Bank of Maharashtra Car Loan

About Bank of Maharashtra Car Loan

Bank of Maharashtra, a major public sector bank founded about 8 decades back in 1935, has grown stronger with the years that have gone by in its journey. It’s been possible due to the custom suite of products that the bank offers to various customers depending on their needs. In today’s times, most wish to have a car and you can get that dream materialized with Bank of Maharashtra that offers a car loan at eye-catching interest rates. Even charges like processing fee and others are kept to a level that you can be affordable for many. So, let’s gear up to be in the driving seat via Bank of Maharashtra Car Loan.

Bank of Maharashtra Car Loan Interest Rate 

ParticularsDetails
Interest Rate8.90% - 9.40%
Loan AmountNew Cars : Upto 36 times of the net monthly salary or pension, Upto 2 times average annual income based on ITR for the last 2 years.

Pre-owned Cars: Upto 5 years

Loan TenureNew Cars :Upto 7 Years
Pre-owned cars(not older than 3 years) : 5 years
Processing FeeNew Cars : Waived off uptil 31.12.2017

Pre-owned cars: 0.25% of the Loan Amount (Min.:₹ 500/-)
Prepayment PenaltyAs Applicable

Bank of Maharashtra Car Loan Eligibility Criteria

Bank of Maharashtra puts in place a list of necessities that the borrowers need to meet so as to enjoy a hassle-free car loan approval. You can take a look below to find out the eligibility criteria.

  • Permanent employees of state and central government, public sector firms, along with corporate salary account holders with a minimum 1 year of confirmed service in the existing organization.
  • Pensioners of central and state government or any PSU having a pension of atleast 25,000
  • Businessmen or self-employed individuals with their ITR of last 2 years showing a regular source of income.
  • Sole proprietorship concerns, partnership firms and companies must put 2 year IT return or their income stability through audited balance sheet and profit & loss account.
  • Farmers with 5 acres of land with sufficient income are also eligible to apply for a loan
  • While salaried and pensioners must have a net annual income of 3 lakhs, the others must have an annual income of 4 lakhs.

Bank of Maharashtra Car Loan EMI Calculator

A clarity on the amount of Equated Monthly Installment (EMI) is what many like you would like to have. Here, you can use the bank’s car loan EMI calculator to compute the monthly installment. But before that, you should be aware of what EMI constitutes. It combines the portions of interest and principal amount towards a loan. In the initial tenures, the interest portion in EMI would be more compared to the principal amount. But as the loan approaches the fag end, the principal repayment amount becomes higher than interest. The EMI calculation is contingent upon three factors- loan amount, interest rate and the tenure. So, just enter these variables and find the result. The calculator also shows the amount of interest that would go out of your pocket over the loan tenure. For example- If you want to avail a car loan of ₹6 lakhs for a period of 7 years, what would be the EMI and interest outgo at the existing interest rate?

Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term

Loan Amount (In ₹)TenureInterest Rate (In ₹)EMI (In ₹)Total Interest Outgo (In ₹)Total Payout ((In ₹)
6,00,00018.90% - 9.40%52,401-52,47128,816-29,6516,28,816-6,29,651
6,00,00028.90% - 9.40%27,342-27,41156,210-57,8606,56,210-6,57,860
6,00,00038.90% - 9.40%19,010-19,08084,364-86,8746,84,364-6,86,874
6,00,00048.90% - 9.40%14,860-14,9311,13,275-1,16,6897,13,275-7,16,689
6,00,00058.90% - 9.40%12,382-12,4551,42,940-1,47,3017,42,940-7,47,301
6,00,00068.90% - 9.40%10,741-10,8151,73,354-1,78,7037,73,354-7,78,703
6,00,00078.90% - 9.40%9,577-9,6532,04,510-2,10,8908,04,510-8,10,890

Amortization Schedule of Loan Repayment

YearPrincipal (In ₹)Interest (In ₹)Outstanding Balance (In ₹)
164996499345,35,004
270916440144,64,088
377377375533,86,712
484425305053,02,286
592116228142,10,171
61,00,507144231,09,663
71,09,66352670

Documents Checklist to Avail Bank of Maharashtra Car Loan

DocumentsSalariedSelf-employed
Identity ProofPassport/ Voter ID/ PAN Card/Aadhaar CardPassport/ Voter ID/ PAN Card/Aadhaar Card
Residence ProofPassport/ Utility bill/ Allotment Letter/Aadhaar CardPassport/ Utility bill/ Allotment Letter/Aadhaar Card
Income ProofLatest Salary Slip, Form 16ITR, Profit & Loss A/c and Audited Balance Sheet for Last 2-3 Years
Bank StatementLast 6-month Bank StatementLast 6-month Bank Statement
Business Establishment ProofUtility Bills of Firms, Tax Registration Copy

Bank of Maharashtra Vehicle Loan Application Form

You can access the car loan application form online by visiting the official website of Bank of Maharashtra. The form can be accessed by clicking ‘Apply Now’ under Online Vehicle Loan. Upon a click, you will be directed to a page asking you to submit your personal, professional and car details before submitting the same to the lender for processing your application. Bank of Maharashtra would disburse the loan only when it is convinced about the details submitted by you in its investigation process.

 

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EMI Calculator