Bank of Maharashtra Car Loan Key Features-Dec 23 2024
Bank of Maharashtra Car Loan Interest Rate | 7.35% per annum |
Min Loan Amount | ₹ 100,000 |
Max Loan Amount (Loan to Value) |
Loan up to 85% of On Road Price |
Loan Tenure | 1 year to 7 years |
Lowest EMI / Lac | ₹ 1,622 |
Minimum Net Monthly Income | ₹ 30,000 |
Minimum ITR for Self Employed | ₹ 300,000 |
Age Criteria | Salaried: 18 years to 60 years Self Employed: 21 years to 65 years |
Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs). |
Processing Fee | Up to 0.40% |
Foreclosure Charges | NA |
Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Bank of Maharashtra Car Loan
Bank of Maharashtra offers Car Loan with minimum documentation and hassle-free processing. It offers loan amounts up to 85% of the On-Road Price.
Bank of Maharashtra provides Car Loans at attractive interest rates to the consumer for purchasing their dream car whether new or second hand. You can easily avail of a loan that can be acquired who have a good credit/CIBIL score.
Advantages of Bank of Maharashtra Car Loan
⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges
Bank of Maharashtra Car Loan Eligibility
The car loan eligibility requirements are as followed:
Salaried Individual |
|
Self-Employed Individuals |
|
Self-Employed Non-Individuals (Company/Partnership) |
|
Priority Customers |
|
Bank of Maharashtra Car Loan Interest Rate, Fees, and Charges
Charges | New Car Loan | Used Car Loan |
Interest Rate | 7.35% per annum |
9.70% p.a. |
Processing fee | 0.40% of the loan amount | 0.40% of the loan amount |
Issuance of Duplicate Repayment Schedule Charges | NIL | NIL |
Foreclosure Charges | NIL | NIL |
Penal Interest | NIL | NIL |
Part Payment charges | NIL | NIL |
Cheque/Instrument Swap Charge | NIL | NIL |
Documentation Charge | NIL | NIL |
Issuance of Duplicate No Dues Certificate Charges | NIL | NIL |
Registration Certification Collection Charge | NIL | NIL |
Cheque Bounce/Instrument Return Charges | NIL | NIL |
Issuance of Duplicate Statement Charges | Rs.100 per instance | Rs.100 per instance |
Loan Cancellation/Re-booking Charges | NIL | NIL |
Issuance of Credit Report | NIL | NIL |
Bank of Maharashtra Car Loan Documents Required
Salaried Individual
Category | Documents Required |
Identity Proof
(Any 1) |
Driving License Aadhaar Card Passport PAN Voter ID |
Address Proof
(Any 1) |
Driving License Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving License PAN |
Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
Category | Documents Required |
Identity Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving License PAN |
Signature Proof (Any 1) | Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
Category | Documents Required |
Identity Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
Category | Documents Required |
Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
How to Increase Your Eligibility for Bank of Maharashtra Car Loan
- Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in the Bank of Maharashtra. This will be an indication of your higher repayment capacity for the Bank of Maharashtra Car Loan, which will build a sense of confidence in you.
- Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Bank of Maharashtra car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for the Bank of Maharashtra Car Loan.
- Maintain a low debt-to-income ratio: A low debt-to-income ratio in the Bank of Maharashtra means you have a good balance between your earnings and your spending. This is because before the Bank of Maharashtra decides to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for the Bank of Maharashtra Car Loan.
- Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Bank of Maharashtra car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Bank of Maharashtra loan are higher.
Factors Affecting Bank of Maharashtra Car Loan Eligibility
The eligibility criteria for a car loan will depend on the below-given factors:
- Income: If your income is on the higher side, there is a good chance that your eligibility for a Bank of Maharashtra car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Bank of Maharashtra car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount: Your Eligibility Criteria for Car Loan from Bank of Maharashtra will be higher if you apply for a lower loan amount as if the loan amount is lower, Bank of Maharashtra knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for the Bank of Maharashtra Car Loan.
- Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in the Bank of Maharashtra. It might give an impression to the bank that you do not possess the ability to pay Your Bank of Maharashtra loan.
- Credit score: This is an important factor that every bank, including the Bank of Maharashtra, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by the Bank of Maharashtra and most lenders.
- Relationship with the bank: As stated earlier, Bank of Maharashtra offers instant car loans to their existing customers, which allow Bank of Maharashtra’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.
Bank of Maharashtra Car Loan Customer Care – Toll-Free Number
Bank of Maharashtra 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800 233 4526. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800 233 4526.
Bank of Maharashtra Car Loan EMI Calculator
The applicant has the choice to know the EMI’s before getting a Car Loan. So, you can easily know the EMIs through the link below:
Bank of Maharashtra Car Loan Types
Bank of Maharashtra provides different types of car loans to its customers. An applier has the option of selecting the offer which suits your need. Bank of Maharashtra offers the following types of Car Loans:
- New Car Loan – If you want to buy a new car, this proposal is for you. You can get a car loan from the Bank of Maharashtra for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you want to purchase a used car then you can choose this scheme which provides a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can choose this scheme if you need urgent funds where you can keep your cars as a guarantee with the bank.
Bank of Maharashtra Car Loan Pre Calculated EMI
Loan Amount
2 Years
3 Years
5 Years
7 Years
1 Lakh
₹ 4,480
₹ 3,090
₹ 1,982
₹ 1,512
3 Lakh
₹ 13,439
₹ 9,270
₹ 5,947
₹ 4,535
5 Lakh
₹ 22,398
₹ 15,450
₹ 9,912
₹ 7,559
10 Lakh
₹ 44,795
₹ 30,900
₹ 19,825
₹ 15,117
How to Apply for Bank of Maharashtra Car Loan?
- Visit Dialabank and fill a form.
