Bank of Maharashtra Car Loan
Avail a car loan from the Bank of Maharashtra and get handsome interest rates and attractive repayment tenures. Check your eligibility, calculate your EMI, and get the best offers on a car loan from Bank of Maharashtra today!
Bank of Maharashtra offers car loan under the 'Maha Super Car Loan Scheme' at interest rates starting from 8.45% p.a. depending on the employment status and CIBIL score of the applicant.
The repayment of the loan can be done in a maximum of 84 months. There is no limit on the maximum loan amount that can be availed as a car loan from Bank of Maharashtra.
Interest Rates on Bank of Maharashtra Car Loan
CIBIL Score | Interest Rate* | |
Salaried Applicants | Non-Salaried Applicants | |
800 & above | 8.45% p.a. | 8.50% p.a. |
776 to 799 | 8.90% p.a. | 9.00% p.a. |
750 to 775 | 9.00% p.a. | 9.10% p.a. |
700 to 749 | 9.30% p.a. | 9.50% p.a. |
650 to 699 | 10.85% p.a. | 11.05% p.a. |
600 to 649 | 11.15% p.a. | 11.50% p.a. |
Below 600 | 11.90% p.a. | 13.00% p.a. |
-1 or 0 and 01 to 05 | 10.00% p.a. | 11.50% p.a. |
Category | Interest Rate |
Companies and Firms with A and above External Rating | 9.80% p.a. |
Companies and Firms with a 1-5 CMR Rating | 9.80% p.a. |
Other Companies and Firms | 10.30% p.a. |
Existing house loan borrowers, corporate salary account holders, MSME and corporate borrowers, professional and self-employed borrowers with at least 1 year of satisfactory relationship with the bank will be entitled to a discount of 0.25% on the applicable interest rates.
Under the Maha Super Green Car Loan scheme for electric cars, a concession of 0.25% is offered (minimum of RLLR-0.60%)
Existing house loan borrowers, corporate salary account holders, MSME and corporate borrowers, professional and self-employed borrowers with at least 1 year of satisfactory relationship with the bank will be entitled to a discount of 0.25% on the applicable interest rates. On the other hand, home loan borrowers whose accounts have remained in the standard category continuously for 5 years and above will enjoy a 0.50% discount on the interest rates.
Eligibility for Bank of Maharashtra Car Loan
To be eligible for a car loan from Bank of Maharashtra, you need to fulfil the below-given criteria:
Who Can Avail |
|
Minimum Age | 18 years |
Maximum Age | 70 years at the time of loan maturity |
Minimum Annual Income |
|
Documents Required for Availing Bank of Maharashtra Car Loan
Proof of Identity | Passport, Driving License, PAN Card, Voter's ID, Aadhaar, etc. |
Address Proof | Aadhar, Passport, Driving License, Voter's ID, etc. |
Proof of Income |
|
Quantum of Finance You Can Avail as Car Loan from Bank of Maharashtra
The amount you can avail as a car loan from Bank of Maharashtra will depend on your annual income and are as follows:
- Salaried applicants/pensioners - Up to 36 times of your net monthly salary or pension based on the last salary/pension drawn.
- Other applicants - Up to 2 times of Gross Taxable Income or 2 times average yearly income based on ITRs of 2 years, whichever is lower.
- Corporate clients (companies/firms) - Up to 3 times of average yearly income based on 2 years ITRs or maximum Rs.100 lakh or Gross Taxable Income, whichever is lower. For loans above Rs.100 lakh, corporate clients will have to get approval from the Credit Approval Committee of Zonal Managers.
Bank of Maharashtra Car Loan - Margin
- New/existing home loan borrowers - Minimum 10% of the vehicle cost (ex-showroom price plus insurance charges plus RTO charges)
- Others - Minimum 15% of the vehicle cost (ex-showroom price plus insurance charges plus RTO char
- Corporate clients - Minimum 20% of the vehicle cost (ex-showroom price plus insurance charges plus RTO charges)
Bank of Maharashtra Car Loan EMI Calculator
FAQs on Bank of Maharashtra Car Loan
- What is the processing fee that is levied by Bank of Maharashtra on car loans?
0.25% is the processing fee that is levied by Bank of Maharashtra on its car loans.
- What types of vehicles do Bank of Maharashtra offer the car loan facility for?
Bank of Maharashtra offers the car facility for hatchbacks, sedans, SUVs, MUVs, and jeeps for personal use.
- What is the maximum finance provided by Bank of Maharashtra?
Up to 90% of the ex-showroom price of the car may be provided as a loan.
- Is it possible to combine the income of my spouse to check the loan amount I am eligible for?
Yes, you can include the income of your spouse to check the loan amount you are eligible for.
- Should I provide any collateral or security when I avail the car loan?
Apart from the hypothecation of the car that is being purchased, you need not provide any other collateral or security to avail the car loan.
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