Advantages of Bank of Maharashtra Personal Loan

Below are some features and advantages offered by the Bank of Maharashtra:-

• Low EMI - A lower EMI means you can manage your monthly budget more easily, as the monthly outflow towards loan repayment is reduced.

• Higher Loan Amount - Borrowers can satisfy greater financial needs, such as starting a business, renovating your property or houses, or paying for education, with a larger loan amount.

• Minimal Documentation - While applying for the personal loan Bank of Maharashtra requires minimal documentation which expedites and streamlines the loan approval procedure, allowing borrowers to obtain the funds they require more swiftly and conveniently.

• No Hidden Charges - Borrowers can plan more effectively and steer clear of unpleasant surprises by having confidence that they won't be hit with unforeseen costs down the road.

• No Repayment Penalty - It gives borrowers freedom and encourages them to pay off their debts sooner, which could result in interest expense savings.

Factors Affecting Bank of Maharashtra Personal Loan Interest Rate

Here are some of the factors that may affect your personal loan interest rate -

• Income Level:
• Higher Income: Higher earners are thought to be better capable of repaying loans, therefore they can be eligible for lower interest rates.
   
• Lower Income: The bank may impose a higher interest rate to offset the perceived risk if your income is on the lower side.
   
• Loan Amount - In general, interest rates for smaller loans may be marginally higher than those on bigger loans. Higher loan amounts may be eligible for reduced interest rates based on your creditworthiness and ability to repay the loan.
   
• Employment Status and Stability - The bank may provide a cheaper interest rate if you work for the government or have a steady position with a reputable company because of your job stability. Interest rates may be higher for self-employed people or those with less steady work since their income is viewed as less dependable.

• Loan Repayment History -  The bank might provide you with a cheaper interest rate if you have a track record of making your loan repayments on time. An increased interest rate may be the consequence of past loan defaults or missed payments.
   
• Loan Purpose - Certain personal loans with lower interest rates may be intended for particular uses (such as emergency medical care, education, etc.) Standard interest rates may apply to personal loans for general purposes, depending on additional variables.

Calculating EMIs on Bank of Maharashtra Personal Loans at Different Interest Rates

Using the Bank of Maharashtra Personal Loan EMI calculator, you can determine your monthly repayment amount. Easily calculate your EMI with the Wishfin personal loan EMI calculator available online.

All you need to do is enter three details :

• Principal Amount

• Interest Rate

• Tenure

The equal monthly installments (EMIs) for a ₹ 5,00,000 personal loan with interest rates ranging from 10.00% to 12.80% per annum for durations of one to five years are shown in the table below. The loan amount and other specifics are adjustable to meet your needs. 

What Should You Do to Fetch the Lowest Interest Rate from the Bank Of Maharashtra?

Take into account the following actions to get the Bank of India to offer you the best interest rate:

• Maintain a High Credit Score: Make sure your credit score is high enough usually above 750 because it indicates your creditworthiness.

• Stable Income: Your chances of obtaining a lower interest rate may be enhanced by a steady and substantial income.

• Choose a Shorter Loan Tenure: Choosing a shorter loan term frequently results in a cheaper interest rate.

• Compare Loan Offers: Examine many loan offers and bargain with the bank to get the best deal.

• Provide Full Documentation: Ensure all required documents are accurate and complete, demonstrating your reliability.

• Special Offers: Keep a watch out for any discounts or special deals that the bank could run from time to time.

Documents Required for Bank of Maharashtra Personal Loan

Maharashtra Bank Personal Loan documents may differ based on the borrower's profile of occupation. The list of all the paperwork needed to apply for a personal loan from the Bank of Maharashtra is provided here:-

Documentation for the personal loan which needs to be submitted provides identification proof (any one):

• Voter ID Card
• PAN Card
• Aadhaar Card
• Driving License
• Photo ID issued by the current employer
• Passport

Residential proof (any one):

• Electricity bill
• Voter ID Card
• Telephone bill (landline)
• Aadhaar Card
• Driving License
• Photo ID issued by the current employer
• Passport

Documentation Needed (Extra) for Personal Loans from Bank of Maharashtra to Salaried Individuals:

• A certified original copy of the most recent pay stubs for the previous three years
• Copies of the IT department's duly recognized IT returns for the last two years, 
• IT assessment orders, or Form 16 from the employer for the previous two years' agreement from the employer.
• Statement of bank account (salaried account) for the last six months (if it's a different bank).

Non-salaried Individuals/ Business Professionals -

• Most recent three years' worth of IT returns, or two years for professionals, with income, profit and loss statements, balance sheets, audit reports, and other information included.
• Copy of the Shop Establishment Act 
• Tax registration
• License for business registration 
• Bank statement for the previous year. 

Other Charges of Bank of Maharashtra Personal Loan

Here are the additional fees and charges while availing a personal loan -

*Following the Bank of Maharashtra Personal Loan Scheme, the bank may further request additional relevant documentation in addition to the ones listed above.*

Bank of Maharashtra Personal Loan Balance Transfer Interest Rates

If you want to reduce your EMI and Interest burden, all you need to do is transfer your existing personal loan to BOM. That’s Right! After doing the same,you would be able to enjoy an attractive interest rate on your existing personal loan