In times of rising prices and financial uncertainty, individuals often find themselves in need of urgent financial relief. Whether it’s for managing wedding expenses, funding educational pursuits, coping with medical emergencies, or supporting business ventures, ready access to funds can make a significant difference. Recognizing this pressing need, Bank of Maharashtra takes a step forward with its Maha Gold Loan Scheme. Crafted with care, this scheme is more than just financial support; it is a comprehensive solution. Apply now to secure the funds you need for your expenditures through the Maha Gold Loan Scheme.
Read More: India’s Forex Reserves Decline $5.2 Billion To Come Off 1-Month High
Accessible Financial Support with the Maha Gold Loan Scheme
Understanding that financial needs can vary greatly, the Bank of Maharashtra has structured the Maha Gold Loan Scheme to be as inclusive as possible. With loans starting from Rs. 20,000 and extending up to Rs. 25 lakh—with the potential for further extension up to Rs. 100 lakh under certain conditions—this scheme aims to serve a diverse clientele. Individuals can avail of these loans at an accessible interest rate of 9.30% P.A. (Terms and Conditions Apply)
Up to Rs. 10 Lakhs Zero Processing Charges, Prepayment Penalties, and More
What’s notable is that the scheme’s zero processing charge for loans up to Rs. 10 lakhs, along with no prepayment penalties, documentation, or inspection charges, reflects the bank’s commitment to offering a burden-free experience to its clients. The scheme further simplifies financial responsibilities by providing low Equal Monthly Installments (EMIs), which translates to sufficient disposable income available every month.Moreover, beneficiaries are exempt from prepayment penalties, documentation, and inspection charges. This approach eases the financial burden on the borrowers.
Read More: Should PPF and bank FD investors bet their money on sovereign gold bonds? Read this
Simplified Borrowing Experience
The bank’s customer-centric approach is further evident through benefits such as its dual offering in facility type – Term Loan or Cash Credit—empowering customers with choice. This is coupled with a flexible tenure of up to 24 months, which allows borrowers to choose a repayment schedule attuned to their individual needs.
How Gold Loan Amount is Decided?
The loan amount for gold ornaments depends on the current market rate per gram for 22-carat gold and prevailing scale of finance as decided by the bank from time to time. The bank may offers up to 85% of the gold’s market value as a loan. One can easily check their eligibility and scale of finance on the bank’s website.
Read More: ICICI Revises Rates On FDs: Check Latest Interest Rate For Different Tenures
Flexible Repayment Options and Competitive Charges
Recognizing individual financial circumstances, the scheme offers flexible margins and repayment plans. For borrowers comfortable with larger lump sums at maturity, a 30% margin applies to 12-month bullet repayments, meaning you settle the entire loan in one go at the end of the loan term.
The processing charges for the Maha Gold Loan Scheme have also been designed with customer convenience in mind for varying loan amounts:
- No processing charges for loans up to ₹3.00 lakh
- A nominal fee of ₹1500 for loans ranging from ₹10.00 lakh to ₹20.00 lakh
- A modest fee of ₹2000 for loans exceeding ₹20.00 lakh
The Maha Gold Loan Scheme by the Bank of Maharashtra marks yet another step towards fulfilling its commitment to serve the varied financial needs of its clients through innovative solutions. In line with this customer-centric approach, the bank is also working to digitize the gold loan application process, which is soon going to be made live for customers. Customers across the country can now leverage their gold assets to secure funds at favourable terms, underscoring the bank’s reputation as a customer-friendly institution.
To get more information, please visit: Bank Of Maharashtra .
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.
