Bank Maharashtra Car Loan Rate, Eligibility Calculator, Apply Online

Bank of Maharashtra Car Loan Offer Feb 2017

Last Updated 24th Feb 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 - Feb 2017
12th Jun 16 Bank of Maharashtra books Rs 120 cr loss in Q4
As per the results of Q4FY16, Bank of Maharashtra reported a Net Loss of Rs 119.84 crore due to rise in bad loans. The bank reported a decline in its Total Income reported at Rs 3,566.68 crore in March quarter. Asset quality showed signs of weakening as the Gross NPAs as a percentage to Total Advances increased to 9.34 percent from 6.33 percent in the year ago period. The Net NPAs also increased to 6.35 percent compared to 4.19 percent at the end of March 2015.
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