Bank of Maharashtra Personal Loan Eligibility

Factors affecting Bank of Maharashtra Personal Loan eligibility

1. The annual income of the applicant: Bank of Maharashtra takes into consideration the annual income of the applicant to determine if he/she is eligible for the personal loan scheme. Corporate salaried individuals need to prove that they earn Rs.3. lakh p.a. to be eligible for the personal loan scheme.
2. Relationship with Bank of Maharashtra: Corporate salaried individuals who wish to apply for a personal loan need to have at least a year's relationship with Bank of Maharashtra to be eligible.
3. CIBIL score: The applicant should have a good enough credit score, anywhere above 750 to be eligible for the Maha Bank personal loan scheme.
4. EMI/NMI ratio: To be eligible for the personal loan, the EMI and other relevant deductions should not cross 60% of the net monthly salary of the individual.
5. Age of the applicant: To be eligible for personal loan scheme, the applicant should not be more than 60 years old at the end of the loan tenure. If he/she will be, then the personal loan application will be rejected by the bank.

How to improve chances of Bank of Maharashtra eligibility

1. Choose a suitable tenure: If one's income is low and just about meets the minimum income requirement, the applicant should choose a longer to ensure that the EMI is less and will not cause financial strain.
2. Use an EMI calculator: By using the EMI calculator, the applicant can determine the loan amount he/she will be eligible for, which is decided based on the tenure chosen and applicant's income.
3. Ensure you have all the required documentation: Failing to submit the necessary documents will result in the personal loan application getting rejected. Applicants should ensure that the necessary documentation is in place, such as proof of income documents (Form 16, last 2 years' IT returns certificate, salary slips and bank statements) and identity and address proof documents (Passport, Voter's ID Card, Aadhaar). The applicant will have to submit his/her PAN as well.
4. Ensure all debts are paid: The applicant has to ensure that his/her credit score is good and that all their past loan dues are paid. This will assure Bank of Maharashtra that he/she is responsible enough to repay the loan.

A good credit score can help you secure lower interest rates on loans and credit cards.

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