BOM Personal Loan is offered to those borrowers who satisfy BOM Personal Loan eligibility criteria as per bank’s official website and other BOM Personal Loan review by market experts, to help them meet their personal needs. We at money super bazaar will provide you detailed information about it, as well as other factors such as BOM Personal Loan interest rate which is levied on it, repayment options with tenure and BOM Personal Loan eligibility norms.

BOM Personal Loan Interest Rate:

Loan is offered at BOM Personal Loan rate that is dependent on base rate. Hence, effective BOM Personal Loan interest rate becomes as below:

a)    14% per annum as per existing rates on loan

b)    Base rate + 6% per annum = 15.50% per annum

Above stated BOM Personal Loan rate is calculated on base rate that is equal to 9.50% per annum currently.

BOM Personal Loan Eligibility Norms:

Following are persons who are eligible for BOM Personal Loan:

a)    salaried persons employed permanently with government organizations, PSUs, reputed private and public sector companies

b)    above should have had a minimum period of 3 years employment at the time of loan-sanction

c)    above should also have their minimum annual income as Rs.3lacs. However, this rule has a relaxation of up to Rs.1lac in case 0f teachers who maintain their salary account with bank.

For Non-Salaried Class Such As Those Who Are Self-Employed / Professionals 

a)    Self-employed person should have running business of minimum last 3 years at the time of sanctioning loan.

b)    They should be aged between 21 years and 60 years at the time of loan-sanction.

Only individuals are eligible for loan as per BOM Personal Loan review  given by market experts, i.e. no group financing is available under personal loan scheme.

Quantum Of Bank Of Maharashtra Personal Loan:

BOM Personal Loan offer loan amount in quantum that is calculated as given below:

a)    salaried persons: up to 6 times of gross pay

b)    non-salaried class: up to the amount that is lower of two: 50% of gross average annual income as per ITR filed in last 3 years or last year’s annual income.

Above quantum is subject to a limit of Rs.1.50lacs. No margin is considered before disbursing above loan amount at BOM Personal Loan rate according to bank’s website and BOM Personal Loan review.

Procedure To Be Followed While Applying For Bank Of Maharashtra Personal Loan:

Interested applicants who satisfy above stated BOM Personal Loan eligibility norms may approach their nearest bank branch where they will be guided by relationship managers.

According to BOM Personal Loan review, no security is required by borrower in order to avail of loan. However, all prospective borrowers should be able to furnish guarantee on loan by any party acceptable to bank.

A one-time processing fee at 1% of loan amount is also considered before loan is disbursed to borrower, subject to a minimum of Rs.500. It is over and above interest charged at BOM Personal Loan rate.

Tenure Of Bank Of Maharashtra Personal Loan:

Loan has repayment tenure that spans a maximum period of 3 years or period of service that is left, whichever is less; at the end of which borrower should have repaid entire loan amount.  BOM Personal Loan interest rate does not fluctuate during tenure of loan.

Repayment Of Bank Of Maharashtra Personal Loan:

Borrower of BOM Personal Loan should repay entire loan amount in a maximum of 36 equated monthly installments comprising of loan principal and interest levied at BOM Personal Loan rate. Installment payment of loan is through direct deduction from monthly salary of borrower. However, deduction may not be more than 60% of gross total pay.

Product Page Urlof Bank Of Maharashtra Personal Loan:    for further information, you may visit bank’s official website or following link: http://www.bankofmaharashtra.in/credit_fac_per.asp

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