Bank Maharashtra Car Loan

Factors Affecting Bank Maharashtra Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Bank of Maharashtra depends upon

• Loan amount: Generally banks offer lower interest rates for higher amount. However Bank of Maharashtra offers 90% of on-road 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 car loan. So, a higher company category leads to a 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 the past will get the benefit of low Bank of Maharashtra Car loan interest rate.
• Loan Tenure - Bank Maharashtra car 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.

Eligibility of car loan in Bank Maharashtra 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 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 lakh.
• Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Bank of Maharashtra. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Bank of Maharashtra increases as the income is considered to be more stable and the bank offers low interest car 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 car loan eligibility.
• Loan Amount: Bank of Maharashtra gives you a car loan depending upon your income. Bank of Maharashtra gives you 90% 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.

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

• Opting for pre-approved car loans: Like every bank, Bank of Maharashtra also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
• Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
• Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
• Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

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. per lakh loan amount at lowest car loan interest rate of 7.55%. 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

Car loan Bank of Maharashtra documents for salaried employees

• Filled up loan application form
• 2 Passport Size Photo
• Copy of Income Tax PAN
• Identity Proof - 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 payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
• R.C of Vehicle and Insurance of Car.

Car loan Bank of Maharashtra documents for self-employed

• Filled up loan application form
• 2 Passport Size Photo
• Copy of Income Tax PAN
• Identity Proof - 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 payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
• R.C of Vehicle and Insurance of Car.

• 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 car loan after paying 1 EMI’s with Nil
• Processing Fee - Bank of Maharashtra asks for a processing fee of 0.25% of loan amount Min. Rs. 15,000 and Max. Rs. 15,000 with applicable service tax

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

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

Bank Maharashtra car loan interest rates today are 7.55% to 10.40%.

✅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. 1536.3.

✅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 can I borrow from Bank of Maharashtra?

Bank of Maharashtra offers you 90% of on-road price of the 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 amount Min. ₹ 15,000 and Max. ₹ 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 a car loan from Bank of Maharashtra with Nil 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 a higher loan amount.

City	Customer Care Number
Agra	1800-102-2636
Ahmedabad	1800-233-7905
Ambala	1800-102-2636
Anand	1800-102-2636
Aurangabad Bihar	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
Sonipat	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