Bank of Maharashtra Personal Loan of Rs. 4 Lakh

  • Personal Loan By Scheme

If you require financial assistance, the Bank of Maharashtra offers a convenient solution with their ₹4 lakh personal loan. Through Urban Money, the application process is made simple and efficient. The Bank of Maharashtra Personal Loan of ₹4 lakh is designed to fulfil your diverse financial needs, whether it’s for medical expenses, home renovations, or any other personal requirements. With competitive interest rates and flexible repayment options, this loan can support you. Applying through Urban Money ensures a hassle-free experience, allowing you to quickly and easily access the funds. Follow the straightforward steps to apply and get the financial help you need with the Bank of Maharashtra Personal Loan of ₹4 lakh.

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Terms and Conditions

CONSENT IN RELATION TO ACCESS TO CREDIT INFORMATION THROUGH Equifax

End-user (customer)hereby consents to Loantap financial technology being appointed as your authorized representative to receive your Credit Information from Equifax on an ongoing basis until the purpose of Credit Risk Assessment. is satisfied or the expiry of 6 months from the date the consent is collected; whichever is earlier.

This End User Agreement (the “Agreement” ) is made between you (the “User” or “You” ) and Urban Money Private Limited hereinafter referred to as “URBAN MONEY ”, a private limited company having its registered office at 1st Floor, Tower A, M3M Urbana Business Park, Sector 67, near M3M Urbana, Gurugram, Haryana 122001. (“Urban Money ”, “Us” or “We”, which term shall include its successors and permitted assigns). The User and URBAN MONEY shall be collectively referred to as the “Parties” and individually as a “Party”.

4 Lakh Bank Of Maharashtra Personal Loan EMI Calculator

₹
  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹4,00,000

Interest Payable

Total Amount Payable

Table of Content

1. Eligibility for 4 Lakh Bank of Maharashtra Personal Loan

2. Documents Required

3. Interest Rates and Fees

4. Repayment Options for Bank of Maharashtra 4 Lakh Loan

5. What is the EMI for a 4 Lakh loan?

6. Applying for the Bank of Maharashtra 4 Lakh Loan

7. Alternatives Option to Consider for 4 Lakh Loan

  • 7.1 Comparative Table for Alternatives
    • Read more
    Written By
    Thejus KS
    Thejus KS
    A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
    Reviewed By
    Piyush Bothra
    Piyush Bothra
    Chief Financial Officer, Square Yards
    Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

    Last Updated: 30 April 2026

    Eligibility for 4 Lakh Bank of Maharashtra Personal Loan

    To be eligible for a ₹4 lakh personal loan from the Bank of Maharashtra, applicants must meet the following criteria:

    • Age Requirement: Applicants must be between 21 and 60 years old.
    • Income Requirement: A minimum annual income of ₹3 lakh is mandatory for salaried individuals. 
    • Credit Score: A CIBIL score of 750 or higher is required.
    • Residential Status: Applicants must be residents of India.

    Documents Required

    Following are the documents required for the Bank of Maharashtra Personal Loan for 4 Lakh:

    Category Document
    Proof of Identification  – Election ID Card

    – PAN Card

    – Aadhar Card

    – Driving License

    – Photo Identity card issued by the current Employer

    – Passport
    Proof of Residence – Electricity Bill

    – Election ID Card

    – Telephone Bill (Landline)

    – Aadhar Card

    – Driving License

    – Photo Identity card issued by the current Employer

    – Passport
    For Salaried Persons – Latest salary slips for the past 3 months

    – IT returns of the last 2 years or Form 16 from the employer

    – Undertaking from the employer for remittance of monthly instalments

    – Bank account statement for the last 6 months
    For Non-Salaried Class / Businessman / Professional – Latest 3 years of IT returns (2 years for professionals)

    – Shop Establishment Act and Tax Registration Copy

    – Company Registration Licence

    – Bank statement for the past year

    – Other documents as applicable per the loan scheme

    Interest Rates and Fees

    The following are the rates and fees of the Bank of Maharashtra Personal Loan, designed to ensure affordability and accessibility with minimal additional costs.

