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Bank of Maharashtra is a leading public sector bank in India, which offers a wide range of financial products and services to its customers. One of the most popular products of the bank is the car loan. A car loan is a type of loan that helps you purchase a car by providing you with the required funds. In this article, we will discuss the car loan offered by Bank of Maharashtra and its features.
Features of Bank of Maharashtra Car Loan:
- Loan Amount: The bank offers car loans starting from a minimum of Rs. 1 lakh up to a maximum of Rs. 100 lakhs, depending on the income of the applicant and the car model.
- Interest Rate: The interest rate for a Bank of Maharashtra car loan is highly competitive and starts from 7.95% p.a. The rate of interest is subject to change from time to time and depends on the car model, loan amount, and repayment tenure.
- Repayment Tenure: The repayment tenure for a Bank of Maharashtra car loan ranges from 12 months to 84 months. The repayment period depends on the car model and the loan amount.
- Margin: The margin for a Bank of Maharashtra car loan is 15% for new cars and 25% for used cars. This means that the bank finances up to 85% of the on-road price of a new car and up to 75% of the market value of a used car.
- Processing Fee: The processing fee for a Bank of Maharashtra car loan is 0.25% of the loan amount, with a minimum of Rs. 1,000 and a maximum of Rs. 20,000.
- Prepayment Charges: There are no prepayment charges for a Bank of Maharashtra car loan.
- Eligibility Criteria: The following are the eligibility criteria for a Bank of Maharashtra car loan:a) The applicant should be an Indian resident or an NRI.b) The minimum age of the applicant should be 18 years.c) The maximum age of the applicant should be 70 years.d) The applicant should have a minimum income of Rs. 2.5 lakhs per annum.e) The applicant should have a good credit score.
Bank of Maharashtra Car Loan Interest Rates
| Loan Amount (Rs.) | Tenure | Interest Rate |
| Less than Rs. 20 lakhs | Up to 60 months | 7.95% p.a. |
| Rs. 20 lakhs to Rs. 100 lakhs | Up to 84 months | 8.20% p.a. |
Here’s a comparison table of Bank of Maharashtra Car Loan with some of the key features:
| Features | Bank of Maharashtra Car Loan |
|---|---|
| Loan Amount | Rs. 1 lakh to Rs. 100 lakhs |
| Interest Rate | 7.95% to 8.20% p.a. |
| Repayment Tenure | 12 months to 84 months |
| Margin | 15% for new cars, 25% for used cars |
| Processing Fee | 0.25% of loan amount, min Rs. 1,000 and max Rs. 20,000 |
| Prepayment Charges | None |
| Eligibility Criteria | Minimum income of Rs. 2.5 lakhs per annum, good credit score |
| Documents Required | Identity proof, address proof, income proof, bank statements, quotation of the car, passport size photograph, duly filled loan application form |
Note: The above table is for informational purposes only and the features mentioned may be subject to change as per the bank’s discretion. Please refer to the bank’s website for the latest information on the car loan product.
Documents Required for Bank of Maharashtra Car Loan
- Identity proof (PAN Card, Aadhaar Card, Voter ID, Passport, etc.)
- Address proof (Aadhaar Card, Voter ID, Passport, Driving License, etc.)
- Income proof (Salary Slip, ITR, Form 16, etc.)
- Bank Statements (Last 6 months)
- Quotation of the car
- Passport size photograph
- Duly filled loan application form
Conclusion:
Bank of Maharashtra car loan is a great option for those looking to purchase a new or used car. The bank offers a competitive interest rate, flexible repayment tenure, and easy eligibility criteria. Moreover, the bank provides quick approval and disbursal of the loan amount. If you are planning to buy a car, do consider Bank of Maharashtra car loan as an option.
FAQs
Here are some frequently asked questions about Bank of Maharashtra Car Loan:
What is the maximum loan amount offered by Bank of Maharashtra for a car loan?
The maximum loan amount offered by Bank of Maharashtra for a car loan is Rs. 100 lakhs, depending on the income of the applicant and the car model.
What is the interest rate for a Bank of Maharashtra car loan?
The interest rate for a Bank of Maharashtra car loan starts from 7.95% p.a. and can go up to 8.20% p.a. depending on the loan amount, tenure, and car model.
What is the processing fee for a Bank of Maharashtra car loan?
The processing fee for a Bank of Maharashtra car loan is 0.25% of the loan amount, with a minimum of Rs. 1,000 and a maximum of Rs. 20,000.
What is the repayment tenure for a Bank of Maharashtra car loan?
The repayment tenure for a Bank of Maharashtra car loan ranges from 12 months to 84 months, depending on the car model and the loan amount.
What is the eligibility criteria for a Bank of Maharashtra car loan?
The eligibility criteria for a Bank of Maharashtra car loan includes the applicant being an Indian resident or an NRI, having a minimum age of 18 years and a maximum age of 70 years, having a minimum income of Rs. 2.5 lakhs per annum, and having a good credit score.
Is there any prepayment penalty for a Bank of Maharashtra car loan?
No, there are no prepayment charges for a Bank of Maharashtra car loan.
What documents are required to apply for a Bank of Maharashtra car loan?
The documents required to apply for a Bank of Maharashtra car loan include identity proof, address proof, income proof, bank statements, quotation of the car, passport size photograph, and a duly filled loan application form.
Can I apply for a Bank of Maharashtra car loan online?
Yes, you can apply for a Bank of Maharashtra car loan online through the bank’s website or mobile app. You can also visit the nearest branch to apply for the loan.
