About Bank of Maharashtra Car Loan
The Bank of Maharashtra is one of the significant banks of Maharashtra, India. The bank was established on 16 September 1935 and commenced business on 8 February 1936.
Since its establishment, it is stated as a common man’s bank. Furthermore, The Bank’s initial financial assistance to small units has given birth to many of today’s industrial houses.
What is Bank of Maharashtra Car Loan?
Owning a car is a dream, that needs some financial muscle to get fulfilled. It is not always necessary to have liquid cash to buy a car. Thus, availing an auto loan is the right and reliable solution for your needs.
The Bank of Maharashtra Car Loan is a financial product that offers monetary support to people and helps them in owning the dream vehicle.
Features of Bank of Maharashtra Car Loan
- 100% Funding: First of all, lending institutions provide 95%-100% funding on the ex-showroom price of the car. That is, the applicant can get complete funding for buying a car.
- Flexible Loan Period: Secondly, the loan seeker has an option to choose the period of the loan. Which can be between 2 years to 7 years.
- Choose Interest Rate: Moreover, the applicant can choose between the fixed and floating rate of interest.
- Type of Car Loan: Furthermore, the customer gets a wide range of options to choose from according to their need. Because there are three types of Car Loans available in the market. That are New Car Loans, Loan Against Car and Used Car Loan.
- Re-payment Options: Also, loan seeker has an option to pay the loan amount through post-dated cheques or can choose the auto debit facility in which the EMI is deducted automatically from the bank accounts.
- Quick Process: Another feature, the loan is approved within a day. Thus, it is a very good option for people who want to buy a car.
Eligibility for Bank of Maharashtra Car Loan
There is a slight difference in the eligibility for a salaried and self-employed loan aspirant
- First of all, the applicant should be a citizen of India.
- Next, the age of the applicant should lie between 21 years and 60 years(at the time of loan maturity).
- Also, the income should not be less than 18000 rupees per month
- In addition, the applicant should be employed in the same company for at least one year.
- Furthermore, an applicant should have total job experience of minimum 2 years.
- Most Importantly, the credit score should not be less than 700 in any case.
For Self Employed
- To begin with, the applicant should have citizenship of India
- Secondly, it is important that the credit score of the applicant should not be less than 700.
- Next, the applicant’s age should lie between 30 years to 65 years. If the age is less than 30 years, the loan can be availed on the name of a co-applicant who should be above 30 years.
- Moreover, the business should be continuously running for a minimum tenure of 3 years.
- Finally, the applicant should be paying an ITR of 2.5-3 Lakhs
Documents Required for Bank of Maharashtra Car Loan
The documents needed for verification are a little different for the salaried class and the self-employed class:
Documents for Salaried:
- Firstly, Identity Proof (ANY)- Aadhar card/ Passport/ Voters ID/PAN Card.
- Next, Proof of Residence (ANY)- Passport/utility bills/Aadhar Card/Rental agreement on the name of the applicant.
- Furthermore, Proof of Income-Form 16
- Moreover, Recent Salary slips for last 3 months
- Also, Bank Statements of the past 6 months.
- Finally, two passport size colored photographs
Documents for Self-Employed:
- First of all, Proof of Identity – Passport/Aadhar card/ Voters ID/PAN Card.
- Secondly, Proof of Residence – Passport/utility bills/Ration Card with an address or any document which contain address details/ Aadhar Card/Rental Agreement
- Besides that, Proof of Income: Audited financials for the recent last three years.
- Moreover, Last 6 months Bank statements.
- In addition, the Office addresses proof.
- Finally, two passport size colored photographs.
Interest Rate for Bank of Maharashtra Car Loan
The car loans are available for new cars, used cars and also loans against cars. Thus, an applicant can choose the scheme according to their need.
For New Cars
- To begin, Cost up to 3 Lakhs – ROI is 10.65% p.a.(Average)
- Next, Costs from Rs 3 Lakhs to Rs 6 Lakhs p.a. – ROI is 10.25% (Average)
- Also, Cost from Rs 6Lakhs to Rs 10 Lakhs – ROI is 9.5% p.a.
- Furthermore, Cost from Rs 10 Lakhs to Rs 20 Lakhs – ROI is 9.35 % p.a.
For Used Cars and Loans against Cars
The loans against cars and used car loans should have the rate of Interest between 13% and 16% p.a.
Processing Fee for Bank of Maharashtra Car Loan
First of all, 0% to 3% of the amount of loan is the processing fee for these loans.
Secondly, 0% to 2.5% of the outstanding value of these loans is the pre-closure charge of these loans.
Tenure of Bank of Maharashtra Car Loan
- The banks and NBFCs give different time to different loans.
- For New car loans, the time of the loans is between 2 and 7 years.
- For used car loans and loans against the car, the tenure is between 2 and 4 years.
The Rate of Interest of Car Loan Depends Upon
The Interest Rate of Car Loan depends upon certain factors that are detailed below:
- First of all, the Location in which the applicant resides. That is, the interest rate is more in Rural areas as compared to Metropolitan Cities.
- Next, Loan amount also helps decide the interest rate that is levied on the loan. Thus, the more the loan amount, the lesser is ROI.
- Furthermore, it also depends upon the type of Car. That is, ROI will be different for a sedan than a premium car.
- To start with, a lot of products are available in the market thus all the people who aspire to avail a loan are generally confused about the best loan offer for themselves.
- In order to clear this confusion, our company assists the customer and guides them with the best loan deal according to the needs.
- Also, our relationship managers provide the customer with all the research on different schemes of the loan. So, the applicant can choose the loan which is best for them.
- Moreover, the customer is guided throughout the process of the loan without any extra charges of the service.
How to Apply?
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