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.
Published On : 2021-06-18
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:
0.25% is the processing fee that is levied by Bank of Maharashtra on its car loans.
Bank of Maharashtra offers the car facility for hatchbacks, sedans, SUVs, MUVs, and jeeps for personal use.
Up to 90% of the ex-showroom price of the car may be provided as a loan.
Yes, you can include the income of your spouse to check the loan amount you are eligible for.
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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