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Bank of Maharashtra Car Loan EMI Calculator Jul 2017

Last Updated 10th Jul 2017

Bank of Maharashtra Car Loan EMI Calculator

Lowest EMI on Bank of Maharashtra Car Loan - Rs. 1,619 per lakh

Loan Amount 2 Years 3 Years 5 Years 7 Years
Rs. 100,000 Rs. 4,578 Rs. 3,189 Rs. 2,086 Rs. 1,619
Rs. 300,000 Rs. 13,733 Rs. 9,568 Rs. 6,257 Rs. 4,857
Rs. 500,000 Rs. 22,888 Rs. 15,946 Rs. 10,428 Rs. 8,095
Rs. 1,000,000 Rs. 45,777 Rs. 31,893 Rs. 20,856 Rs. 16,191
Car Loan Calculator
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Factors affecting Bank of Maharashtra Car Loan EMI

  • Borrower age should be between 18 years to maximum 60 years
  • Maximum car loan amount offered by Bank of Maharashtra is up to 85.00% of on-road price
  • Interest rates starts @ 9.20% depending upon down payment, net income and other factors
  • Processing fee in Bank of Maharashtra may be 0.25% of loan amount Min Rs. 1,000 Max Rs. 15,000

Bank of Maharashtra Car Loan EMI

  • Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank of Maharashtra against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Bank of Maharashtra offering car Loans with loan tenure upto 84 years, the loan EMI can be as low as Rs. 1 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Bank of Maharashtra are as low as 9.20%.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Bank of Maharashtra Car Loan Calculator Formula

Emi Calculator Formula

Here is an illustration of how Bank of Maharashtra Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 85.00% of on-road price
n = tenure in month. For Bank of Maharashtra, this can be 84 months

Car Loan EMI Calculator Bank of Maharashtra - How it works?

Bank of Maharashtra Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

  • Bank of Maharashtra Car loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Car Loan EMI – EMI changes in case of prepayment

In case you prepay your car loan, the outstanding balance on your car loan reduces. Bank of Maharashtra gives you two options:

  • Reduce your loan tenure and keep your car EMI same
  • Reduce the amount of EMI and keep your loan tenure same

It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Bank of Maharashtra in this option.

Frequently Asked Questions on Bank of Maharashtra EMI Calculator

What is the lowest EMI per lakh offered by Bank of Maharashtra on Car loan?

Bank of Maharashtra offers car loan at 9.20% interest rate and hence lowest EMI on per lakh loan amount is Rs. 1,619.

Can I prepay my Bank of Maharashtra car loan?

Bank of Maharashtra offers you an option of prepayment at charges.

Is there any processing charge on Car loan from Bank of Maharashtra?

Car Loan from Bank of Maharashtra charges a processing fee of 0.25% of loan amount Min Rs. 1,000 Max Rs. 15,000.

Bank of Maharashtra Car Loan Customer Care Number, Email, Application Status, Branches

Bank of Maharashtra Car Loan Calculator Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-102-2636
Ahmedabad 1800-233-7905
Ambala 1800-102-2636
Anand 1800-102-2636
Aurangabad 1800-102-2636
Bangalore 1800-425-8053
Bhilai 1800-102-2636
Bhilwara 1800-102-2636
Bhiwadi 1800-102-2636
Bhopal 1800-102-2636
Bhubaneswar Cuttack 1800-102-2636
Bikaner 1800-102-2636
Chandigarh 1800-102-2636
Chennai 1800-345-4566
Cochin 1800-102-2636
Coimbatore 1800-102-2636
Dehradun 1800-102-2636
Delhi 1800-114-747
Durg 1800-102-2636
Faridabad 1800-102-2636
Gandhinagar 1800-233-7905
Ghaziabad 1800-225-901
Goa 1800-102-2636
Greater Noida 1800-114-747
Gurgaon 1800-102-2636
Guwahati 1800-102-2636
Gwalior 1800-102-2636
Hyderabad 1800-345-4025
Indore 1800-102-2636
Jabalpur 1800-102-2636
Jaipur 1800-102-2636
Jalandhar 1800-102-2636
Jodhpur 1800-102-2636
Kanpur 1800-225-901
Karnal 1800-102-2636
Kolhapur 1800-102-2636
Kolkata 1800-345-3422
Kota 1800-102-2636
Kozhikode 1800-102-2636
Lucknow 1800-102-2636
Ludhiana 1800-102-2636
Madurai 1800-102-2636
Meerut 1800-102-2636
Mehsana 1800-102-2636
Mohali Sas Nagar 1800-102-2636
Mumbai 1800-225-901
Mussoorie 1800-102-2636
Nagpur 1800-233-4722
Nashik 1800-225-901
Noida 1800-114-747
Noida Extn 1800-114-747
Panipat 1800-102-2636
Patna 1800-102-2636
Pondicherry 1800-102-2636
Pune 1800-233-4525
Raipur 1800-102-2636
Rajkot 1800-233-7905
Ranchi 1800-102-2636
Rohtak 1800-102-2636
Roorkee 1800-102-2636
Salem 1800-345-4566
Shimla 1800-102-2636
Sonepat 1800-102-2636
Surat 1800-102-2636
Trichy 1800-102-2636
Udaipur 1800-102-2636
Vadodara 1800-102-2636
Varanasi 1800-102-2636
Vijaywada 1800-102-2636
Vizag 1800-102-2636
Bank Of Maharashtra Car Loan Calculator

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