Category Archives: Loans

Bank of Maharashtra Car Loan

Bank of Maharashtra Car Loan – Check Car Loan Interest Rates, Eligibility, EMI Calculator, Documents, Processing Fee, Tenure, Benefits, Features.

Bank of Maharashtra is one of the renowned banks of India in term of loan services. It is steadily growing its operations all over Maharashtra. With its high standards of safety and efficiency, Bank of Maharashtra is moving towards global presence.

Bank of Maharashtra Personal Loan is one among many services offered by the bank. An individual can avail personal loan at attractive interest rates.

We will discuss Bank of Maharashtra Car Loan in this article:

Bank of Maharashtra Car Loan Loan Amount, Processing Fee

Age Limit 18 years to 70 years
Processing Charge As applicable
Repayment Period Maximum 84 months
Margin For Housing Loan Borrowers: 10% of cost of vehicle
For Others: 15%
For Corporate Clients: 20%
Loan Amount Maximum Rs 1 crore

Who is Eligible for Bank of Maharashtra Car Loan?

  • Salaried employees
  • Self-employed
  • Businessmen
  • Independent entrepreneurs
  • Professionals
  • Pensioners of central/state govt./PSU
  • People engaged in agriculture & allied activities

Eligibility Criteria

  • An individual must be at least 18 years old to be eligible to avail car loan from Bank of Maharashtra.
  • Applicant’s last year income must be at least Rs 3 lakh. He/she should have a regular source of income.
  • Farmers must have 5 acres of land holding.
  • Employees must have a minimum of 2-years in employment and 1-year in the current organisation.
  • Pensioners with a minimum monthly pension of Rs 25,000.

Minimum Annual Income to be eligible for Bank of Maharashtra Car Loan

  • For salaried/pensioners: Rs 3 lakhs per year
  • For business/professionals: Rs 4 lakhs per year
  • Farmers: Rs 4 lakhs per year
  • For corporate clients: Rs 4 lakhs per year

What is the Loan Amount for Bank of Maharashtra Car Loan?

  • For the corporate clients:Maximum Rs 1 crore or up to 3 times of 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).
  • For others: Up to 2 times average annual income based on 2-years ITRs or 2 times Gross Taxable income as per latest ITR(whichever is lower), subject to ‘Deduction Norms’ (Total income would mean Cash Accruals).

Bank of Maharashtra Car Loan EMI Calculator

EMI Calculator is the online tool important for people applying for a loan. It not only generates the exact amount of payment but also let the borrower know how much loan amount would be feasible. Enter the loan amount, interest rate and the loan tenure, based on which EMI Calculator would calculate your monthly EMI. Hence, you can freely plan your month based on the amount of monthly outgo.

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

Security

  • Hypothecation of vehicle purchased.

What would be the overall deductions?

  • Not to exceed 60% of the gross income including proposed EMI
  • Not to exceed 65% of the gross income including proposed EMI, in case of existing housing loan borrowers under standard category for 2-years.

Documents Required for Bank of Maharashtra Car Loan

  • Identity proof
  • Address proof
  • PAN card
  • Valid driving license
  • Proforma invoice

For Salaried Individuals:

  • Last 2-years ITR
  • Form 16
  • Last 3 months salary slips
  • Last 6 months bank statement

For Non-Salaried Individuals:

  • Last 2-year ITR
  • Audited balance sheet and other financials
  • Last 1-year bank statement