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.
| CIBIL Score | Interest Rate* | |
|---|---|---|
|
Salaried Applicants |
Non-Salaried Applicants |
|
|
750 and above |
9.00% |
9.50% |
|
700 to 749 |
9.25% |
9.60% |
|
650 to 699 |
9.75% |
9.75% |
|
600 to 649 |
9.75% |
10.00% |
|
Below 600 |
10.00% |
10.25% |
|
-1 or 0 and 01 to 05 |
9.25% |
9.75% |
*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.
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 |
|
|
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 |
|
The amount you can avail as a car loan from Bank of Maharashtra will depend on your annual income and are as follows:
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.
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.
Answer: Unfortunately, to avail a car loan from Bank of Maharashtra you should draw a pension of at least Rs.25,000 per month.
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.
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.
Answer: You can call the customer care at Bank of Maharashtra at the toll-free numbers – 1800 233 4526 and 1800 102 2636.
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