- MyLoanCare
- Car Loan
- Bank Of Maharashtra
Bank Maharashtra Car Loan
Bank of Maharashtra Auto Loan
Features and Eligibility | Bank of Maharashtra New Car Loan Scheme | Bank of Maharashtra Used Car Loan Scheme |
---|---|---|
Rate of Interest | 7.55% Floating | 10.05% Floating |
Loan Amount Eligibility | 90% of on-road price | 50% of market value |
Lowest EMI per Lakh | ₹ 1,536 | ₹ 2,127 |
Maximum Repayment Tenure | 7 years | 5 years |
Age | Between 18 years and 60 years | Between 18 years and 60 years |
Processing Fee | 0.25% Min ₹ 500 | |
Foreclosure Charges | Not Available | Not Available |
- MyLoanCare does not charge any fees for processing your application. Never pay any cash to anyone for your application.
- Never share your OTP with anyone.
Please Re-confirm Your Number
Please Re-confirm Your
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.
Bank of Maharashtra Car Loan Eligibility
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.
How to increase Bank of Maharashtra Car Loan Eligibility?
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.
Bank of Maharashtra Car Loan EMI
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. 1,536 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
Documents Required for Bank Maharashtra Car Loan
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.
Fee and Charges on Car Loan Bank of Maharashtra
- 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
Bank of Maharashtra Car Loan Top up, Balance Transfer
- 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
FAQs
✅How much interest is charged by Bank of Maharashtra on car loan?
Bank Maharashtra car loan interest rates today are 7.55% to 8.55%.
✅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.
✅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 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.
Compare Car Loan Interest Rates of Bank Maharashtra with other banks
Bank of Maharashtra Car Loan in India
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 |
- 2021-03-26 : Bank of Maharashtra opened 6 more branches
Bank of Maharashtra opened additional 6 branches. The Bank is aiming to serve its large customer base and increase its loan portfolio which includes home, personal, LAP, Business, gold, two-wheeler and car loan. - 2021-02-19 : Bank of Maharashtra waived its processing fee
Bank of Maharashtra reduced the processing fee of home and car loans to zero. The primary aim of the move is to lure the borrower and increase the credit portfolio. - 2021-02-05 : Bank of Maharashtra waived processing charges on super car loan scheme
Bank of Maharashtra reduced the processing fee to nil on super car loan scheme. The charges are waived off till 28 February 2021. The nil charges will help the car loan borrowers to reduce the additional charges on car loan. - 2021-01-19 : Bank of Maharashtra reported Q3 profit up of ₹154 crore
Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter. - 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
