Bank of Maharashtra Car Loan EMI Calculator

Bank of Maharashtra is a prominent public sector bank that offers a comprehensive array of financial products and services, including competitive car loans. These loans are available with attractive interest rates, and borrowers can repay through monthly installments known as EMIs. Each EMI consists of a portion of the principal amount along with the accrued interest. To conveniently calculate your monthly payment for a car loan from the Bank of Maharashtra, you can use the car loan EMI calculator available on Wishfin.

How to Use Wishfin Bank of Maharashtra Car Loan EMI Calculator?

Using the Bandhan Bank car loan calculator on Wishfin is easy. Start by entering the principal amount, which is the amount you're borrowing from Bandhan Bank, not including any extra charges or the down payment. Next, add the interest rate that Bandhan Bank will charge on your car loan.

Finally, specify the loan tenure, or the period over which you plan to repay the loan. Once you input these details, you'll immediately see the total interest you will pay and the monthly EMI for your car loan. In addition, the page will display the amortization graph. This provides a clear picture of your financial obligations right from the start.

Formula to Calculate Bank of Maharashtra Car Loan EMI

The calculator uses the below formula to give you the EMI calculation:

[PxRx(1+R)^N]/[(1+R)^N-1]
In this formula:
P = Principal amount
R = Rate of Interest per month
N = Tenure in months
For instance, Preeti Sharma takes out a car loan of ₹6.5 lakhs from the Bank of India for 3 years with an interest rate of 9.4% per annum. According to the formula:

• The Principal Amount (P) is ₹6,50,000
• The Tenure (N) is 3 years or 36 months
• The Monthly Interest Rate (R) is 9.4% divided by 12, which equals 0.00783

EMI = [6,50,000 x 0.00783 x(1+0.00783)^36] / [(1+0.00783)^36-1]
= ₹20,791

Bank of Maharashtra Car Loan Amortisation Schedule

Let's walk through an example to see how the calculator works. Sakshi Kaushik, a 28-year-old Content Strategist from Delhi, wants to buy a car. She requires a ₹9.5 Lakh loan, which the Bank of Maharashtra has approved at an 11.2% annual interest rate for 6 years. Before committing, Sakshi wants to know exactly how much she will spend each month. She uses the car loan EMI Calculator to find out her monthly EMI, the total interest she will pay, and the overall amount she will end up paying back.

The Lowest EMI Offered by Bank of Maharashtra on Car Loans

Bank of Maharashtra offers car loans with interest rates starting at 8.70% and going up to 10%, depending on the borrower's income and credit score.

Below are the lowest and highest monthly EMIs for various loan amounts, calculated using annual interest rates of 8.70% and 10% for 5 years:

The Main Benefits of Using Bank of Maharashtra Car Loan EMI Calculator

Using the Bandhan Bank car loan EMI calculator offers several advantages that can help simplify the process of financing your new vehicle. Here are some key benefits:

1. Immediate Results: The calculator provides instant calculations, showing you the monthly EMI and total interest payable as soon as you input the necessary details. This quick feedback helps you make informed decisions faster.
   
2. Easy to Use: The interface is user-friendly, requiring no financial expertise to operate. Anyone can use it to quickly understand their potential loan repayments.
   
3. Customization: You can experiment with different variables, such as the loan amount, interest rate, and tenure, to find a repayment schedule that fits your budget. This flexibility allows you to plan your finances according to your repayment capacity.
   
4. Financial Planning: By knowing your monthly EMI in advance, you can better manage your monthly budget, ensuring that you can comfortably afford your car payments without disrupting your financial stability.
   
5. Transparency: The calculator breaks down the costs associated with your car loan, providing transparency about how much you will be paying in interest versus the principal amount. This clarity can aid in making more informed financial decisions.

Bank of Maharashtra Car Loan Eligibility Criteria

To qualify for car loans for both new and used cars, borrowers must meet the following eligibility criteria:

• Age: Applicants must be at least 18 years old and not older than 70 years at the time the loan matures.
  
• Income Requirements: Salaried individuals need a minimum monthly income of INR 25,000. For self-employed individuals, the requirement is a minimum annual income of Rs 4 lakhs.
  
• Employment Status: Applicants should have been in their current job for at least one year.
  
• Residential Stability: Applicants must provide proof of residence, indicating whether they live in rented, owned, or parental accommodation.

Factors Affecting the Bank of Maharashtra Car Loan EMI

Here are the factors that play a crucial role in determining your Bank of Maharashtra car loan EMIs:

• The interest rate plays a significant role in determining your monthly EMI. Higher interest rates lead to higher EMIs and vice versa.
  
• The principal amount borrowed is directly proportional to your EMI. Larger loan amounts result in higher EMIs.
  
• The duration of the loan also impacts the EMI. Longer loan tenures spread the repayment over more months, reducing the EMI, but increasing the total interest paid.
  
• Your income level helps determine your loan eligibility and can affect the interest rate offered. Higher income levels may secure lower interest rates, reducing the EMI burden.
  
• Your credit score influences the interest rate offered to you. A higher credit score can help secure a lower interest rate, which in turn lowers the EMI.

Bank of Maharashtra Fees and Charges

Here are the fees and charges related to Bank of Maharashtra car loans: