Bank of Maharashtra Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Bank of Maharashtra Car Loan Key Features

Bank of Maharashtra Car Loan Interest Rate 7.35% per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,622
Minimum Net Monthly Income ₹ 30,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 18 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40%
Foreclosure Charges NA
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Bank of Maharashtra Car Loan

Bank of Maharashtra offers Car Loan with minimum documentation and hassle-free processing. It offers loan amount up to 85% of On-Road Price.

Bank of Maharashtra provides Car Loans at attractive interest rates to the consumer for purchasing their dream car whether new or second hand. You can easily avail a loan which can be acquired who have a good credit/CIBIL score.

Advantages of Bank of Maharashtra Car Loan

Bank of Maharashtra Car Loan

Bank of Maharashtra Car Loan Eligibility

Salaried Individual
  • Age – 18-60 years of age
  • Net Monthly Income – should be minimum ₹ 30,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Bank of Maharashtra Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.35% p.a. 9.70% p.a.
Processing fee 0.40% of the loan amount 0.40% of the loan amount
Issuance of Duplicate Repayment Schedule Charges NIL NIL
Foreclosure Charges NIL NIL
Penal Interest NIL NIL
Part Payment charges NIL NIL
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge NIL NIL
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges NIL NIL
Issuance of Duplicate Statement Charges Rs.100 per instance Rs.100 per instance
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report NIL NIL

Bank of Maharashtra Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Bank of Maharashtra Car Loan EMI Calculator

The applicant has the choice to know the EMI’s before getting a Car Loan. So, you can easily know the EMIs through the link below:

Car Loan EMI Calculator

Bank of Maharashtra Car Loan Types

Bank of Maharashtra provides different types of car loans to its customers. An applier has the option of selecting the offer which suits your need. Bank of Maharashtra offers the following types of Car Loans:

  1. New Car Loan –  If you want to buy a new car, this proposal is for you. You can get a car loan from Bank of Maharashtra for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to purchase a used car then you can choose this scheme which provides a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you need urgent funds where you can keep your cars as a guarantee with the bank.

Bank of Maharashtra Car Loan Pre Calculated EMI

How to Apply for Bank of Maharashtra Car Loan?      bank of maharashtra car loan

  1. Visit Dialabank and fill a form.
  2. Our Relationship Manager who will guide you throughout the entire processing of a Car Loan.
  3. Also, compare different offers from various banks and opt the one which suits your needs.
  4. So, you can easily avail a Car Loan through Dialabank and enjoy best offers.

Bank of Maharashtra Car Loan for Top Selling Cars

Other Available Products from Bank of Maharashtra

Bank of Maharashtra Personal Loan Bank of Maharashtra Gold Loan Bank of Maharashtra Home Loan
Bank of Maharashtra Credit Card Bank of Maharashtra Two Wheeler Loan Bank of Maharashtra Education Loan

FAQs for Bank of Maharashtra Car Loan

✅ What is Bank of Maharashtra Car Loan?

Bank of Maharashtra Car Loan is a car loan offered to you for buying a new car and used car.

✅ How can I get Car Loan from Bank of Maharashtra?

You can get a car loan from Bank of Maharashtra by visiting the nearest branch of Bank of Maharashtra. You will get satisfaction to apply from anywhere.

✅How does Bank of Maharashtra Car Loan work?

Bank of Maharashtra works on providing car loan at attractive interest rates. You can get a car loan easily and quickly. Bank of Maharashtra provides flexible loan tenure duration.

✅What is the Car Loan Interest Rate in Bank of Maharashtra?

The interest rate in Bank of Maharashtra for a car loan starts at 7.35%.

✅How to check Car Loan status in Bank of Maharashtra?

You must visit the Bank of Maharashtra branch to examine your car loan status. Also, use the net-banking services of Bank of Maharashtra.

✅How to calculate Car Loan interest in Bank of Maharashtra?

For the calculation of your car loan interest in Bank of Maharashtra, the following information is required:

  • Loan amount
  • Interest Rate
  • Loan tenure

You can calculate interest through EMI calculator available at Dialabank’s website.

✅What is the maximum loan amount I can avail on Car Loan from Bank of Maharashtra?

The maximum loan amount for a car loan from Bank of Maharashtra is up to 85% funding on On Road Price.

✅What is the loan tenure of Bank of Maharashtra Car Loan?

The loan tenure period of Bank of Maharashtra for availing a car loan up to 7 years.

✅Can I get 100% Car Loan from Bank of Maharashtra?

You can get loan up to 85% on On-Road Price for a car loan from Bank of Maharashtra. To avail a 100% Car loan, you must visit the online platform of Dialabank.

✅How much processing fee is applicable on Bank of Maharashtra Car Loan?

The processing fee is up to 0.40% of the loan amount on Bank of Maharashtra for getting a car loan.

✅What are the EMI options available on Bank of Maharashtra Car Loan?

Step-up EMI and Balloon EMI are the EMI options available on Bank of Maharashtra Car Loan.

✅What are the charges for Prepayment in Bank of Maharashtra Car Loan?

No charges for prepayment in Bank of Maharashtra for getting a car loan.

✅Can I get a top-up loan on my existing Bank of Maharashtra Car Loan?

Yes, you can get a top-up loan on your existing Bank of Maharashtra car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅Do I need to provide a guarantor to avail a car loan from Bank of Maharashtra?

Yes, you can avail a guarantor for getting a car loan from Bank of Maharashtra. It will increase your car loan eligibility.

✅How to get the Bank of Maharashtra Car Loan Statement?

To get a car loan statement of Bank of Maharashtra, you can use Bank of Maharashtra’s mobile banking app.

✅How to pay Bank of Maharashtra Car Loan interest online?

You can pay your car loan interest through the net-banking services of Bank of Maharashtra. If you want a low-interest car loan, you must visit Dialabank online.

✅What if I can’t pay the interest on Bank of Maharashtra Car Loan for 3 months?

If you can’t pay the interest on Bank of Maharashtra Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will redraft.

✅How can I apply for EMI Moratorium on Bank of Maharashtra Car Loan?

You can apply for EMI Moratorium on Bank of Maharashtra through visiting the nearby branch of Bank of Maharashtra or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅What is the number for Bank of Maharashtra Car Loan agent?

The number for Bank of Maharashtra Car Loan agent is 1800-233-4526.

✅Can I close Bank of Maharashtra car loan online?

You can close your car loan from Bank of Maharashtra by using the net-banking page of Bank of Maharashtra. You have to log in with your details on the net -banking page and pay your car loan.

✅What is Bank of Maharashtra Car Loan Customer Care Number?

The customer care number of Bank of Maharashtra for car loan queries is 1800-102-2636.

✅How can I get NOC from Bank of Maharashtra for a car loan?

You can get a car loan NOC from Bank of Maharashtra when you paid your car loan amount.

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