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.
These are the major characteristics associated with the car loan from the Bank of Maharashtra-
There is the Bank of Maharashtra car loan interest rates 2024-
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% |
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% |
There are three major kinds of Bank of Maharashtra Car loans available, and they are-
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.
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.
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.
The following persons are eligible to apply for the car loan from the Bank of Maharashtra-
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%