• 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!
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    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

    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.

    Bank of Maharashtra Car Loan

    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.

    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

    • Permanent salaried employees of state/central government/PSUs, corporate salary account holders, employees of corporate companies with at least 1 year of service with the current employer
    • Self-employed individuals/businessmen/independent entrepreneurs with regular income source
    • Pensioners of state/central government/PSUs with a pension of at least Rs.25,000 per month
    • Farmers owning at least 5 acres of land and sufficient disposable income
    • Companies/partnership/proprietary firms

    Minimum Age

    18 years

    Maximum Age

    70 years at the time of loan maturity

    Minimum Annual Income

    • Pensioners/salaried applicants – Rs.3 lakh
    • Professionals/businessmen - Rs.4 lakh
    • People engaged in agriculture and its allied activities – Rs.4 lakh
    • Companies/firms - Rs.4 lakh

    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

    • Salaried applicants – Form 16, last 2 years Income Tax Returns, last 3 months salary slip, last 6 months bank statement
    • Non-salaried applicants – Audited Balance Sheet, last 2 years IT returns, last 12 months bank statement
    • Agriculturists who do not file IT returns – Income certificate issued by Mandal Revenue Officer/Tahsildar/Revenue Department Officer with state-level gazetted rank

    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. What is the processing fee that is levied by Bank of Maharashtra on car loans?
    2. 0.25% is the processing fee that is levied by Bank of Maharashtra on its car loans.

    3. What types of vehicles do Bank of Maharashtra offer the car loan facility for?
    4. Bank of Maharashtra offers the car facility for hatchbacks, sedans, SUVs, MUVs, and jeeps for personal use.

    5. What is the maximum finance provided by Bank of Maharashtra?
    6. Up to 90% of the ex-showroom price of the car may be provided as a loan.

    7. Is it possible to combine the income of my spouse to check the loan amount I am eligible for?
    8. Yes, you can include the income of your spouse to check the loan amount you are eligible for.

    9. Should I provide any collateral or security when I avail the car loan?
    10. 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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    Bank of Maharashtra Car Loan Reviews

    • Bank of Maharashtra
      "Good"
      0.5 3.0/5 "Satisfactory"
      Since i am holding a savings account Bank of Maharashtra they called me and offered me for 4 wheeler loan. I applied through and received the loan amount time and was satisfy with the service. They provided me with ROI of 9% which was nominal with the tenure 7 years.
      Was this review helpful? 7
      , pune
      Reviewed on Jul 13, 2019
    • Bank of Maharashtra
      Bank of Maharashtra
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for car loan directly through Bank Of Maharashtra and the process was really smooth and very good to me .I have applied for 4lakhs for the tenure of 7 years and the loan amount got on time and it was sufficient as well .The rate of interest was nominal and zero processing fee . I took Wagon R.
      Was this review helpful? 6
      , gurgaon
      Reviewed on Jun 25, 2019
    • Bank of Maharashtra
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I received a excellent response from bank of Maharashtra after I had applied for a car loan. The bank also offered me a good deal on the rate of interest. I got a deal of around 9% and they charge me any processing fee. The process was completed on time and in all no issues.
      Was this review helpful? 9
      , solapur
      Reviewed on Jul 07, 2017
    • Bank of Maharashtra
      "They took very less time"
      0.5 5.0/5 "Blown Away!"
      I have closed down this Bank of Maharashtra car loan .Everything was fine they took very less time to provide the loan. They were very co operative nothing special . I was holding this car loan for a period of 3 years . They did not ask for any surety it was offered based up on company and I did not get any corporate discounts on the interest rate.
      Was this review helpful? 16
      , pune
      Reviewed on Oct 17, 2015
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