Bank Maharashtra Car Loan Rate, Eligibility Calculator, Apply Online
Bank of Maharashtra Car Loan Offer May 2017
|Features and Eligibility||Bank of Maharashtra New Car Loan Scheme||Bank of Maharashtra Used Car Loan Scheme|
|Interest Rates||9.20% Floating
Check Best Offers
|Maximum Loan Amount Eligibility||85.00% of on-road price||50.00% of market value|
|Maximum Loan Tenure (years)||7 years||5 years|
|Lowest EMI per Rs. One Lakh Loan Amount (Rs.)||Rs. 1,619||Rs. 2,086|
|Processing Fee||0.25% Min Rs. 1000 Max Rs. 15000||0.25% Min Rs. 500|
|Prepayment Charges||Not Available||Not Available|
|Interest Calculation||Monthly reducing balance||Monthly reducing balance|
|Age (years)||Between 18 years and 60 years||Between 18 years and 60 years|
Eligibility Condition for Bank of Maharashtra Car Loan
|Bank of Maharashtra New Car Loan Scheme||Bank of Maharashtra Used Car Loan Scheme|
|Minimum Net Annual Income (Rs. lakh)|
|Self employed professionals||4.0||3.0|
|Self employed businessmen||4.0||3.0|
- Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
- The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
- Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the
car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.
Frequently Asked Questions on Bank Maharashtra Car Loan
Bank Maharashtra car loan interest rates today are 9.20% .What is the lowest EMI per lakh on Bank of Maharashtra car loan?
If you apply for a car loan from Bank of Maharashtra, your lowest EMI per lakh will be Rs. 1,619.What is the maximum tenure of Bank of Maharashtra car loan?
You can repay your car loan from Bank of Maharashtra in a flexible period of 7 years.How much car loan I can borrow from Bank of Maharashtra?
Bank of Maharashtra offers you 85.00% of on-road price of car as loan.How much processing fee is charged by Bank of Maharashtra on car loan?
Bank of Maharashtra charges a processing fee of of % of loan amount Min. Rs. number_format(1000) and Max. Rs. number_format(15000) with applicable service tax.Is age an eligibility factor to get car loan from Bank of Maharashtra?
Yes, age is an important eligibility factor to get Bank of Maharashtra car loan as you should be at least 18 years old at loan approval time and 60 years old at loan maturity time.Are there any prepayment charges on Bank of Maharashtra car loan?
You can take car loan from Bank of Maharashtra with prepayment charges.Can I add my spouse's income while applying for car loan from Bank of Maharashtra?
You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.