Bank of Maharashtra Personal Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]

By | October 31, 2023

About Bank of Maharashtra:
Bank of Maharashtra is a prominent nationalized bank owned by the Ministry of Finance, Government of India. It operates primarily in the state of Maharashtra, serving a vast customer base. The bank, along with its subsidiary Maharashtra Executor and Trustee Private Company GmbH, has excelled in asset management, making it one of the top profitable government banks in India.

Corporate History:

  • Bank of Maharashtra, established in 1935, is one of the oldest banks in India. Over the years, it has developed expertise in various banking services, offering consumer banking, corporate banking, investment banking, private banking, financial and insurance services.
  • The bank provides a wide array of products, including credit cards, home loans, savings accounts, and unique offerings such as asset management and wealth management services. It also offers additional services like PPF schemes, insurance, stock trading, Senior Citizens Savings Scheme, Sukanya Samriddhi Yojana, Atal Pension Yojana, and Sovereign Gold Loan Scheme.

Head Office:
Bank of Maharashtra is headquartered in Pune, India. The official registered address is 1501, Lokmangal, Shivajinagar, Pune, Maharashtra, India.

Key Figures:

  • Number of Employees: As of 2020, Bank of Maharashtra employed 13,048 staff across its 2,001 branches nationwide. Mr. A.S. Rajeev serves as the MD and CEO, with Mr. Hemant Kumar Tamta and Mr. A.B. Vijayakumar as Managing Directors.
  • Customer Base: The bank serves around 15 million customers and reported a total business volume of nearly Rs 2,600 crore in 2020.

Financial Offerings:

  • Interest Rate: 9.45% per annum.
  • Loan Amount: Up to Rs 2 Million.
  • Maximum Term: 84 Months.
  • Processing Fee: 1.00% of the Loan Amount (Minimum: Rs 1000/-).
  • Upfront Fee: Zero.
  • Minimum Monthly Salary/Annual Business Income: Depends on loan amount requirements.

Bank of Maharashtra’s extensive range of services and its longstanding presence in the banking sector make it a reliable choice for customers. For the most accurate and updated information, individuals are encouraged to visit Bank of Maharashtra’s official website or contact the bank directly.

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