Bank of Maharashtra is a public sector bank. This bank provides a wide variety of loans ranging from personal loans to student loans to car loans.
Bank of Maharashtra has great car loan schemes. These schemes are designed keeping in mind the customers' best interests. Let's learn more about a car loan from the Bank of Maharashtra.
Bank of Maharashtra's most popular car loan is it Maha Super Car Loan. Here we will talk about some of the features and benefits of the Bank of Maharashtra car loan:
Low EMI: You'll have more breathing room to manage your other bills if you lower the EMI. A low EMI certainly helps with debt control.
Higher loan amount: Bank of Maharashtra car loan allows you to borrow higher sums of money at reasonable interest rates and convenient tenure too.
Track my loan: The bank also allows you to track your loan application.
Approved Car Dealers: A car loan from the Bank of Maharashtra is one of the best because it helps you secure loans with bank-approved car dealers.
Simplified Disbursement: With the Bank of Maharashtra, you do not have to worry about complicated disbursement and payments. They make it seamless for your convenience.
No hidden charges: The whole loan application process is transparent and you do not have to pay any hidden charges.
No prepayment penalty: Unlike other financial institutions, bank of Maharashtra loans is flexible. There are no prepayment charges if you decide to pay off the amount and close off the loan.
There are various reasons for interest rates to go up and down across financial institutions. Here are a few factors that affect car loan interest rates that you should pay attention to.
Income: A low-interest rate may be made available to people who have a consistent source of income and a stable job. The business you work for is taken into account when calculating interest rates.
Credit score: Regardless of the loan you apply for, the interest rate you will pay is determined by your credit history. A better credit score will provide you with more negotiating power and make it easier for you to secure a loan.
Market fluctuations: There are two types of interest rates for car loans; fixed and fluctuating. A fixed interest rate loan stays the same during the loan. Market fluctuations and other factors have no impact on it.
Age and model of the vehicle: Your vehicle is treated like collateral. Because of this, banks consider the car's age and model when determining the interest rate. Loans for used or pre-owned cars have higher interest rates than loans for brand-new cars. This is because used cars lose value over time.
The application process for a car loan from the Bank of Maharashtra is simple and quick. You can apply for a car loan online through their website.
Head to the Bank of Maharashtra website. Click on the 'Online Loans' button.
Select a car loan from the options listed. After validating your OTP and verifying your mobile number, you can proceed to fill up your details.
You can fill up your occupation details, financial information, co-applicant's details, etc.
You can fill up the loan details and move on to branch selection.
Submit the KYC details.
Upon completion of verification, you will see the offer from the bank. Review the offer and then apply for the loan. That's it, you are all done.
Bank of Maharashtra offers car loans to businessmen, individual salaried employees, or self-employed professionals over 18 years of age who have been working for at least 3 years. Agriculturists and companies and corporate entities are also eligible for car loans from the Bank of Maharashtra.
Here is the list of documents required when applying for a car loan at the Bank of Maharashtra:
Proof of Identification
Proof of Residence
Two passport-size photos and other documents are required for specific loan schemes
For Salaried Persons:
Original/Certified copy of the latest salary slips for the past three months
Copies of IT returns of the last 2 years duly acknowledged by IT Dept/IT assessment orders
Form 16 for the last two years from the Employer.
Undertaking from the employer for remittance of monthly instalments, wherever feasible.
Bank Account (Salaried Account) statement for the last six months (in case of another bank)
For Non-Salaried Class /Businessman /Professional:
The latest three years of IT returns (2 years in the case of Professionals) including computation of income, Profit and Loss Account, Balance sheet, Audit Report etc.
Shop Establishment Act
Tax Registration Copy
Company Registration License
Bank statement for the past year
When you buy a car on loan, there is a considerable amount of debt. As you may expect, there are two sides to every coin.
Here are the pros of taking out a car loan:
A car loan enables you to purchase a vehicle without having access to cash immediately.
A better credit rating can be achieved easily by making sure all of your payments are completed on time, which is why some people may take out a car loan to do so.
Here are the cons of taking out a car loan:
Interest rates might be very high, depending on your credit history.
The car loses value, i.e. depreciates.
If you don't make your payments on time, the car may be taken away.
Bank of Maharashtra has an EMI calculator that lets you calculate your EMI easily.
Interest rate is determined by your income, credit history, your co-applicants income and credit history, tenure, etc. You are guaranteed the lowest interest rate with the Bank of Maharashtra car loan schemes.
Depending on the ability to repay, vehicle loans are typically given up to 36 times net monthly earnings and 90% of the cars worth.
Bank of Maharastra offers maximum tenure of 84 months.
To ensure your application is approved faster, you should provide all the details and fulfill KYC formalities.
You can buy old/used cars with the Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers.