Bank of Maharashtra is the major Indian government bank and was founded on 16 September 1935. Recent times have seen a shocking rise in the demand for Car loans from NRIs. This has been attributed to 2 major factors: the tendency to shop for high-end cars and therefore the increase in the frequency of visits to the Republic of India.

An Indian citizen Who resides abroad could be a salaried skilled or is freelance in his country of residence qualifies as an NRI and is eligible to use for Bank of Maharashtra NRI Car Loan. NRI Car loans ready for getting a replacement or a second user car/automobile.

Bank of Maharashtra NRI Car loan Interest Rates 

Bank of Maharashtra NRI Car loan Features

• Amount of loan: The loan quantity that may be sanctioned depends on the involved bank.
• Documentation: Documents will be submitted at the branch of the bank in your residing country, or they will be sent online or through your co-applicant.
• Loan to worth (LTV): LTV is that the magnitude relation of the loan quantity that may be borrowed from the bank to the particular worth of the automobile or its ex-showroom worth.
• Tenure: Tenure of loan ranges between five to seven years, from the date of purchase of the automobile.
• Interest rate and alternative charges: there’s no discrepancy within the rate of interest for NRI automobile loans which is obtainable to resident Indians.

Customers having any query related to the Bank of Maharashtra NRI Car Loan can contact Dialabank at any time.

Bank of Maharashtra NRI Car loan Eligibility

Bank of Maharashtra NRI Car loan Documents required

Apply for Bank of Maharashtra NRI Car Loan with Dialabank

DialaBank helps you with a close comparison of all money products that enables you to investigate varied car loan deals offered within the market online with simply a click. DialaBank is your best agent whereas availing a loan against a car because:

• We are India’s initial money helpline that provides us with an extended tenure of fine experience.
• Based on your needs, we provide you with the simplest online Car Loan schemes offered within the market and assist you in selecting the correct deal for yourself.
• We offer you a doorsill delivery and pickup facility for your documents, which saves it slow and effort.
• We offer you the simplest Car Loan companies’ offers and schemes that you’ll be able to compare against a broad list of parameters.

FAQs on Bank of Maharashtra NRI Car Loan

✅ What will happen if I am not able to pay 1 month of EMI?

Defaulting the EMIs will adversely affect one’s CIBIL Score and also he/she will face trouble in getting another car loan in future. Banks or NBFCs usually charges a penalty of 1-2% of EMI if it remains unpaid for a period of 30 days after the due date.

✅ What happens if I Cannot pay my automobile loan?

If you retain defaulting on your automobile EMI payments, your loaner can send you a notice asking you to pay the remaining balance on your personal loan. If you retain defaulting on your automobile EMIs, your loaner can take possession of your automobile. With an occasional credit score, it’ll be exhausting for you to qualify for a loan or MasterCard.

✅ Can NRI purchase an automobile in India?

There aren’t any restrictions on NRIs shopping for an automobile or cars in the Republic of India.