Transformers are the most eminent architectures used for a vast range of Natural Language Processing tasks. These models are pre-trained over a large text corpus and are meant to serve state-of-the-art results over tasks like text classification. In this work, we conduct a comparative study between monolingual and multilingual BERT models. We focus on the Marathi language and evaluate the models on the datasets for hate speech detection, sentiment analysis, and simple text classification in Marathi. We use standard multilingual models such as mBERT, indicBERT, and xlm-RoBERTa and compare them with MahaBERT, MahaALBERT, and MahaRoBERTa, the monolingual models for Marathi. We further show that Marathi monolingual models outperform the multilingual BERT variants in five different downstream fine-tuning experiments. We also evaluate sentence embeddings from these models by freezing the BERT encoder layers. We show that monolingual MahaBERT-based models provide rich representations as compared to sentence embeddings from multi-lingual counterparts. However, we observe that these embeddings are not generic enough and do not work well on out-of-domain social media datasets. We consider two Marathi hate speech datasets L3Cube-MahaHate, HASOC-2021, a Marathi sentiment classification dataset L3Cube-MahaSent, and Marathi Headline, Articles classification datasets.