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Compare Kotak Bank vs Bank of Maharashtra Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
6.50% - 20.00%
6.80% - 10.30%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
6.50% - 20.00%
9.95% - 10.30%
Rate Type
Rate Type
Fixed
Floating
Processing Fee
Processing Fee
Min ₹ 3,300, Max ₹ 4,750
Nil
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 20,326
₹ 14,611
Maximum LTV for New Car
Maximum LTV for New Car
90% of ex-showroom price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
90 % of market value
50 % of market value
Maximum Tenure
Maximum Tenure
5 Years
7 Years
Prepayment Charges
Prepayment Charges
Not allowed for 6 months; 5.21% charges after 6 months
Nil
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
65 Years
60 Years
Minimum Income
Minimum Income
₹ 1.00 lakh
₹ 4.00 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.5/5.0
3.5/5.0
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Compare Car Loan EMI of Kotak Bank and Bank of Maharashtra

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 Kotak Bank at 6.50% for 5 years.

Loan Amount Kotak Bank Bank of Maharashtra
₹ 1 Lakh ₹ 20,326 ₹ 14,611
₹ 3 Lakh ₹ 60,979 ₹ 43,834
₹ 5 Lakh ₹ 1,01,631 ₹ 73,057
₹ 10 Lakh ₹ 2,03,262 ₹ 1,46,114

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

Bank of Maharashtra offers lower Car Loan EMI at ₹ 14,611 on a Car Loan for 7 years as compared to Kotak Bank and with a minimum EMI of ₹ 20,326 for 5 years. Average customer ratings for Bank of Maharashtra is currently at 3.5 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Kotak Bank and Bank of Maharashtra 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 Kotak Bank Car Loan interest rate is 6.50%, which is lower than the lowest interest rate of Bank of Maharashtra Car Loan at 6.80%. Thus, Kotak Bank car loan is cheaper in comparison to Bank of Maharashtra.
  • If you want to buy a used car, you can opt for Bank of Maharashtra as it offers used car loan at a lower interest rate of 6.50% in comparison of Kotak Bank which offers a higher rate of 9.95% on used car loan.
  • Kotak Bank has a maximum processing fee of ₹ 4,750 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 Maharashtra and Kotak Bank at 90% of on-road price.

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

As per the current rates, Kotak Bank offers a lower interest rate of 6.50% on Car Loan when compared to Bank of Maharashtra which offers a Car Loan at 6.80%.

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

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

Know all about Car Loan

Know More About Kotak Bank Car Loan

Know More About Bank of Maharashtra Car Loan

Compare Kotak Bank Car Loan With Other Banks

Compare Bank of Maharashtra Car Loan With Other Banks

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Our News - Jan 2022
  • 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.
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
*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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