Bank of Maharashtra Car Loan

Bank of maharashtra offers a car loan under its Maha super car loan plan to the individuals having a minimum age of 18 years and a maximum of 70 years. The minimum income criteria is 3 lacs per annum and the maximum loan amount that can be financed is 85% of the on-road price of car which includes the RTO and insurance charges as well.


Bank of Maharashtra is a good fit for you if?

If you're an existing customer – The Bank of maharashtra provides a discount of 0.25% on the interest rate for the customers who already have an banking relationship running with the bank for a successful period of minimum one year.

If you want to avail loan upto 85% – The Bank of maharashtra provides finance upto 85% of the on road price of car. So the borrower only needs to fund the 15% margin requirement from his own resources.'

Bank of Maharashtra Car Loan at a glance

Annual Interest Rate

9% to 9.25%

Loan Term

Up to 84 months

Loan Amount

Upto 85% of On-road Price of Car

Maharashtra bank is providing a car loan to the individuals with a minimum age of 18 years at the time of application and a maximum age of 70 years at the time of maturity of loan. The minimum salary required to get the car loan from the maharashtra bank is Rs.25000 per annum. The bank finances upto 85% of the on road price of car and the on road price here includes EX. Showroom price+RTO Charges + Insurance Charges.

The bank do not asks for any collateral or guarantor and the processing charges are 0.25% ranging between Rs.1,000 to Rs.15,000. The rate of interest charged by the bank is 9.25% per annum and Maharashtra bank is also providing a discount of 0.25% for the customer having an account with the bank for more than 1 year.

Why Choose Bank of Maharashtra?

Upto 85% Finance – The Bank of maharashtra is providing finance upto 85% of the on road price of car. Where the on road price includes the RTO charges and insurance of the car. So the borrower have to pay a little less than usual.

What to watch out for?

Higher Processing Charges – The Bank of maharashtra charges 0.25% of the loan amount as the processing charges which ranges from a minimum of Rs.1000 to a maximum of 15000. These charges are a bit higher if compared with the processing charges of Allahabad bank which amounts to a maximum of Rs.8,696 and the Syndicate bank who charges Rs.200 per lac.

Higher Margin Money for Self-Employed – The Bank of maharashtra seeks a 20% margin money to be paid by the self-employed individuals which is a bit higher as peers like Allahabad bank asks for a margin money of 15% irrespective of the occupation of borrower.

Compare Bank of Maharashtra Car Loans to Other Banks

Bank Name Bank of Maharashtra Allahabad Bank Andhra Bank

Typical APR

9% - 9.25%

9%

9.40%

Loan Term

Upto 7 years

2-7 years

Upto 7 years

Maximum Lending Amount

Upto 85% of on road price of car

Upto 85% of on-road price

Upto 90% of on road price

Processing Fee

0.25% of loan amount

Rs.1,000 to Rs. 15,000

0.50% of the loan amount

Max Rs. 8,696

1% of the loan amount

Rs.1,000 - Rs.25,000

Pre-Closure

NA

2.28% of outstanding amount

1% of the outstanding amount

The Bank of maharashtra offers a car loan upto 85% of the on road price of car while it's peers like Allahabad bank charges 9% and Andhra bank charges 9.40% per annum. The loan tenure is similar among all three banks at a maximum of 7 years as you have a look at the above chart. The maximum lending amount of Bank of maharashtra is upto 85% of the loan amount Whereas the Andhra bank lends between 80-85% of on road price. The processing fee charged by three banks varies as the Bank of maharashtra charges it upto 15,000, the Allahabad bank upto Rs.8696 and the Andhra bank upto Rs. 25000.

Am I Eligible?

  • Applicant should be a resident indian.
  • The minimum income criteria is 3 lacs per annum.
  • Minimum age of the borrower needs to be at least 18 years at the time of loan application.
  • Maximum age of the borrower should not exceeds 70 years at the time of maturity of loan.
  • Applicant can be either an salaried individual, self-employed,a company or a partnership firm.
  • The maximum EMI should not exceeds 60% of the monthly gross income including proposed EMI.

