Bank of Maharashtra interest rate on Different loans Interest rate is the prominent factor you always look for when you are applying for any type of a secured or unsecured loan. Bank Of Maharashtra provides a variety of loan products to the customers at an affordable rate of interest. The user can borrow their desirable loan amount from Bank Of Maharashtra at affordable loan interest rates. Because the bank of Maharashtra interest rate depends on the base lending rate of the bank. To know how the interest rates are charged on your loan amount? Read the given article. How are the interest rates decided on your Bank of Maharashtra Loans? Bank of Maharashtra loan interest rates are based on the Marginal Cost Fund Based Lending Rate (MCLR) of the bank. Suppose if you are financing your house or property with Bank Of Maharashtra home loans then your loan interest rate will be decided according to the bank’s current MCLR. The current MCLR of the Bank Of Maharashtra is 8.40% and it’s home loan interest rates depend on the 1-year MCLR of the bank. Bank of maharashtra interest rate not only depends on MCLR for home loans only but personal loan rates are also based on the bank’s MCLR. What are the factors that can lower your bank of maharashtra interest rates? The rate of interest for your loan amount not only depends on the bank MCLR, but there are some other factors also that can affect your Bank of Maharashtra interest rate. These are as followsCIBIL Score: If your CIBIL Score is high then you can get a lower interest rate on your loans. Because a CIBIL score displays the individual repayment track record, and if your score is not good then you are not eligible for the loan. So maintain your CIBIL score to get reasonable rates on your Bank Of Maharashtra loans. Income: The bank charges an interest rate on your loan amount depending on your flow of income, because it shows the capacity of your loan payments. If you don't have a regular flow of income then there might be chances that your loan application gets rejected. On the other hand, a person with high income can avail a higher loan amount at lower rates because of his/her payment capacity. Know about the loan offers of Bank Of Maharashtra Bank Of Maharashtra provides you different types of loans, some of them are as follows: Personal Loan: You can apply for a personal loan amount from INR 50,000 to 1.5 lakh from Bank of Maharashtra at a starting interest rate of 10.90%. With Bank Of Maharashtra personal
loans, you can fulfill your urgent need of money instantly as it is an unsecured loan and doesn’t require any collateral. Home Loan: Bank Of Maharashtra provides home loan schemes to the customers for their house purchase.Any individual whether salaried or self-employed can avail the home loan from Bank Of Maharashtra at a reasonable rate of interest. The bank of maharashtra interest rate for home loans is ranging from 8.50% to 10.25% and you can repay your loan amount in 20 to 30 years. Now that you are aware of the interest rates of Bank Of Maharashtra loans, you can apply for the loan by visiting the nearby bank branch or through internet banking.