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Bank Maharashtra Car Loan Interest Rate

Last Updated 07th Sep 2017

Bank of Maharashtra Car Loan Calculator India Sep 2017

Features and Eligibility New Car Loan Bank of Maharashtra Used Car Loan Bank of Maharashtra
Interest Rates 9.20% Floating
Check Best Offers
9.70% Floating
Maximum Loan Amount Eligibility 85% of on-road price 50% of market value
Maximum Loan Tenure 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount Rs. 1,619 Rs. 2,086
Processing Fee 0.25%Min Rs. 1,000 Max Rs. 15,000 0.25% Min Rs. 500
Prepayment Charges Not Available Not Available
Interest Calculation Monthly reducing balance Monthly reducing balance
Age Between 18 years and 60 years Between 18 years and 60 years
Apply Car Loan @ 9.25%*
Rs.
Rs.
+91

Bank of Maharashtra Car Loan

Bank of Maharashtra gives car loan to borrowers who need funds to buy a new car. Benefits of taking vehicle loan from Bank of Maharashtra are:

  • Quick disbursal of loan
  • Competitive interest rates
  • Customer-friendly policies

Bank of Maharashtra Vehicle Loan Interest Rates

Car Loan interest rate depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. Bank of Maharashtra offers 85% of on-road price price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Bank of Maharashtra interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Bank of Maharashtra has a list of company categories of salaried individuals to which they avail vehicle loan. So, higher company category leads to low rate of interest.
  • Relationship with the Bank: Bank of Maharashtra offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low vehicle loan interest rate.
  • Loan Tenure: Bank of Maharashtra vehicle loans are of longer repayment tenure of 7 years.
  • Repayment Capacity: Before giving loan to the borrower, Bank of Maharashtra checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Bank of Maharashtra Car Loan Eligibility

The following table depicts the various eligibility criteria for availing a car loan.

Age 18 years - 60 years
Minimum Annual Income Salaried: Rs. 4.00 Lakhs
Self Employed Professionals: Rs. 4.00 Lakhs
Self Employed Businessmen: Rs. 4.00 Lakhs
Minimum Credit Score 700 and above
Loan Tenure 7 years
Loan to Value Ratio 85% of on-road price

Eligibility of car loan relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are:

Age: Age plays an important role to know your eligibility and repayment capacity. Bank of Maharashtra offers car loan to those who are atleast 18 years old at the time of loan approval and maximum 60 years at the time of loan maturity.

Income: Bank of Maharashtra car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Bank of Maharashtra asks for net annual income of minimum Rs. 4.00 lakhs.

Job stability and Profession: Job stability is important to improve your status and eligibility for vehicle loan from Bank of Maharashtra. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers low interest vehicle loan to the employees of reputed companies.

CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Bank of Maharashtra car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your vehicle loan eligibility. Generally, Bank give loan at a CIBIL score of 700 and above.

Loan Amount: Bank of Maharashtra gives you vehicle loan depending upon your income. Bank of Maharashtra gives 85% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

Bank of Maharashtra Car Loan EMI Calculator

Car Loan EMI of Bank of Maharashtra is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Bank of Maharashtra is Rs. 1,619 per lakh loan amount at lowest vehicle loan interest rate of 9.25%. Car Loan EMI of Bank of Maharashtra depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI.
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh.
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount.

Features of vehicle loan EMI

  • 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 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 vehicle loan tenure here and check the EMI amount using the vehicle 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 vehicle loan agent.

Illustration

You can calculate the monthly payment (EMI) yourself using the following equation

E= P. r. (1+r)n/[(1+r) n -1]

Where,

  • P represents the principal amount that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Let’s say you take out a vehicle loan for Rs. 700,000 to be paid back over 5 years at an interest rate of 9.25%. Your monthly payments for this loan after applying the above formula would be Rs. 14,616 for 5 years.

Fee and Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bank of Maharashtra allows prepayment of vehicle loan after paying 1 EMI with prepayment .

Processing Fee - Bank of Maharashtra asks for a processing fee of 0.25% of loan amount. Min. Rs. 1000and Max. Rs.15,000 with applicable service tax.

Bank of Maharashtra Car Loan Top up, Balance Transfer

  • Bank of Maharashtra offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria
  • You can avail additional top-up car loan from Bank of Maharashtra, subject to your eligibility

Documents required

Salaried Employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car

Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Frequently Asked Questions on Bank Maharashtra Car Loan

How much interest is charged by Bank of Maharashtra on 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% 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 0.25% of loan amountMin. Rs. 1,000 and Max. Rs. 15,000 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 .

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.

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