Bank Of Maharashtra Car Loan Interest Rate at 8.90% to 13%

Note: Updated on Feb 2023, for latest interest rates, please visit bank website.

About Bank Of Maharashtra

Bank Of Maharashtra is a public sector bank in india with total assets 2337 crore. It has headquarter in Pune.

Bank Of Maharashtra was founded on Sept. 16, 1935. It has 1880 branches and total assets 23371849 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Bank Of Maharashtra which includes Bank Of Maharashtra Official Website, Bank Of Maharashtra ATMs accross the India, Bank Of Maharashtra Branches accross the India, Bank Of Maharashtra Contact Numbers, Bank Of Maharashtra official EmailID, Bank Of Maharashtra Headquarter and Bank Of Maharashtra Headquarter Address. Find Bank Of Maharashtra Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.

Other Products of Bank Of Maharashtra:

Bank Of Maharashtra Car Loan Purpose

Offers Maha Super Car Loan for 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, Companies and Corporate entities.

Bank Of Maharashtra Car Loan Eligibility

1. Age: 21 to 60 years.
2. Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
3. Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.

Bank Of Maharashtra Car Loan Documents Required

1. Applicant's latest photograph.
2. Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
3. KYC (Know Your Customer) Documents.
4. Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
5. Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
6. Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
7. Bank Statement or Bank Pass Book of having entries of last 6 months

Bank Of Maharashtra Car Loan Amount

36 times of net monthly salary and 90% of the cost of car value depending on the repaying capacity

Margin

New Car - Minimum 10% of Cost of Vehicle + RTO charges
For Second Hand 4 wheeler - Minimum 50% of the value of the second hand car as per the valuation report of the Insurance valuer

Bank Of Maharashtra Car Loan Repayment

New Car - Maximum 84 Months
Used Car - Maximum 60 months

Security

Hypothecation of vehicle purchased.

Tips to Manage Car Loan in a Better Way

(1) Make Proper Schedule for EMIs to be paid

You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.

(2) Never Skip any Payment

Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.

(3) Keep Loan Tenure Small

You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.

(4) Make one Extra Payment Every Year

You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.

(5) Refinance your Car Loan

You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.

Benefits of Car Loan

• Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
• No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
• Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
• Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.

Contact details of Bank Of Maharashtra, Bank Of Maharashtra SMS balance check number, Bank Of Maharashtra SMS banking, Bank Of Maharashtra mobile banking, Bank Of Maharashtra toll free number,Bank Of Maharashtra toll free number 24*7, Bank Of Maharashtra miss call number.

• MISSED CALL NUMBERS - 9222281818
• CUSTOMER CARE NUMBERS - 18002334526, 18001022636
• CONTACT NUMBERS - 020-25532731, 733, 734, 735, 736, 020-25532728, 020-25514501-12, 020-25513781

Bank Of Maharashtra Contact Details

• BANK OFFICIAL WEBSITE - https://www.bankofmaharashtra.in
• CONTACT NUMBERS - 020-25532731, 733, 734, 735, 736, 020-25532728, 020-25514501-12, 020-25513781
• EMAIL ID - [email protected], [email protected]
• MISSED CALL NO. - 9222281818
• CUSTOMER CARE NO. - 18002334526, 18001022636
• TOTAL BRANCHES - 1880
• TOTAL ATMS - 1849
• HEADQUARTER - Pune
• BANK ADDRESS - Bank of Maharashtra Head Office, 'Lokmangal', 1501, Shivajinagar Pune-411005

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