होम  »  बैंकिंग  »  Loans  »  Car Loan  »  Bank of Maharashtra Car Loan

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%
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