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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.
|Maha Super Car Loan||You 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 Loan||This 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 Loan||The 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%.|
|CIBIL Score||Salaried Applicants||Non-Salaried Applicants|
|Interest Rate (% p.a.)*||Effective Rate (% p.a.)*||Effective Rate (% p.a.)*||Effective Rate (% p.a.)*|
|750 and above||RLLR + 0.65||7.55||RLLR + 1.15||8.05|
|700 to 749||RLLR + 0.90||7.80||RLLR + 1.25||8.15|
|650 to 699||RLLR + 1.40||8.30||RLLR + 1.40||8.30|
|600 to 649||RLLR + 1.40||8.30||RLLR + 1.65||8.55|
|Below 600||RLLR + 1.65||8.55||RLLR + 1.90||8.80|
|-1 or 0 and 01 to 05||RLLR + 0.90||7.80||RLLR + 1.40||8.30|
|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.
|Maha Super Car Loan||0.25% of the loan amount; subject to a maximum of Rs.15,000|
|Maha Combo Loan||0.15% of the loan amount; subject to a maximum of Rs.25,000|
Women borrowers – No charges
|Mahabank Vehicle Loan||0.25% of the loan amount; subject to a minimum of Rs.500 for used cars|
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.
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.
Yes. Women applicants and get a concession of 0.05% on the car loan interest rate.
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.
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.