Bank of Maharashtra Car Loan Interest Rate

Bank of Maharashtra, India's largest public sector bank, provides a variety of financial products and services to its retail customers. The car loan is one such product. The bank provides a variety of auto financing programs that are suitable for both new and used car buyers. The bank also makes auto loan offers from time to time to make it more advantageous for car buyers.

Characteristics of the Bank of Maharashtra Car Loan

These are the major characteristics associated with the car loan from the Bank of Maharashtra-

  • With the Bank of Maharashtra, you can get finance for both new and old cars.
  • To meet the needs of the clients, three alternative plans are available.
  • An automobile loan has a maximum repayment period of 84 months.
  • A car loan's minimum margin is 10%.
  • Pensioners are also eligible to apply for a car loan.
  • The bank will hypothecate the vehicle until the loan is fully paid off.
  • Car loans are available to both individuals and businesses.
  • Individuals must be at least 18 years old to apply for a car loan.
  • Applying for a home loan and a car loan at the same time can help to ease the rules.

Bank of Maharashtra Car Loan Interest Rate 2022

There is the Bank of Maharashtra car loan interest rates-

1) Car Loan Interest Rate Bank of Maharashtra for the Salaried

CIBIL Score

Maharashtra Bank Car Loan Interest Rate

-1 or 0 and 01 to 05

Less than 600

600 to 649

650 to 699

700 to 749

750 and more

7.80%

8.55%

8.30%

8.30%

7.80%

7.55%

2) Bank of Maharashtra Car Loan Rate of Interest for the Self-employed

CIBIL Score

Interest Rate

-1 or 0 and 01 to 05

Less than 600

600 to 649

650 to 699

700 to 749

750 and more

8.30%

8.80%

8.55%

8.30%

8.15%

8.05%

Different Kinds of Car Loans from the Bank of Maharashtra

There are three major kinds of Bank of Maharashtra Car loans available, and they are-

1) Maha Combo Loan Scheme

This is a lending program for the purchase of both a house and a new car. The minimum amount for a house loan should be Rs.15 lakh. The maximum loan payback term for a home loan is 30 years, and 84 months for a car loan.

2) Maha Super Car Loan Scheme

You can buy a new four-wheeler for personal use, such as a car, jeep, multi-utility vehicle (MUV), or SUV. There is a maximum payback period of 84 months available.

3) Mahabank Vehicle Loan Scheme

The program is designed to help people buy used vehicles and two-wheelers that are less than three years old. The scheme also exclusively finances the purchase of CNG-powered two-wheelers and CNG kits. With a margin of 50%, old cars can be financed for up to Rs.5 lakh.

Who is Eligible for the Car Loan from the Bank of Maharashtra

The following persons are eligible to apply for the car loan from the Bank of Maharashtra-

  • Permanent salaried employees of the Central / State governments / Corporate Salary Account Holders / Employees of reputed PSUs & Companies with a minimum of one year of verifiable employment in the current organization.
  • Businessmen/Self-Employed Individuals/Independent Entrepreneurs with a consistent stream of income based on two years of IT returns.
  • Farmers with a minimum land holding of 5 acres engaged in production-oriented agricultural operations and other connected enterprises with a minimum land holding of 5 acres and a sufficient disposable income
  • Pensioners receive a minimum monthly pension of Rs.25000/- from the Central/State Government/PSU.
  • Corporate Clients (Partnerships/Proprietorship Firms/Companies): 2-year IT Return/Income proofs based on the audited balance sheet and P&L A/c.

Required Documents for the Bank of Maharashtra Car Loan

  • Self-Employed Professionals: ITR from the previous two years, along with supporting documentation.
  • Salaried applicants/pensioners: ITR or Form 16 from the previous two years' employer.
  • Businessmen: ITRs for the previous three years, along with supporting documentation.
  • Corporate Clients: ITRs from the previous two years, along with supporting documentation.

Other Charges Over the Bank of Maharashtra Car Loans

The different kinds of schemes offered by the bank vary from one another, and so do their processing fees.

Processing Fees for Bank of Maharashtra Car Loans - 0.15% to 0.25%

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