Bank of Maharashtra Personal Loan: Features, Eligibility, Interest Rates & How to Apply
Bank of Maharashtra Personal Loan offers a reliable financial solution for salaried and self-employed individuals who need quick access to funds for medical emergencies, weddings, travel, or home renovation. With competitive interest rates, flexible repayment terms, and minimal documentation, it’s a popular option for personal financing.
In this guide, you’ll find everything you need to know about Bank of Maharashtra Personal Loan—eligibility, interest rates, EMI calculation, and the step-by-step application process.
What is a Bank of Maharashtra Personal Loan?
A personal loan from Bank of Maharashtra is an unsecured loan—meaning no collateral or security is needed. Borrowers can use the funds for any personal financial need, including:
- Medical emergencies
- Marriage expenses
- Higher education
- Travel and holidays
- Debt consolidation
Key Features:
| Feature | Details |
|---|---|
| Loan Amount | ₹50,000 to ₹20 lakh |
| Interest Rate | Starts from 9.40% p.a. (as of April 2025) |
| Loan Tenure | Up to 60 months |
| Processing Fees | Up to 1% of the loan amount |
| Collateral | Not required |
| Prepayment Charges | Nil after 6 months |
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Who is Eligible for Bank of Maharashtra Personal Loan?
Eligibility varies slightly between salaried and self-employed applicants. Here’s a quick breakdown:
For Salaried Individuals:
- Age: 21 to 60 years
- Minimum Income: ₹25,000 per month
- Employment: Must be in current job for at least 1 year
- Credit Score: Ideally 700+
For Self-Employed Professionals:
- Age: 25 to 65 years
- Minimum Net Income: ₹2 lakh annually
- Business Continuity: At least 2 years of stable income
Expert Tip: A high credit score can help you secure lower interest rates.
What are the Current Interest Rates for Bank of Maharashtra Personal Loan?
The interest rate depends on your credit profile and employment type. Below is a snapshot of the current rates:
| Applicant Type | Interest Rate (p.a.) |
|---|---|
| Salaried (Govt.) | From 9.40% |
| Salaried (Private) | From 10.25% |
| Pensioners | From 9.75% |
| Self-Employed | From 10.75% |
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How to Apply for a Bank of Maharashtra Personal Loan?
Online Application Steps:
- Visit the official Bank of Maharashtra Personal Loan page.
- Click on “Apply Online”.
- Fill in basic personal, employment, and financial details.
- Upload scanned documents (ID proof, income proof, etc.).
- Submit the form and await verification.
- Loan approval and disbursal typically happen within 3–5 working days.
Offline Application Steps:
- Visit your nearest Bank of Maharashtra branch.
- Ask for a personal loan application form.
- Submit filled form along with required documents.
- Bank will verify documents and assess creditworthiness.
- Approved loan is credited directly to your bank account.
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What Documents Are Required?
Here’s a quick checklist of documents needed:
For Salaried Individuals:
- ID Proof: Aadhaar, PAN, Passport
- Address Proof: Utility bill, Aadhaar
- Income Proof: Latest salary slips (3 months), Form 16
- Bank Statement: Last 6 months
For Self-Employed:
- Business Proof: GST certificate, trade license
- Financials: ITR (2 years), Profit & Loss statements
- Bank Statements: Last 6 months
Pro Tip: Keep both originals and photocopies handy for verification.
How Much EMI Will I Pay on a Bank of Maharashtra Personal Loan?
Use the Bank of Maharashtra EMI Calculator on their website to estimate your monthly payments.
Example EMI Calculation:
| Loan Amount | Tenure | Interest Rate | EMI |
|---|---|---|---|
| ₹5,00,000 | 3 years | 10.25% | ₹16,183 |
| ₹10,00,000 | 5 years | 10.25% | ₹21,374 |
Try this EMI calculator: BoM EMI Calculator
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What Are the Pros and Cons of Bank of Maharashtra Personal Loan?
✅ Advantages:
- Competitive interest rates
- No collateral needed
- Flexible repayment up to 60 months
- Fast online approval
- No hidden charges
❌ Disadvantages:
- Stricter eligibility for private sector employees
- Not ideal for low credit score applicants
- Processing time may vary based on documents
Expert Insight: Compared to NBFCs, public sector banks like BoM offer lower interest but slower processing.
Are There Alternatives to Bank of Maharashtra Personal Loan?
If you don’t qualify or want to compare, consider:
| Bank | Starting Interest Rate | Max Loan Amount | Processing Time |
|---|---|---|---|
| HDFC Bank | 10.50% | ₹40 lakh | 1–2 days |
| SBI | 11.15% | ₹20 lakh | 2–4 days |
| Axis Bank | 10.49% | ₹25 lakh | 2–3 days |
Compare interest rates and EMI using platforms like BankBazaar or Paisabazaar.
Can Pensioners Apply for Bank of Maharashtra Personal Loan?
Yes. BoM offers special personal loans for pensioners, with relaxed terms:
- Max Loan: ₹3 lakh or 18 times pension (whichever is lower)
- Interest Rate: Starts at 9.75% p.a.
- Tenure: Up to 36 months
- Documents: Pension slip, PPO, Aadhaar, PAN
Final Thoughts: Is Bank of Maharashtra Personal Loan Right for You?
Bank of Maharashtra Personal Loan is a secure, low-cost option for individuals seeking funds without pledging assets. It’s especially beneficial for:
- Salaried individuals with stable jobs
- Pensioners looking for quick cash
- Borrowers with a strong credit history
Before applying, compare multiple lenders, use EMI calculators, and ensure you meet eligibility criteria to avoid rejection.
✅ Ready to Apply?
👉 Visit the official Bank of Maharashtra Personal Loan Portal to check eligibility and apply now.
Or walk into your nearest BoM branch with your documents for a face-to-face consultation.
+91-7777016387
care@finbros.com
