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Bank of Maharashtra Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Maha Super Car Loan Scheme 9.00% - 9.25%, Fixed - max Rs 100 lakhs max 84 months
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
  • Receipt of payment already made to the dealer
  • Quotation of the vehicle which has to be purchased
  • Valuation certificate from the insurer if the vehicle is an old one (in case of old vehicles the age of the vehicle should not be more than 3 years old)
  • The authenticity of the dealer of the company or supplier of the vehicle.
Benefits

  • Attractive interest rates
  • Lower processing charges
  • One can avail loan to meet medical expenses, expenses of family functions, travel expenses and so on.
  • No hidden charges
Eligibility

  • The borrower should be a permanent salaried employee of State government, Central government, Corporate salary account holder, employees of PSU and companies who have served a minimum of 1 year of confirmed service in the current organization.
  • Farmers having a minimum of 5 acres of land holdings and who are engaged in agricultural activities with sufficient disposable income.
  • Businessman/ independent entrepreneurs, self-employed who have a regular source of income based on income tax returns for the last two years
  • Pensioners of state or central government who have a minimum pension of Rs 25,000 per month
Other Details

  • Maximum tenure of loan repayment is 84 months
  • The new vehicle purchased by the loan borrower will be hypothecated for security purpose.
  • For salaried individuals, the quantum of loan is up to 2 times average annual income
  • For Corporate Clients, the quantum of loan is a max of up to Rs 100 lakhs or up to 3 times of average annual income.
Mahabank Vehicle Loan Scheme for Old Car MCLR+0.50% 0.25% of the loan amount up to Rs 5,00,000 up to 60 months
Details
Documents Required

  • Proof of Residential Address
  • Proof of Identity
  • PAN Card
  • Proof of Income for Salaried Individuals – Last 2 years ITRs, recent 3 months salary slips, Form 16, last 6 months bank statement
  • Proof of Income for Non-Salaried Individuals – Audited balance sheet, last 2 years ITRs, last 12 months bank statements
  • Proof of Income for Agriculturists – income certificate issued by the Revenue Department, mandal revenue officer, tahsildar.
  • Receipt of payment already made to the dealer
  • Quotation of the vehicle which has to be purchased
  • Valuation certificate from the insurer a must for old one (in case of old vehicles the age of the vehicle should not be more than 3 years old)
  • The authenticity of the dealer of the company or supplier of the vehicle.
Benefits

  • Get maximum repayment tenure of up to 60 months
  • Attractive interest rates
  • Easy EMIs on the borrower's pockets
  • No hidden charges
Eligibility

  • The minimum age of the applicant should be 18 years
  • The applicant should be employed either a salaried or self-employed.
  • In case of a salaried employee, the minimum annual salary should be Rs 3,00,000
  • One should be working in the same organization for the past 2 years
  • Form 16 or Income Tax Returns (ITR) for the past 2 years is mandatory
  • In the case of Businessmen or Professionals, the minimum annual salary should be Rs 3,00,000
  • Past 2 years ITR with supporting documents is required.
  • For those who are engaged in agriculture and allied activities, one should have an ascertainable minimum income of Rs 3,00,000 per annum.
  • Farmers should have a minimum of 5 acres of land holding and should be engaged in agricultural production-oriented activities and in other allied activities.
  • Farmers should have sufficient disposable income to secure the loan for purchasing an old car.
Other Details

  • Maximum loan amount granted under this section is Rs 5,00,000.
  • Quantum of finance is up to 20 times of net monthly salary on the basis of the last salary drawn.
  • In the case of other individuals, get up to 2 times annual average income based on 2 years ITRs or gross taxable income.
  • Processing charges stand at 0.25% of the loan amount (minimum of Rs 500)
  • No need for a guarantor.
Loan amount (For old Vehicle) Rate of Interest
Loan upto Rs.25.00 Lakh MCLR+0.50%
Loan above Rs. 25 Lakh and upto Rs. 100 Lakh MCLR+2.50%
Loan above Rs. 100 Lakh and upto Rs. 200 Lakh MCLR+3.50%

FAQs

Q: What is the interest rate for a car loan in Bank of Maharashtra?

A: Bank of Maharashtra offers attractive interest rates for car loan borrowers.

The interest rate range is 8.95%.

Q: What is the EMI cycle?

A: The EMI due date or cycle depends on the borrower. It can be the first of the month or 5th of the month. The borrower can choose the day as per their convenience. Some banks do give a set day as their processing day are automated.

Q: What are the prepayment and processing charges in BOM for a car loan?

A: Processing Fee:- Bank of Maharashtra asks for a processing fee of 0.25% of loan amount Min. Rs. 1,000 and Max. Rs. 15,000 with applicable service tax.

Prepayment Charges:- Bank of Maharashtra allows prepayment of a car loan after payment of the first EMI. These charges are to be paid in case you want to repay your entire loan amount before the end of the tenure period.

Q: What will happen if I miss any EMI?

A: It is best to pay your EMI on time. Most banks will tolerate any late payments for 1 or 2 times and if you don’t pay your EMI at all, then the bank has every authority to seize the car. Furthermore, if you default on EMI your credit score will take a hit which will spoil your chances of getting any form of credit in the future.

Q: Are there any tax benefits of a car loan?

A: No. There is no tax benefit for a car loan, one can claim for tax benefits only in case of home loan. Therefore car loan amounts should always be tied to your actual requirement and splurging on a fancy car by taking a large loan amount is not a good idea.

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