Loan Offerings

Maha Super Car Loan

  • Bank of maharashtra offers a car loan under the Maha super car loan plan to the individuals having a minimum age of 18 years and maximum of 70 years. The minimum salary required to borrow through this plan is 25,000 per month. The bank also offers a discount of 0.25% to the individuals having an account already with the bank for one year. The margin requirement to be paid by the borrower is 15% of on road price of car and the rest 85% is financed by the bank. The bank allows a quantum of loan upto 20 times of the monthly salary based on last salary drawn.
  • The interest rate charged by the bank is 9.25% and the maximum tenure of the loan can range upto 7 years. The Bank of maharashtra charges a 0.25% processing fee from a minimum of Rs.1000 to a maximum of Rs.15000.
  • Documents required for Salaried applicants:
    • KYC Documents
    • Income proof
      • Form 16 / letter from Employer
      • Last 6 months salary slip
      • Last two year ITR
      • Last 6 months bank statement.
    • 3 passport photographs
    • Quotation of the vehicle to be purchased.
    • Any other document which may be required from case to case.
  • Documents required for Self-Employed applicants:
    • KYC Documents
    • 3 passport photographs
    • Income proof
      • Last 3 years' ITR
      • Profit and Loss statement and Balance sheet.
      • Last 12 months bank statement.
    • Quotation of the vehicle to be purchased.

Bank of Maharashtra Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Maha Super Car Loan

9% to 9.25% per annum

How do I apply for Bank of Maharashtra Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT

At BOM Online Portal

  • You can apply for Bank of maharashtra car loan online through their website by inputting some basic information along with your loan requirements.
    • To apply online for a Bank of maharashtra car loan click here.
    • Fulfill all the details like your monthly income, loan amount required, purpose and the contact details and press the "Submit application" button.

At the nearest Bank of maharashtra Branch

  • To locate a branch near you click here. You will see a list of the cities, select your city and the available branches list will be there on your screen.
    • You can visit the nearest Bank of maharashtra car branch with the necessary documents and application form.For application form click here.
    • Attach all the necessary documents and re-check the application form for confirmation.
    • Submit the application form along with the documents to the Probationary Officer.

After I Apply?

Check Loan Status Online

  • You can check the status of your loan application online by following the steps given below.
    • To check the status of your loan application online, click here.
    • Provide the inward number and your mobile number, the status of your application will be there on your screen.

Check Loan Status Offline

  • Through Andhra Bank Customer Care
    • Dial 1800-233-4526 from your registered number.
    • Dial 1 for marathi, 2 for hindi, 3 for english.
    • After selection of language dial 4 for loan related queries.
    • Now wait as IVR will connect you to the phone banking officer of Bank of maharashtra. You can provide him the details of application to get your application status.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.25% of the loan amount

Rs.1,000 to Rs.15,000

The Bank of maharashtra charges a processing fee for the car loan at the rate of 0.25% upto Rs. 15,000 while the Allahabad bank charges 0.50% upto Rs.8696 and Andhra bank charges at the rate of 1% upto Rs.25,000.

FAQs

Is ITR mandatory for the salaried employee?

Yes the Bank of maharashtra requires the mandatory three years ITR in case of the salaried employee to provide a car loan along with a mandatory Form 16 from the employer. Also in the case of non salaried borrowers ITR for the previous three years is required by by the bank.

How much of my monthly income can be utilised for the EMI purpose?

Bank of maharashtra car loan conditions that your EMI cannot exceed the 60% of gross monthly income including proposed EMI.

How much I can borrow?

There is no cap on maximum loan amount for Salaried/Pensioners Persons and Other Individuals including Self-Employed Professionals.

How much margin money I have to pay for Maha Super Car Loan?

A 10% margin of cost of vehicle including RTO charges is mandatory for Existing / New Housing loan borrowers and Corporate Salary Account holders.

At least 20% margin of cost of vehicle including RTO charges is mandatory for Corporate Clients (Firms / Companies). And, a minimum 15% margin of cost of vehicle including RTO charges is necessary for Others Customers.

What are the security requirements for Maha Super Car Loan?

Hypothecation of vehicle purchased is mandatory for security of Maha Super Car Loan.

What concession is offered on Maha Super Car Loan?

A 0.25% concession on applicable interest rate will be offered to Existing Housing Loan / MSME & Corporate borrowers /Corporate Account holders/ Professional & Self Employed Borrowers, having minimum standing of 1 years relationship with the bank.