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Compare SBI vs Bank of Maharashtra Car Loan

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Bank
Interest Rate for New Car Loan
Interest Rate for New Car Loan
7.15% - 8.05%
6.80% - 10.30%
Interest Rate for Used Car Loan
Interest Rate for Used Car Loan
9.35% - 12.35%
9.95% - 10.30%
Rate Type
Rate Type
Floating
Floating
Processing Fee
Processing Fee
0.20% of loan amount
Nil
Lowest EMI per ₹ 1 lakh
Lowest EMI per ₹ 1 lakh
₹ 14,628
₹ 14,611
Maximum LTV for New Car
Maximum LTV for New Car
85% of on-road price
90% of on-road price
Maximum LTV for Used Car
Maximum LTV for Used Car
85 % of on-road price
50 % of market value
Maximum Tenure
Maximum Tenure
7 Years
7 Years
Prepayment Charges
Prepayment Charges
Nil
Nil
Minimum Age
Minimum Age
21 Years
18 Years
Maximum Age
Maximum Age
67 Years
60 Years
Minimum Income
Minimum Income
₹ 999.99 lakh
₹ 4.00 lakh
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.3/5.0
4.3/5.0
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Compare Car Loan EMI of SBI 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 SBI at 7.15% for 7 years.

Loan Amount SBI Bank of Maharashtra
₹ 1 Lakh ₹ 14,628 ₹ 14,611
₹ 3 Lakh ₹ 43,885 ₹ 43,834
₹ 5 Lakh ₹ 73,141 ₹ 73,057
₹ 10 Lakh ₹ 1,46,282 ₹ 1,46,114

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

Bank of Maharashtra offers lower Car Loan EMI at ₹ 14,611 on a Car Loan for 7 years as compared to SBI and with a minimum EMI of ₹ 14,628 for 7 years. Average customer ratings for Bank of Maharashtra is currently at 4.3 which makes it a good choice for taking a Vehicle Loan.

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

It is important to do a detailed comparison of Bank of Maharashtra and SBI 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 SBI Car Loan at 7.15%. Thus, Bank of Maharashtra car loan is cheaper in comparison to SBI.
  • 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 9.35% in comparison of SBI 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 SBI with a processing fee of 0.20% of loan amount.
  • SBI 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.
  • Bank of Maharashtra offers loan of upto 90% of on-road price for a new car loan, whereas, SBI offers vehicle loan of upto 85% of on-road price.

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

As per the current rates, Bank of Maharashtra offers a lower interest rate of 6.80% on Car Loan when compared to SBI which offers a Car Loan at 7.15%.

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

Banks provide car loans on ex-showroom price & on-road price. Bank of Maharashtra provides a higher LTV of upto 90% of on-road price. However, SBI provides the lower LTV 85% of on-road price.

Know all about Car Loan

Know More About SBI Car Loan

Know More About Bank of Maharashtra Car Loan

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Our News - May 2022
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Union Bank Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.30% to 8.40% for new cars. In addition, the bank offers car loans for old cars starting at 10.80% to upto 10.90%.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Punjab National Increases Car Loan Interest Rates
    The bank has increased the interest rates on both new and old cars. The car loan interest rate ranges from 7.05% to 9.10% for new cars. In addition, the bank offers car loans for old cars starting at 8.50% to upto 9%.
  • 2022-05-10 : Federal Bank Revises Car Loan Interest Rates
    Federal Bank has increased interest rates on new car loans. After the revision, the car loan rates increased from 8.50% to 8.90%. The bank has also revised second-hand car loan rates to 14.20%.
*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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