Many times in life, there is a sudden need for money. In such a situation, a personal loan proves to be an excellent option. A personal loan is a loan that does not require any collateral or security and is available with very few documents. You can use the amount received from this loan for any legitimate financial need. Like other loans, you have to repay it as per the terms and conditions agreed with the bank.
Usually, the interest rate on personal loans is quite high, but the public sector Bank of Maharashtra is offering personal loans at an attractive interest rate of only 9 percent per annum. This is a golden opportunity for those who need money immediately and want a loan at a low interest rate.
Who can take this affordable personal loan
According to the official website of Bank of Maharashtra, this personal loan is available to many individuals, provided they meet some basic eligibility criteria. If your minimum annual income is even ₹3 lakh, you can apply for this personal loan. This makes it accessible to both salaried and self-employed individuals. A customer can get a personal loan up to 20 times their gross monthly income. This maximum amount can be up to ₹20 lakh. This means that the higher your income, the higher the loan amount you can get.
The bank says that there is no need for a guarantor for this loan, which makes the application process even simpler. This personal loan comes with minimal paperwork, making the application process fast and convenient. On applying for this personal loan, you will have to pay 1% of the loan amount + GST as a processing fee.
Bank of Maharashtra Personal Loan
Bank of Maharashtra claims that there are no hidden charges on this personal loan taken under its ‘Maha Bank Personal Loan’ scheme. This transparency is a huge advantage for customers. You can also easily track the status of your loan, giving you complete information about your payments and balance. If you want to pay off your loan ahead of schedule, the bank does not charge any prepayment charges on it. This allows you to repay the loan early when your financial situation improves, which also saves you from the burden of interest.
Important Note:- According to the bank, this personal loan at 9 percent interest will be available only to customers with an excellent credit score. If your CIBIL score or credit score is 800 or more, you can easily get a personal loan at the cheapest rate. This is the fruit of your good financial habits.
How much will you have to pay on a loan of ₹9 lakh
Let us understand with an example how much your monthly EMI (Equated Monthly Installment) will be if you take a personal loan from Bank of Maharashtra at 9 percent interest.
Example:-
If you take a personal loan of ₹9 lakh from Bank of Maharashtra for 5 years (60 months) at a 9 percent interest rate, then as per the calculation:
Your monthly EMI will be:- ₹18,683
Total interest you will pay in 5 years: -₹2,20,951
Total you will repay to the bank:- ₹11,20,951