How to take Bank of Maharashtra Personal Loan: Simple & Best guide to Apply Now

How to take Bank of Maharashtra Personal Loan: Simple guide to do so

Introduction

Today we will be thoroughly discussing the Bank of Maharashtra Personal Loan, the infrastructure and loan processing system are quite simple and serves as a substitute to the requirements of meeting personal expenses. They process loans at a faster pace when compared to other rival banks. If you are already paying a high-interest personal loan to any of the other banks, you may transfer that loan to the Bank of Maharashtra.

When we discuss the most versatile sources for aiding children’s education, funding our Business, and other expenses that may arise in an emergency, the first thing that came to our subconscious mind is taking a loan if you are not having enough savings. Loans are available in a wide variety, which contains short-term and long-term loans, House loans, Education loans, Gold loans, Personal loans, etc.

1. Interest Rate: The Deciding Factors of Bank of Maharashtra personal loan

Now, we will be discussing the bank of Maharashtra’s loan interest rate, the most vital factor for a borrower on when he/she decides whether to take a loan from an entity or not. When we compare the interest rates of the bank of Maharashtra personal loan with other banks, the Bank of Maharashtra is charging a nominal interest rate which is just 9.45%P.A. The variety of interest rates ranges across plenty of loan types, for every loan type, there is a certain criterion for salaried and non-salaried Borrowers, and it also depends upon the amount of the loan which you are trying to get.

2. Calculation of personal loan

In this step, we will discuss in detail the bank of Maharashtra personal loan calculator, so let us dive in!

According to their official site and after a detailed analysis, we have structured a draft infrastructure or you can simply say, an illustration is being made for you in the next few columns. Carefully go through the example below-

Illustration-

For a principal amount of Rs.100000, you will be charged with an interest rate of 9.45 per cent per annum for a 1-year loan. According to the personal loan EMI calculator bank of Maharashtra, your EMI would be Rs.8766 and the total interest rate would amount to Rs.5192, henceforth you will have to pay back Rs. 105192 to the bank.

The total repayment is simply based on the formula

Principal amount + Total interest = Total repayment

You will be amazed to know that the total interest that you would be paying for a 1-year long bank of Maharashtra personal loan is just 4.94% extra from the Principal Amount. Now, you may calculate accordingly using the above illustration relatively using your Principal amount.

3. Are you eligible to get the loan in the bank of Maharashtra personal loan?

After discussing the above factors, now is the time for action if you are now completely determined to take the bank of Maharashtra personal loan. The very first requirement of any bank from where you want to take a loan is the condition of eligibility. All banks and financial institutes have their specific eligibility criteria, which you will have to fulfil for sure otherwise your loan will not be approved at any cost. So let us have a detailed discourse on the bank of Maharashtra personal loan eligibility.

1. All the permanent and confirmed employees of the central government, state government, PSUs, Public/Private Ltd companies, corporate firms, and MNCs whose salaries are withdrawn from the bank of Maharashtra are completely eligible to get the personal loan.
2. The professionals who are self-employed including doctors (only MBBS, MD, MS), Chartered Accountants (independent or working under a firm), architects, etc. are fully eligible to get the bank of Maharashtra personal loan.
3. Under the employer undertaking process, salaried customers, who are not having their salary accounts in a bank of Maharashtra would also be eligible for the loan.

So that’s all about the eligibility criteria, just go through the above 3 points carefully and look out which category you belong to, and then you are having a high chance of approval.

4. Applying online for the bank of Maharasthra personal loan

Today’s era is the tech era. Everything you can get at your doorsteps through online shopping, you can pay your bills, book hotels, buy courses online, and much more. Thanks to the internet, for helping us all. Might be you are amazed to know that you can apply for the bank of Maharashtra personal loan online. Here is how to proceed accordingly

You may visit the official site of the bank of Maharashtra to apply for the bank of Maharashtra online personal loan, when you will head towards the main site, there you will find many options having a drop-down arrow, go to the “How to apply?” option and then click on it, a drop-down paragraph will be available to you and there you will find a QR code, scan the QR code to further apply for the loan online. Following these easy steps, will make you reach your goal that is taking a personal loan.

5. Documents required for the bank of Maharasthra personal loan

After the first process of applying and getting your loan approved is completed then the bank of Maharashtra will require you to submit some documents. This part is the most crucial one and can’t be skipped at any cost.

1. Identity proof required for bank of Maharasthra personal loan

The bank will require your photo id proof, which may be any one of the following- Election ID card/ Pan card/ Aadhar card/ driving license/ photo identity card issued by the employer/ passport.

1. Residence proof

Electricity bill/ election ID card/ telephone bill (landline only)/ Aadhar card/ driving license/ passport

1. Documents for Salaried borrowers-

• Original copy of latest salary slips (past 3 months)
• Photocopy of Income-tax return (last 2 years) assessed by income tax department orders using Form 16.
• Undertaking form in case of employer for remittance of instalments.
• Latest statement of bank account (salary account) of the last 6 months in a row.

1. For non-salaried borrowers-

• Photocopy of Income-tax return (last 3 years) assessed by income tax department with computation of profit and loss account, balance sheet, and audit report.
• Copy of tax registration
• Shop establishment act
• The license of company registration
• Bank statement for last 1 year

Exclusive features of Bank of Maharashtra personal loan-

• You have to pay low EMIs suitable to your monthly budget.
• You can get a loan of a higher amount as well.
• Track your loan using the mobile app or web portal of the bank and have day-to-day updates regarding the same.
• Most simplified disbursement process ever by any of the banks
• Minimum documents are required for loan approval.
• Comparatively charging the minimal processing fee among all the rivals.
• No hidden charges are taken and no prepayment penalty

Comment down your queries regarding the personal loan process and do share with others as well! Greetings to all! Have a wonderful day.