    Details Information
    Interest Rate 10.00% per annum
    Processing Fee 1.00% of the loan amount + GST

    Repayment Options for Bank of Maharashtra 4 Lakh Loan

    Repaying your ₹4 lakh personal loan from the Bank of Maharashtra is designed to be convenient and flexible. Here’s a detailed look at the repayment options based on different customer types and categories:

    Customer Type: Salaried Customers

    • Salary Account with Bank of Maharashtra: Repayment tenure up to 84 months.
    • Salary Account with Other Banks: Repayment tenure up to 60 months.

    Customer Type: Professionals

    • Repayment Tenure: Up to 60 months.

    What is the EMI for a 4 Lakh loan?

    Knowing the EMI for a ₹4 lakh loan can help you plan your finances better. With an interest rate of 10%, the EMI will depend on the tenure of the loan. Urban Money’s EMI calculator helps provide detailed EMI calculations and offers expert advice to ensure you get the best loan deal.

    Below is a table showing the EMI for different loan tenures:

    Tenure (Months) EMI (INR)
    12 ₹35,167
    24 ₹18,472
    36 ₹12,902
    48 ₹10,149
    60 ₹8,499
    72 ₹7,485
    84 ₹6,807

    Applying for the Bank of Maharashtra 4 Lakh Loan

    You can apply for a Bank of Maharashtra ₹4 lakh personal loan through Urban Money in just a few simple steps. 

    • Visit the Urban Money website and go to the personal loan section.
    • Locate the Bank of Maharashtra Personal Loan option.
    • Click the “Apply Now” button.
    • Enter your personal and contact details.
    • Submit your information.
    • Receive a callback from the bank’s loan experts.
    • Follow their guidance to complete the application process.

    Alternatives Option to Consider for 4 Lakh Loan

    If you’re exploring alternatives to a ₹4 lakh loan from the Bank of Maharashtra, several options might better suit your financial needs. Here are a few alternatives:

    1. Personal Loan from Other Banks

    • HDFC Bank: Offers competitive interest rates and flexible repayment options for personal loans up to ₹4 lakh.
    • SBI: Known for its customer-friendly services, SBI provides personal loans with attractive interest rates and various tenure options.

    2. Credit Cards

    • Balance Transfer: Transfer your existing credit card debt to a new card with a lower interest rate.
    • EMI Conversion: Convert your high-value purchases into manageable EMIs directly through your credit card provider.

    3. Loan Against Assets

    • Loan Against Property: Secure a loan using your property as collateral, potentially offering lower interest rates.
    • Gold Loan: Use your gold assets to obtain a loan quickly and efficiently.

    4. Digital Lending Platforms

    • Bajaj Finserv: Known for its easy application process and quick disbursal of funds.

    Comparative Table for Alternatives

    Here’s a quick comparison of some of the alternative loan options:

    Lender Type Interest Rate Tenure Options Key Features
    HDFC Bank Personal Loan 10.75% – 24% 12 to 60 months Flexible tenure, quick disbursal
    SBI Personal Loan 11.75% 12 to 84 months Customer-friendly, multiple repayment options
    Bajaj Finserv Digital Lending 11% – 15% 12 to 60 months Minimal paperwork, flexible terms

    FAQs

    Can I get a ₹4 Lakh Personal Loan from the Bank of Maharashtra?

    If you meet the eligibility criteria, you can apply for a ₹4 lakh personal loan from the Bank of Maharashtra.

    What are the interest rates for a small Bank of Maharashtra Personal Loan?

    The interest rate for a Bank of Maharashtra personal loan is 10.00% per annum.

    How much will my monthly payments be (estimate)?

    Your monthly payments will depend on the loan tenure; for example, they are ₹8,499 for a 60-month tenure at a 10% interest rate.

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