 12, 2014
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