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Personal Loan in Maharashtra, Interest rates from 10.50%

Avail personal loans in Maharashtra with interest rates starting at 10.50%. Enjoy fast approvals, minimal paperwork, and flexible repayment options!

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Personal Loan in Maharashtra

Personal loans in Maharashtra are a convenient financial solution for individuals seeking funds for medical emergencies, weddings, travel, home renovation, or debt consolidation. With interest rates starting as low as 10.50% per annum, flexible repayment terms, and no collateral required, these loans are designed to cater to diverse financial needs. Here’s everything you need to know about personal loans in Maharashtra, including eligibility, repayment terms, charges, and application tips.

Eligibility Criteria for Personal Loans in Maharashtra

Eligibility Factor Details
Age 21 to 65 years
Employment Salaried or self-employed
Minimum Income ₹20,000 per month (may vary by lender)
Credit Score 750 or higher for better rates
Work Experience At least 1 year (salaried); 3 years (self-employed)

Comparison of bank Lenders in Maharashtra

Banks
Personal Loan Interest Rates 2025
Institution Interest Rates
HDFC Bank 10.85% – 24.00%
Axis Bank 11% – 24.00%
Bandhan Bank 11.90% Onwards
ICICI Bank 10.85% – 16.25%
DBS Bank 10.99% – 24.00%
Bank of Baroda 11.05% – 18.75%
SBI 11.45% – 14.85%
IndusInd Bank 10.49% – 24.00%
Yes Bank 11.25% – 21.00%
Standard Chartered 11.50% – 24.00%
IDFC First 10.99% – 23.99%
Kotak Mahindra Bank 10.99% – 24.00%
PNB 11.40% – 17.95%
Indian Bank 10.90% – 24.00%

Comparison of bank NBFCs Lenders in Maharashtra

NBFCs
NBFC Name Interest Rate
InCred Interest Rate 2025 16% – 42%
Finnable Interest Rate 2025 16% – 28%
L&T Finance Interest Rate 2025 11% – 24%
Aditya Birla Interest Rate 2025 10% – 32%
Shriram Finance Interest Rate 2025 11% – 42%
Bajaj Finserv Interest Rate 2025 10.75% – 31%
Piramal Interest Rate 2025 12.99% onwards
Tata Capital Interest Rate 2025 11.99% – 35%
Poonawalla Interest Rate 2025 11.49% – 19%
SMFG Interest Rate 2025 13% – 36%
Axis Finance Interest Rate 2025 13% onwards
Mahindra Finance Interest Rate 2025 12% – 36%
Paysense Interest Rate 2025 16.8% – 33%

Repayment Terms

  • Tenure Options: Personal loans in Maharashtra offer flexible repayment terms ranging from 12 to 84 months.
  • EMI Structure: Fixed monthly installments ensure predictable repayment schedules.
  • Prepayment: Many lenders allow prepayment of loans, but charges may apply, typically around 2%-4% of the outstanding amount.

Interest Rates and Charges for Personal Loans in Maharashtra

Details Rates/Charges
Interest Rate Starting from 10.50% per annum
Processing Fee 1%-2% of the loan amount
Late Payment Penalty 2%-3% of the EMI amount
Prepayment/Foreclosure 2%-4% of the outstanding loan amount

Types of Personal Loans in Maharashtra

TypePurpose
Wedding LoanFunding wedding expenses, venues, and decorations.
Medical LoanCovering medical emergencies and healthcare costs.
Travel LoanFinancing domestic or international trips.
Education LoanSupporting education fees and related expenses.
Home Renovation LoanRenovating or upgrading your property.

Documents Required for Personal Loans in Maharashtra

Document Type Examples
Identity Proof Aadhaar, PAN, Passport, Voter ID, Driving License
Address Proof Utility bill, Rent Agreement, Aadhaar, Passport
Income Proof Salary slips, Bank statements (last 6 months), ITR
Employment Proof Offer letter, Employee ID, or Business Registration
Photographs Recent passport-sized photos

Important Tips Before Taking a Personal Loan in Maharashtra

  • Check Your Credit Score: A high score (750 or above) increases your chances of approval and lower rates.
  • Compare Offers: Use loan comparison platforms to find the best interest rates and terms.
  • Understand the Charges: Review the processing fees, prepayment penalties, and late payment charges.
  • Choose the Right Tenure: Opt for a tenure that balances EMIs with your repayment capacity.
  • Read the Fine Print: Understand all terms and conditions before signing the loan agreement.

How to Apply for a Personal Loan at Maharashtra?

Fincover.com is an online marketplace that allows you to compare loan quotes from various banks and NBFCs.

Mentioned-below is the process to apply for a Personal Loan at Fincover.

  • Visit https://www.fincover.com/banking/loan/personal/ 
  • Complete the loan application by filling up all the necessary details
  • Most popular quotes matching your requirement will be displayed.
  • Apply for the bank along with the requested documents and get a reference number. You can then check the status of the application from our dashboard.
  • Upon verification and approval, the loan will be disbursed to your account. The whole process takes just a few days, some even hours. The loan processing time varies from bank to bank
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