Bank of Maharashtra Car Loan Interest Rates

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Bank of Maharashtra, a major public sector bank in India, offers several financial products and services to its retail customers. One such product is the car loan. The bank offers multiple car loan schemes that fit well for new and used car buyers. The bank also comes up with offers on car loans now and then to make it more profitable for car buyers.

Here is everything you need to know about Bank of Maharashtra car loans.

Types of car loan schemes of Bank of Maharashtra

Maha Super Car LoanYou can purchase a new four-wheeler, such as a car, jeep, multi-utility vehicle (MUV), or SUV for personal purposes. A maximum repayment period of 84 months is offered.
Maha Combo LoanThis is a loan scheme for the purchase of both houses and new cars taken together. The minimum housing loan amount should be Rs.15 lakh. The maximum loan repayment tenure is 30 years for a home loan and 84 months for a car loan.
Mahabank Vehicle LoanThe scheme is dedicated to financing the purchase of used cars not older than three years and two-wheelers. The scheme also finances the purchase of CNG-fueled two-wheelers and CNG kits exclusively. Maximum financing of Rs.5 lakh is provided for used cars with a margin of 50%.

Interest rates of Bank of Maharashtra car loansNew Cars

New Cars

Edit
CIBIL ScoreSalaried ApplicantsNon-Salaried Applicants
Interest Rate (% p.a.)*Effective Rate (% p.a.)*Effective Rate (% p.a.)*Effective Rate (% p.a.)*
750 and aboveRLLR + 0.657.55RLLR + 1.158.05
700 to 749

RLLR + 0.907.80RLLR + 1.258.15
650 to 699RLLR + 1.408.30RLLR + 1.408.30
600 to 649RLLR + 1.408.30RLLR + 1.658.55
Below 600RLLR + 1.658.55RLLR + 1.908.80
-1 or 0 and 01 to 05RLLR + 0.907.80RLLR + 1.408.30

Used Cars

Interest Rate (% p.a.)* Effective Rate (% p.a.)*
RLLR + 3.15 10.05

*Interest rates are subject to change from time to time. The rates in the tables above are given as of 24 February 2021.

Features and benefits of Bank of Maharashtra car loans

  • Get financing for both new and used cars with the Bank of Maharashtra.
  • Three different schemes are available to suit the customers’ needs.
  • The maximum repayment tenure for a car loan can go up to 84 months.
  • The minimum margin for a car loan is 10%. 
  • Car loans are offered to both individuals and corporate entities.
  • Individuals aged 18 years or above can apply for a car loan.
  • Pensioners can also apply for a car loan.
  • Applying for a home loan and car loan together can relax the norms to a certain extent.
  • The bank will hypothecate the vehicle being purchased until the loan is repaid in full.

Eligibility for Bank of Maharashtra car loans

  • Resident individuals
    • Salaried employees
    • Self-employed professionals
    • Businessmen
    • Agriculturists
  • Loan Amount Offered
    • Up to 36 times of monthly net salary/pension based on last drawn salary/pension
  • Minimum Annual Income
    • Salaried Applicants/Pensioners: Rs.3 lakh
    • Self-Employed Professionals: Rs.4 lakh
    • Businessmen: Rs.4 lakh
    • Agriculturists and people engaged in allied activities: Rs.4 lakh 
    • Corporate Clients: Rs.4 lakh

Documents required for Bank of Maharashtra car loans

  • Salaried Applicants/Pensioners: Last 2 years’ ITR or Form 16 from the employer
  • Self-Employed Professionals: Last 2 years’ ITR with supporting documents
  • Businessmen: Last 3 years’ ITR with supporting documents
  • Corporate Clients: Last 2 years’ ITR with supporting documents

Bank of Maharashtra car loan fees and charges

Processing Fee

Maha Super Car Loan0.25% of the loan amount; subject to a maximum of Rs.15,000
Maha Combo Loan0.15% of the loan amount; subject to a maximum of Rs.25,000
Women borrowers – No charges
Mahabank Vehicle Loan0.25% of the loan amount; subject to a minimum of Rs.500 for used cars

How to calculate EMI on Bank of Maharashtra car loans

Our car loan EMI calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.

Frequently Asked Questions

I have a salary account with the Bank of Maharashtra. Can I get any concession on a car loan?

Individuals who have a salary account with the Bank of Maharashtra and have an existing housing loan account can get a concession of 0.25% on the car loan interest rate.

Will women applicants get any concessions on the interest rate?

Yes. Women applicants and get a concession of 0.05% on the car loan interest rate.

Can non-individuals apply for a car loan?

Yes. Non-individuals, such as partnership firms and companies, can apply for a car loan. However, it is only applicable for new cars and not for used cars.

Are the eligibility criteria the same for all car loan schemes?

No. The eligibility criteria and margin may vary based on the car loan scheme you choose or qualify for. For example, the car loan’s eligibility criteria under Maha Combo Loan Scheme are different compared to the Maha Super Car Loan. An age limit of 21 years to 60 years is set for the Maha Combo Loan. 

Also, the scheme is available for only the permanent employees of the Central/State government, PSUs, and reputed companies with a minimum of one year of service in the current organisation. This is not the case for the Maha Super Car Loan scheme.

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