Bank of Maharashtra Car Loan

Table of Contents

• Fees & Charges
• Eligibility Criteria
• EMI Calculator
• Interest Rates
• FAQs

Bank of Maharashtra offers car loan under the ‘Maha Super Car Loan Scheme’ at interest rates starting from 9.00% 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

*The interest rates are linked to 1-year Marginal Cost of Funds-based Lending Rate (MCLR) which currently is 8.50% 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. 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:

Documents Required for Availing Bank of Maharashtra Car Loan

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

1. Can I include a co-applicant while applying for a car loan from Bank of Maharashtra?

Answer: Yes, you can include a co-applicant while making a car loan application to Bank of Maharashtra. The income of the co-applicant will be used to compute the quantum of the loan and the repayment tenure. Your spouse, parents, children, or extended family members can become the co-applicant provided that the deductions of your income and your co-applicant is maintained in the ratio of 70:30.

2. Do I have to pay any upfront fee while applying for Bank of Maharashtra car loan?

Answer: You will be required to pay a processing fee upfront when you apply for a car loan from Bank of Maharashtra. You can get in touch with the bank to know about the exact amount you need to pay as processing fees.

3. I am a pensioner drawing a monthly pension of Rs.20,000 per month. Am I eligible for a car loan from Bank of Maharashtra?

Answer: Unfortunately, to avail a car loan from Bank of Maharashtra you should draw a pension of at least Rs.25,000 per month.

4. Do I need to provide any security for obtaining a car loan from Bank of Maharashtra?

Answer: No, you do not need to provide any security to avail a car loan from Bank of Maharashtra as the vehicle itself will act as a security. The hypothecation charge, however, should be registered with the authorities of the Regional Transport Office.

5. What kind of vehicles can I buy with the loan I avail from Bank of Maharashtra?

Answer: You can use the car loan availed from Bank of Maharashtra to purchase all kinds of four-wheelers such as car, sports utility vehicles (SUVs), Jeep, multi-utility vehicles (MUVs), etc., for personal use. The loan cannot be used to purchase vehicles for commercial use.

6. How do I get in touch with the bank in case of any queries or complaints?

Answer: You can call the customer care at Bank of Maharashtra at the toll-free numbers – 1800 233 4526 and 1800 102 2636.