- Our Relationship Manager will guide you throughout the entire processing of a Car Loan.
- Also, compare different offers from various banks and opt for the one which suits your needs.
- So, you can easily avail of a Car Loan through Dialabank and enjoy the best offers.
Tips to Decide the Right Amount of EMI in Car Loan
Car Loan EMI Changes in Case of Pre-payment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in the Bank of Maharashtra is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Bank of Maharashtra gives you two options:
How to Calculate Bank of Maharashtra Car Loan EMI
Before you avail of a car loan from the Bank of Maharashtra, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
Bank of Maharashtra Car Loan for Top Selling Cars
Other Available Products from Bank of Maharashtra
Bank of Maharashtra Personal Loan | Bank of Maharashtra Gold Loan | Bank of Maharashtra Home Loan |
Bank of Maharashtra Credit Card | Bank of Maharashtra Two Wheeler Loan | Bank of Maharashtra Education Loan |
FAQs for Bank of Maharashtra Car Loan
✅ What is the Bank of Maharashtra Car Loan?
Bank of Maharashtra Car Loan is a car loan offered to you for buying a new car and used car.
✅ How can I get a Car Loan from the Bank of Maharashtra?
You can get a car loan from the Bank of Maharashtra by visiting the nearest branch of the Bank of Maharashtra. You will get satisfaction to apply from anywhere.
✅ How does the Bank of Maharashtra Car Loan work?
Bank of Maharashtra works on providing car loans at attractive interest rates. You can get a car loan easily and quickly. Bank of Maharashtra provides flexible loan tenure duration.
✅ What is the Car Loan Interest Rate in the Bank of Maharashtra?
The interest rate in the Bank of Maharashtra for a car loan starts at
7.35% per annum
.✅ How to Check Car Loan status in the Bank of Maharashtra?
You must visit the Bank of Maharashtra branch to examine your car loan status. Also, use the net-banking services of the Bank of Maharashtra.
✅ How to Calculate Car Loan interest in the Bank of Maharashtra?
For the calculation of your car loan interest in the Bank of Maharashtra, the following information is required:
- Loan amount
- Interest Rate
- Loan tenure
You can calculate interest through the EMI calculator available at Dialabank’s website.
✅ What is the maximum loan amount I can avail myself of on a Car Loan from the Bank of Maharashtra?
The maximum loan amount for a car loan from the Bank of Maharashtra is up to 85% funding on On Road Price.
✅ What is the loan tenure of the Bank of Maharashtra Car Loan?
The loan tenure period of the Bank of Maharashtra for availing of a car loan is up to 7 years.
✅ Can I get a 100% Car Loan from the Bank of Maharashtra?
You can get a loan of up to 85% on On-Road Price for a car loan from the Bank of Maharashtra. To avail of a 100% Car loan, you must visit the online platform of Dialabank.
✅ How much processing fee is applicable on the Bank of Maharashtra Car Loan?
The processing fee is up to 0.40% of the loan amount on the Bank of Maharashtra for getting a car loan.
✅ What are the EMI options available on the Bank of Maharashtra Car Loan?
Step-up EMI and Balloon EMI are the EMI options available on the Bank of Maharashtra Car Loan.
✅ What are the charges for Prepayment in the Bank of Maharashtra Car Loan?
No charges for prepayment in the Bank of Maharashtra for getting a car loan.
✅ Can I get a top-up loan on my existing Bank of Maharashtra Car Loan?
Yes, you can get a top-up loan on your existing Bank of Maharashtra car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.
✅ Do I need to provide a guarantor to avail myself a car loan from the Bank of Maharashtra?
Yes, you can avail a guarantor for getting a car loan from the Bank of Maharashtra. It will increase your car loan eligibility.
✅ How to get the Bank of Maharashtra Car Loan Statement?
To get a car loan statement from the Bank of Maharashtra, you can use the Bank of Maharashtra’s mobile banking app.
✅ How to pay Bank of Maharashtra Car Loan interest online?
You can pay your car loan interest through the net-banking services of the Bank of Maharashtra. If you want a low-interest car loan, you must visit Dialabank online.
✅ What if I can’t pay the interest on the Bank of Maharashtra Car Loan for 3 months?
If you can’t pay the interest on the Bank of Maharashtra Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will redraft.
✅ How can I apply for EMI Moratorium on the Bank of Maharashtra Car Loan?
You can apply for EMI Moratorium on Bank of Maharashtra by visiting the nearby branch of Bank of Maharashtra or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.
✅ What is the number for the Bank of Maharashtra Car Loan agent?
The number for the Bank of Maharashtra Car Loan agent is 1800-233-4526.
✅ Can I close the Bank of Maharashtra car loan online?
You can close your car loan from the Bank of Maharashtra by using the net-banking page of the Bank of Maharashtra. You have to log in with your details on the net -banking page and pay your car loan.
✅ What is the Bank of Maharashtra Car Loan Customer Care Number?
The customer care number of the Bank of Maharashtra for car loan queries is 1800-102-2636.
✅ How can I get NOC from the Bank of Maharashtra for a car loan?
You can get a car loan NOC from the Bank of Maharashtra when you paid your car loan amount.
✅ What is the Bank of Maharashtra Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Bank of Maharashtra Car Loan account.
- Pay the pre-closure charges as per the Bank of Maharashtra Car Loan.
✅ What are the Bank of Maharashtra Car Loan preclosure charges?
Bank of Maharashtra Car Loan preclosure charges are up to 6%+ GST.
✅ What is the Bank of Maharashtra Car Loan maximum tenure?
The Bank of Maharashtra Car Loan maximum tenure is 7 years.
✅ What is the Bank of Maharashtra Car Loan minimum tenure?
The Bank of Maharashtra Car Loan minimum tenure is 1 year.