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Bank of Maharashtra Car Loan

Bank of Maharashtra Car Loan Key Features-Jul 27 2021

Bank of Maharashtra Car Loan Interest Rate 7.05% 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 amounts up to 85% of the 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 of a loan that can be acquired who have a good credit/CIBIL score.

Advantages of Bank of Maharashtra Car Loan

Loan Approval in 30 Minutes
Lowest Rate of Interest
Up to 100% on Road Loan
Minimum Documentation
Paperless Process
Flexible Repayment
Zero Foreclosure
24 x 7 Online Payment Facility
No Hidden Charges

Bank of Maharashtra Car Loan

Bank of Maharashtra Car Loan Eligibility

The car loan eligibility requirements are as followed:

Salaried Individual
  • Age – 18-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 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 7.05% per annum 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.

How to Increase Your Eligibility for Bank of Maharashtra Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a Bank of Maharashtra car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Bank of Maharashtra car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Bank of Maharashtra Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for a Bank of Maharashtra car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Bank of Maharashtra car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from the Bank of Maharashtra will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including the Bank of Maharashtra, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – As stated earlier, the Bank of Maharashtra offers instant car loans to their existing customers which allows Bank of Maharashtra customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Bank of Maharashtra Car Loan Customer Care – Toll-Free Number

Bank of Maharashtra 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800 233 4526. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800 233 4526.

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 the 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

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

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 will guide you throughout the entire processing of a Car Loan.
  3. Also, compare different offers from various banks and opt for the one which suits your needs.
  4. So, you can easily avail of a Car Loan through Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Bank of Maharashtra car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Bank of Maharashtra provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility – Bank of Maharashtra also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Bank of Maharashtra will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Bank of Maharashtra’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Bank of Maharashtra is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Bank of Maharashtra gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Bank of Maharashtra Car Loan EMI

Before you avail of a car loan from Bank of Maharashtra, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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 a Car Loan from the Bank of Maharashtra?

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

✅How does the Bank of Maharashtra Car Loan work?

Bank of Maharashtra works on providing car loans 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 7.05% per annum.

✅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 the 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 myself on a Car Loan from the Bank of Maharashtra?

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

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

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

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

You can get a loan up to 85% on On-Road Price for a car loan from the Bank of Maharashtra. To avail of 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 the 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 the 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 the Bank of Maharashtra?

Yes, you can avail a guarantor for getting a car loan from the 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 from the Bank of Maharashtra, you can use the 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 the 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 the Bank of Maharashtra Car Loan for 3 months?

If you can’t pay the interest on the 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 by 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 the Bank of Maharashtra Car Loan agent?

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

✅Can I close the Bank of Maharashtra car loan online?

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

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

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

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

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

✅ What is the Bank of Maharashtra Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Bank of Maharashtra Car Loan account.
  • Pay the pre-closure charges as per the Bank of Maharashtra Car Loan.

✅ What are the Bank of Maharashtra Car Loan preclosure charges?

Bank of Maharashtra Car Loan preclosure charges are up to 6%+ GST.

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

The Bank of Maharashtra Car Loan maximum tenure is 7 years.

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

The Bank of Maharashtra Car Loan minimum tenure is 1 year.

 

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