Bank Of Maharashtra Personal Loan Eligibility | Bank Of Maharashtra Personal Loan
Bank of Maharashtra Personal Loan Eligibility Criteria
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
| Age | Minimum 21 years |
| Maximum 65 years | |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business |
| Minimum Income | Rs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities) |
| Maximum Loan Amount | Rs.70 lakhs (Based on your repayment capability) |
| Tenure | Minimum – 6 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Factors Affecting Bank of Maharashtra Personal Loan Application
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
- Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
- Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
- Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
- Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
- Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
- Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.
Documents Required for Bank of Maharashtra Personal Loan
Important documents to be submitted while applying for personal loans
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Bank of Maharashtra Personal Loan
Bank of Maharashtra is a major public-sector bank in India. Government of India holds 81.61% of the total shares. The bank has 15 million customers across the length and breadth of the country served through 1897 branches. It has largest network of branches by any public-sector bank in the state of Maharashtra.
Bank of Maharashtra personal loan eligibility criteria for salaried and self-employed person
Age limit: Minimum 21, Maximum 60
Maximum Loan Amount for Bank of Maharashtra Personal Loan:
Bank of Maharashtra provides loans to a maximum of Rs.1.5 Lakhs
Minimum Salary Requirement for Bank of Maharashtra Personal Loan:
- For Corporate Salary Account holders: Rs.3.00 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
- For Existing Housing Loan Borrowers (For Salaried Individuals only): Rs. 2.50 lakh (last year income) - Minimum past 2-year ITR/Form 16 from the employer is Mandatory, Subject to sufficient disposable income.
Work experience Required for Yes Bank Personal Loan
Number of years in current company: 1 year
Total work experience: Minimum 2 years
Bank of Maharashtra Personal Loan Tenure: Bank of Maharashtra offers loans for a tenure with maximum of 36 months
Bank of Maharashtra Personal Loan Interest Rate: The interest rate for Bank of Maharashtra personal loan personal loan is 9.60% to 15%
Bank of Maharashtra Personal Loan Charges
Loan processing charges: 1.00% of the Loan Amount (Minimum: Rs.1000/-)How can I get Bank of Maharashtra Personal loan?
Personal loan Application Process for Existing Customers
Existing customers can apply for a Bank of Maharashtra Personal online or visit a nearby Bank of Maharashtra branch for the application. You can also download the home loan application form from the Bank of Maharashtra official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for Bank of Maharashtra personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.