Bank Of Maharashtra Car Loans

Find details of bank of maharashtra car loan through Bank Of Maharashtra EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. Bank Of Maharashtra EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Also see :   Car Loan Emi Calculator
Bank Of Maharashtra
Bank Of Maharashtra

New Car Loan Rates

Tenure5 Years
Down Payment0.1
Processing Fee0.25% of Loan Amount Min Rs.500
Interest Rate7.55%
Document Charges
Bank Of Maharashtra avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by Bank Of Maharashtra. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks

Loan Eligibility Calculator

Bank of Maharashtra Car Loan eligibility, Interest Rate, documents and process

1.Purpose: Purchase of New four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs),SUV etc. for personal use. (i.e. not for hiring/ferrying passengers) for individuals (18 years and above 2.Eligibility: Permanent salaried employees of Central / State government/ Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 1 year of confirmed service in the current organization. Businessman/Self-Employed Persons / Independent Entrepreneurs who have regular source of income based on 2 years IT Returns Farmers having minimum 5 acres of land holding engaged in production oriented agricultural activities and in other allied activities minimum land holding of 5 Acres of irrigated land and sufficient disposable income. 3.Min. Annual Income: For Salaried: Rs.4.00 lakh (last year income)-Minimum past 2 year ITR/Form 16 from the Employer is Mandatory. For Businessmen/Professionals: Rs.4.00 lakh (last year income)- Minimum past 2 year ITR with supporting documents are mandatory. For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.4.00 lakh. The income of spouse can be considered as co-applicant for deciding the quantum of loan and repayment capacity. 4.Age Limit: For individuals (18 years and above) 5Quantum of Finance: For Salaried Persons:-Up to 24 times of Net Monthly Salary on the basis of Last Salary Drawn, subject to ‘Deduction Norms’ For Other Individuals: Up to 2 times Average annual income based on 2 years ITRs or Gross Taxable income as per latest ITR(whichever is lower), subject to ‘Deduction Norms’ (Total income would mean Cash Accruals). *Maximum Loan amount: No Upper Limit 6Margin: New Vehicles: For Existing/New Housing Loan Borrowers-Minimum 10% For Others -Minimum 15% 7.Repayment - Maximum 84 Months 8.Deduction - Not to Exceed 60% of the Gross Income including Proposed EMI 9.Processing Charges - 0.25% of the Loan Amount (Min.:Rs.1000/- & Max.: Rs. 15,000/-) 10.Security: Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities 11.Guarantor: Not to be insisted upon.