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Bank of Maharashtra Car Loan

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Bank of Maharashtra Car Loans

Owing a car might have been a dream to many people. Be it a family trip, long road trip, picnic with office friends etc. a car is the most comfortable mode of transportation. A single car could mean different things to different people. India is also a growing market for automobiles, the passenger car market has showed growth double digit growth over the years. The growth is seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is an economic and small car market place. International car manufacturers have also made their presence felt by creating cars for the Indian soil.

What Is a Car Loan?

To buy a car, one must have a good amount of money as the car with a basic model will itself start from INR 3 Lakhs. When you do not have the entire amount to buy a car, a car loan could help you drive home your dream car.

A car loan is a finance offered by banks and NBFCs to purchase a car of the customer’s choice. Most of the banks offer up to 100% of financing on car loans. The repayment can be done through Equated Monthly Instalments (EMI). The interest rate on the car loans differ from bank to bank.

Bank of Maharashtra Car Loan

On discovering that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change.

Bank of Maharashtra provides funding for the purchase of all kinds of cars. The borrower can pay back Bank of Maharashtra through equated monthly instalments or EMI(s). Bank of Maharashtra believes in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective.

Features of Bank of Maharashtra Car Loan

Purpose: To purchase a car for own and commercial purposes

Loan Amount: For salaried individuals, the maximum loan amount is up to 36 times of the net monthly salary and for others, it is up to 2 time of the average annual income.

Margin: Minimum of 10% of the cost of the vehicle for existing customers, Minimum of 15% for other customers and minimum of 20% cost of the vehicle for corporate clients

Tenure: The repayment period is up to 84 months.

Bank of Maharashtra Car Loan Eligibility

The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.

AgeThe applicant should be minimum of 18 years old and maximum of 70 years old at the time of maturity.
Salary RequirementSalaried individuals must have minimum monthly income of INR 25,000 per month and self-employed should have minimum of Rs 4 lakhs per annum.
Employment statusShould be in the current employment for a minimum of 1 year
Residential StabilityYou should have proof of residence to show whether you live in a rented or owned or parental accommodation.

Bank of Maharashtra Car Loan Interest Rates and Other Charges

The interest rate is fixed at the sole discretion of the bank. It can vary for different customers depending on the model of the cars. The base lending rate is 9.50%. You can check with the bank for further details. A special discount on interest rate for up to 1 to 0.25% will be given to existing account holders who maintain a good relationship with the bank.

Pre-Owned Car Loans

Many banks provide loans for pre-owned cars for up to 85% of the car value or in some cases insurance value. Insurance value is nothing but the value at which your car is insured for. There are some banks who do provide 100% finance for used cars but 70% to 85% is the norm.

The interest rate will be similar to the rate offered for new cars or slightly higher ranging between 0.05% to 2%. The processing fee also varies from bank to bank and is based on the bank policy.

The tenure for the used car loan will be lesser than that of the tenure for new car loans. The norm for new car loans is 7 years with it being a maximum of 5 years for used car loans.

All the other charges that come with a loan are similar to that of a new car loan.

Documents required for Bank of Maharashtra Car Loan

The following are the documents required for Bank of Maharashtra car loan

  • Identity proof
  • Address proof
  • PAN card
  • Income proof

For Salaried:

  • Form 16
  • Last 2 years income tax returns
  • Pay slip of last 3 months
  • Bank statement of last 6 months

For self-employed:

  • Income tax returns of last 2 years
  • Audited balance sheet
  • Bank statement of last 12 months

For people who are involved in agriculture, the documents may differ if there is no filing of income tax returns.

How to apply for a car loan with Bank of Maharashtra

TheBank of Maharashtra car loan approval & verification process is simple and much quicker for existing Bank of Maharashtra customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.

The application process is different for new customers of Bank of Maharashtra. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest Bank of Maharashtra branch. They can also call the Bank of Maharashtra car loan customer care to proceed with the application process.

Generally, Bank of Maharashtra’s representative will come to your place of work or your car to collect the filled in application form and all the necessary documents required for verification at any time you specify. A background check would help the lender know about the personal, professional standing of the applicant If there are any discrepancies with the information provided, the Bank of Maharashtra car loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the Bank of Maharashtra car loan interest rate and tenure are fixed and sent for your acknowledgement.

In case your car loan application was rejected you will receive Bank of Maharashtra loan rejection letter which will receive a status update on the car loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.

Bank of Maharashtra Car Loan Eligibility Check

Bank of Maharashtra Car Loan Eligibility Check

Before a person applies for an Bank of Maharashtra car loan it is best to do an eligibility check which is available on the Bank of Maharashtra website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Bank of Maharashtra Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and Bank of Maharashtra Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Bank of Maharashtra Car Loan – FAQ

1. What is maximum loan amount for Bank of Maharashtra car loan?

For salaried individuals, the maximum loan amount is up to 36 times of the net monthly salary and for others, it is up to 2 time of the average annual income.

2. What is the maximum tenure for Bank of Maharashtra car loan?

The maximum loan tenure is up to 84 months for the purchase of new cars.

3. What type of cars do Bank of Maharashtra provide car loans for?

Bank of Maharashtra offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail a Bank of Maharashtra car loan?

Bank of Maharashtra car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Bank of Maharashtra?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Bank of Maharashtra. The NOC can only be obtained after foreclosure or after you have paid off your loan.

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