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Bank of Maharashtra Personal Loan

Bank of Maharashtra Personal Loan

Bank of Maharashtra offers personal loans @8.90% p.a. onwards to salaried and self-employed persons for loan amounts of up to Rs.20 lakh and for tenures of up to 7 years for salaried employees and 5 years for self-employed professionals.

It offers a salary gain personal loan scheme and overdraft facility for the employees of Central/State Government, PSUs. They offered a special personal loan to Bharat Petroleum Corporation Limited Employees.

Bank of Maharashtra Personal Loan Overview

Loan Amount

Up to Rs.20 Lakhs

Maximum Loan Tenure

Salaried- 7 years

Others- 5 years

Interest Rate

8.90% p.a. – 14.70% p.a.

Processing Fees

Up to 1% of the loan amount + GST

Age Limit

21 to 60 years


Salaried or Self-employed

Minimum Income

Rs.3 Lakhs per annum

Key Features: Bank of Maharashtra Personal Loan

The important features or benefits of availing personal loan from the Bank of Maharashtra are as follows:

Bank of Maharashtra: Personal Loan Eligibility Criteria

1. Maha Bank Personal Loan Eligibility

Note- For the employees of a private or public limited company, maintaining salary accounts with the Bank of Maharashtra, such companies should have an external rating of ‘A’ and above.

2. MahaBank Aadhar Loan

3. Personal Loan Scheme for BPCL Employees

Also Read- Bank of Baroda Personal Loan

4. Salary Gain Scheme

Eligibility criteria for Government/State/PSUs Employee or Other than Govt./State/PSUs Employee

5. Consumer Personal Loan

Bank of Maharashtra also considers the applicant’s credit score and monthly income while evaluating the personal loan eligibility, just like other personal loan providers.

Bank of Maharashtra: Personal Loan Documents

The following are the below mandatory documents needed to avail personal loan from the Bank of Maharashtra-


Documents for Salaried Persons

Documents for Non-Salaried Persons/ Businessman/ Professional

Bank of Maharashtra Personal Loan: Interest Rate, Processing Fees, and Documentation Charge

Bank of Maharashtra personal loan interest rates range between 8.90% p.a. to 14.70% p.a. The bank offers personal loans based on the job profile, types of schemes, and CIBIL Score of their applicants.

1. Maha Bank Personal Loan Scheme Festive Offer

Type of Applicant

Interest Rate

Employees of Central Government/State Government/ Public Sector Undertakings maintaining salary accounts with Bank of Maharashtra and having a minimum CIBIL Score of 700.

8.90% per annum

See below the table of CIBIL score and the impact of CIBIL score on ROI.


Rate of Interest

750 and above

11.35% p.a.

700 to 749

12.20% p.a.

650 to 699

13.20% p.a.

600 to 649

14.70% p.a.

(-1) or 0 and 01 to 05

13.70% p.a.

Other Personal Loan Schemes

Types of Schemes

Interest Rate

Personal Loan for BPCL Employees

10.35% p.a.

Maha Bank Aadhar Loan Scheme

General pensioners- 10.40% p.a.

Defence Pensioners- 9.90% p.a.

Salary Gain Personal Loan Scheme

11.85% p.a.

2. Processing Fees of Bank of Maharashtra Personal Loan

3. Bank of Maharashtra Documentation Charges- 0.20% of the loan amount plus applicable GST.

For Example- Sunita avails a personal loan for Rs.20 Lakhs, the interest rate is 12% and the repayment period is 4 years. Calculate EMIs, total interest payable, and the total payable personal loan amount.

Types of Bank of Maharashtra Personal Loan

1. Maha Bank Personal Loan Scheme for Everyone

Purpose- Maha Bank Personal Loan is a regular loan scheme for meeting the personal expenses of salaried and self-employed professional applicants.


2. MahaBank Aadhar Loan

Purpose- To meet personal expenses of Central/State Govt. / Municipal Corporation / PSUs and family pensioners drawing pension from Bank of Maharashtra.

Maximum Loan Amount

Age Limit

General Pensioners

Defence & BOM Staff Pensioners

Family Pensioners of General/BOMStaff/ Defence

Up to 65 years

10 Lakhs

10 Lakhs

4 Lakhs

Up to 70 years

5 Lakhs

7 Lakhs

3 Lakhs

Up to 73 years

3 Lakhs

5 Lakhs

2 Lakhs

  1. For general pensioners and family pensioners maximum loan amount is equivalent to 18 month’s pension.
  2. For Defence and BOM staff pensioners maximum loan amount is equivalent to 36 month’s pension.

3. Personal Loan Scheme to BPCL Employees

Purpose- To cater to the requirements of meeting the personal necessities of all the confirmed employees of BPCL- Public Sector Unit.

4. Salary Gain Scheme

Purpose- This personal loan scheme provides an overdraft facility to meet the day-to-day requirements of Central/State/PSUs government employees, or other than government employees.

Loan Amount of Overdraft

Processing Fee- The processing charge is 0.50% of the overdraft amount per annum, subject to a minimum Rs.500/- p.a.

5. Consumer Personal Loan

Purpose- It is provided to purchase consumer durables including computers or laptops, electronic gadgets, etc.

Pros and Cons of Bank of Maharashtra Personal Loan

Following are the pros and cons of availing of a personal loan from Bank of Maharashtra including a review of the users on google playstore.



The app is safe for users

Interface  is not user friendly

Bank of Maharashtra doesn’t have any hidden charges

Users are dissatisfied with the service

No prepayment penalty is charged

Many bugs in the app

Interest rate and other charges are low


Easy content, you can use effortlessly


Maha Mobile App (Bank of Maharashtra) Ratings & Review

The rating given by the users about Maha Mobile App is average on playstore, around 10 lakhs users downloaded Maha Mobile App, and the review is quite well customers are not so delighted with their service and app bugs, you can check the below table.


Playstore Rating



Number of Downloads

10 Lakh+


Number of Users Review



Content Rating



App Size

35 MB

Bank of Maharashtra Customer Care Details

Personal Loan Comparison Chart: Bank of Maharashtra with Other Banks

To get the best offers to meet your requirement you need to compare all personal loan providers with the Bank of Maharashtra. Check the below chart for a better comparison.

Banks Name

Loan Amount

Repayment Tenure

Interest Rate (per annum)

Bank of Maharashtra

Up to Rs.20 Lakhs

Up to 7 years

8.90%  – 14.70%


Up to Rs.40 Lakhs

Up to 5 years


Federal Bank

Up to Rs.25 Lakhs

Up to 4 years

10.49% -17.99%

Axis Bank

Rs.50,000-Rs.40 Lakhs

1-5 years


IndusInd Bank

Rs.30,000-Rs.50 Lakhs

1-6 years


IDFC First Bank

Up to 1 Crore

Up to 5 years

Starts at 10.49%

Kotak Mahindra Bank

Up to 25 Lakhs

1 to 5 years

10.99% onwards

Conclusion- Bank of Maharashtra offers personal loans to salaried and non-salaried persons with low-interest rates and charges. Users are satisfied with the loan amount, tenure, and various types of personal loans offered by them. But dissatisfied with the service and the app interface is not up to the mark.

Also Read- SBI Personal Loan

As per suggestion bank of Maharashtra is more suitable for government salaried employees who have a minimum CIBIL score of 750. Their eligibility, documents, and charges depend on the type of loan scheme availed by you. But, it is highly recommended to do deep research before selecting any lenders to meet your necessities.

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