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Compare Bank of Maharashtra vs Bank of Baroda Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
6.80% - 10.30%
7.00% - 12.00%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
9.95% - 10.30%
7.00% - 12.00%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
Nil
0.75% of loan amount
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,611
₹ 14,621
Maximum LTV for New Car
Maximum LTV for New Car
90% of on-road price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
50 % of market value
80 %
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
18 Years
21 Years
Maximum Age
Maximum Age
60 Years
70 Years
Minimum Income
Minimum Income
₹ 4.00 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare Car Loan EMI of Bank of Maharashtra and Bank of Baroda

Compare Car Loan EMI for different loan amounts for lowest rate and maximum tenure offered by Bank of Maharashtra at 6.80% for 7 years and Bank of Baroda at 7.00% for 7 years.

Loan Amount Bank of Maharashtra Bank of Baroda
₹ 1 Lakh ₹ 14,611 ₹ 14,621
₹ 3 Lakh ₹ 43,834 ₹ 43,863
₹ 5 Lakh ₹ 73,057 ₹ 73,105
₹ 10 Lakh ₹ 1,46,114 ₹ 1,46,210

Which Bank is better for Car Loan – Bank of Maharashtra or Bank of Baroda?

Bank of Maharashtra offers lower Car Loan EMI at ₹ 14,611 on a Car Loan for 7 years as compared to Bank of Baroda and with a minimum EMI of ₹ 14,621 for 7 years. Average customer ratings for Bank of Maharashtra is currently at which makes it a good choice for taking a Vehicle Loan.

How does Bank of Maharashtra Car Loan compare with Bank of Baroda Car Loan?

It is important to do a detailed comparison of Bank of Maharashtra and Bank of Baroda Car Loan on all loan terms and conditions to understand their differences in rates and charges and make a better choice amongst the banks. Some of the conclusion drawn on the comparison between banks are:

  • The lowest Interest rate of Bank of Maharashtra Car Loan interest rate is 6.80%, which is lower than the lowest interest rate of Bank of Baroda Car Loan at 7.00%. Thus, Bank of Maharashtra car loan is cheaper in comparison to Bank of Baroda.
  • If you want to buy a used car, you can opt for Bank of Baroda as it offers used car loan at a lower interest rate of 7.00% in comparison of Bank of Maharashtra which offers a higher rate of 9.95% on used car loan.
  • When compared to other Car Loan charges such as processing fees in terms of Percentage, Bank of Maharashtra charges a lower processing fee of N.A vs Bank of Baroda with a processing fee of 0.75% of loan amount.
  • Bank of Baroda has a maximum processing fee of ₹ 10,000 compared to Bank of Maharashtra with processing fees of NIL. Hence, customers looking for a higher loan amount will get a benefit on processing fees by opting for Bank of Maharashtra.
  • The maximum LTV offered on a car loan is similar for Bank of Baroda and Bank of Maharashtra at 90% of on-road price.

Which bank offers a lower interest rate on Car Loan - Bank of Maharashtra or Bank of Baroda?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 6.80% on Car Loan when compared to Bank of Baroda which offers a Car Loan at 7.00%.

What is the maximum LTV offered on a Car Loan amongst Bank of Maharashtra or Bank of Baroda?

The maximum LTV offered on a car loan is similar for Bank of Baroda and Bank of Maharashtra at 90 of on-road price.

Know all about Car Loan

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Know More About Bank of Baroda Car Loan

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Our News - Jan 2022
  • 2022-01-24 : Axis Bank Net Profit Jumps 224 Percent to Rs 3,614 crore.
    Axis Bank has reported a 224 per cent year-on-year rise in its net profit at Rs 3,614 crore for the quarter ended December, which was sharply above analysts expectations of Rs 3,046 crore. The bank also witnessed a 17 per cent on-year growth in net interest income to Rs 8,653 crore for the December quarter.
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-18 : Bank of Maharashtra Decreases Car Loan Interest Rates
    Bank of Maharashtra has decreased car loan rates for new cars by five basis points, and its lowest rates start at 10.80%.
  • 2022-01-07 : Tata Capital Launches Flexi Plus Loans for Different Categories
    Tata Capital has launched Flexi Plus loans across different products including, personal, business, loan Against Property, two-Wheeler and home Loans. The loan comes with longer tenure, overdraft facility and a step-up plan.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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