Bank Maharashtra Car Loan Rate, Eligibility Calculator, Apply Online

Bank of Maharashtra Car Loan Offer Mar 2017

Last Updated 29th Mar 2017
Features and Eligibility Bank of Maharashtra New Car Loan Scheme Bank of Maharashtra Used Car Loan Scheme
Interest Rates 9.20% Floating Check Special Offer 9.70% Floating
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
Apply Car Loan Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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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)
--Salaried 4.0 3.0
--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.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on Bank Maharashtra Car Loan

How much interest is charged by Bank Maharashtra on car loan?

Bank Maharashtra offers an interest of 9.20% on car loan.

What is the lowest EMI per lakh on Bank Maharashtra car loan?

If you apply for a car loan from Bank Maharashtra, your lowest EMI per lakh will be Rs. 1,619.

What is the maximum tenure of Bank Maharashtra car loan?

You can repay your car loan from Bank Maharashtra in a flexible period of maximum 7 years.

How much car loan I can borrow from Bank Maharashtra?

Bank Maharashtra offers you 85.00% of of on-road price of car as loan.

How much processing fee is charged by Bank Maharashtra on car loan?

Bank Maharashtra charge a processing fee of 0.25% with applicable service tax.

Is age an eligibility factor to get car loan from Bank Maharashtra?

Yes, age is an important eligibility factor to get Bank 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 Maharashtra car loan?

You can take car loan from Bank Maharashtra with prepayment charges.

Can I add my spouse's income while applying for car loan from Bank Maharashtra?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Bank Maharashtra Car Loan Calculator News - Mar 2017
16th Jan 17 Axis Bank ties up with Droom.com to offer car loans for used cars
Axis Bank has announced a partnership deal with Droom.com (a leading new and used auto website) to provide car loans for both used and new cars. The bank will offer loan up to 85 percent of the value of vehicle with a maximum tenure of five years. As for used car loans, loan can be availed for cars which are less than five year old.
09th Jan 17 Bank of India reduces car loan rate by 70 basis points
Bank of India has reduced its car loan interest rate to 9.35 percent for new car buyers as compared to 10.05 percent earlier. The rate is effective from 7th January, 2017.
19th Dec 16 SBI offers on the spot car loan at 9.99 percent in Vishakhapattnam
SBI is offering spot sanctioning of car loan in the two day Express Auto Expo 2016 carnival. Customers can avail loan at an interest rate of 9.99 percent. Under the spot offer, SBI claims to complete all formalities and sanction the loan within a day.
29th Nov 16 Car loan market to remain stable despite demonetization
Moody Investors, a leading credit rating company, has maintained a stable outlook on the car finance market in the aftermath of demonetization. Robust economic growth and lower oil prices are expected to push growth in the car loan market despite the current market disruption. Even as bad debts in car loan market are expected to rise in the short term, the agency expects the bad debts to return to their current level during the course of 2017.
25th Nov 16 HDFC Bank ties up with Suzuki motorcycles as financing partner
HDFC Bank has announced a partnership with Suzuki Motorcycles to offer up to 100 percent finance on purchase of Suzuki two wheelers. The offer is available to government employees and HDFC Bank account holders.
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