Bank Of Maharashtra Car Loan Apply Online – BOM Car Loan

admin May 4, 2024 93 Views

Bank Of Maharashtra Car Loan Apply: Do you want to buy your dream car but are struggling with money? So you should look at the Bank of Maharashtra Car Loan. With its attractive interest rates, flexible repayment options and easy eligibility criteria, Bank of Maharashtra can fulfill your dream.

In this blog post, we will discuss everything you need to know about Bank of Maharashtra car loan from its features and required documents to the application process. Read further for more information.

Table of Contents

Bank of Maharashtra Car Loan

Bank of Maharashtra offers car loans under the ‘Maha Super Car Loan Scheme’ at interest rates starting from 8.70% per annum. There is no limit on the maximum loan amount under this scheme. The bank offers you a repayment period of up to 84 months to repay the loan amount.

You can avail loan amount from Bank of Maharashtra to buy a new or used car and that too with minimal documentation process. The bank offers you a loan of up to 90% of the on-road price of the car with a maximum of Rs 5 lakh.

Bank of Maharashtra Car Loan EMI Calculator

If you want to take a Bank of Maharashtra Car Loan, you will need to use an EMI calculator to determine your monthly payments. All you have to do is enter the loan amount, interest rate and loan tenure in the calculator given below. The calculator will instantly generate the monthly payment amount for you.

You can use this calculator to compare different car loans from different banks and financial institutions and choose the option that best suits your needs.

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Bank Of Maharashtra Car Loan Schemes 2024

Maha Super Car Loan: Under this scheme you can buy a new four-wheeler, such as a car, jeep, MUV, or SUV. The bank offers you a maximum repayment tenure of 84 months.

Maha Combo Loan: This scheme is especially for individuals who are looking to buy both a house and a car. Under this scheme, you can get loan amount to buy a house and a new car together. The minimum amount for home loan should be Rs 15 lakh and the repayment tenure is 30 years and 84 months for car loan.

Mahabank Vehicle Loan: This scheme is designed to buy an old car. If you also want to buy a car older than three years, then you can take advantage of this scheme. A maximum loan amount of up to Rs 5 lakh is provided for a used car with a margin of 50%.

Bank Of Maharashtra Car Loan Eligibility Criteria Details

To apply for Bank of Maharashtra Car Loan you must fulfill the following eligibility criteria given below:

Age: The age of the applicant should be minimum 18 years and maximum 70 years.

Who can apply:

Salaried Employees: Salaried individuals with at least 1 year of service with the current employer are eligible for this loan.
Regular Income: Self-employed, businessmen, independent entrepreneurs with regular income source can apply.
Pensioners: Individuals receiving a pension of at least Rs 25,000 per month can avail this loan.
Farmers: Farmers with at least 5 acres of land and adequate disposable income can apply.

Minimum annual income

Pensioner/Salary Applicants: Rs 3 Lakh.
Professional/Businessman: Rs 4 lakh.
People engaged in agriculture and allied activities: Rs 4 lakh.
Companies/Firms: Rs 4 lakh.

Bank Of Maharashtra Car Loan Required Important Documents

To apply for Bank of Maharashtra Car Loan, you will need the following documents given below:

Photo: Photograph of the applicant.
Proof of Identity (Any One): Aadhar Card, Voter ID Card, Driving License, Passport etc.
Proof of address (any one): Driving license, passport, utility bill like electricity bill, water bill, telephone bill etc.

Proof of income:

For salaried individual: Last 3 months salary slip, last 6 months bank statement, last 1 year IT return, Form 16.
For Self Employed: Last 2 years IT Returns, Audited Balance Sheet, Last 12 months Bank Statements.
Farmers who do not file IT returns: Income certificate issued by Divisional Revenue Officer/Tehsildar/Revenue Department official with State level Gazetted rank.

Bank of Maharashtra Car Loan Margin Rate

New/existing home loan borrowers: Minimum 10% of vehicle cost (ex-showroom price plus insurance charges and RTO charges)
Others: Minimum 15% of vehicle cost (ex-showroom price plus insurance charges plus RTO charges)
Corporate Customers: Minimum 20% of vehicle cost (ex-showroom price plus insurance charges and RTO charges)

Bank Of Maharashtra Car Loan Apply process – Step by Step

You can apply for Bank of Maharashtra car loan both online and offline. The procedure to apply is given below:

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Bank of Maharashtra Car Loan Online Apply

Follow the steps given below to apply for Bank of Maharashtra Car Loan online:
Go to the official website of Bank of Maharashtra.
Now go to ‘Loans’ section under ‘Personal’.
Click on ‘Maha Super Car Loan Scheme’ in the ‘Loans’ section.
A new page will open where you will be provided with information related to car loan.
Now come down and click on the ‘Apply Now’ button.
Now a new tab will open where you will see the application form.
If you are already a customer of the bank then enter your account number otherwise click on No.
Now enter your mobile number to receive OTP and enter.
Finally, upload your KYC document.
You will see loan offers based on your profile.
If you like the offer then click on ‘Apply For Loan’.
Your loan application will be submitted and you can download the offer letter.

Bank of Maharashtra Car Loan Offline Apply

To apply for Bank of Maharashtra Car Loan offline, follow the steps given below:
You go to your nearest Bank of Maharashtra branch.
Tell the bank employee that you want to apply for a car loan.
The bank representative will provide you with all the necessary information related to the car loan.
Necessary documents will be taken from you.
Your eligibility will be checked.
If you are found eligible, your loan will be approved and the loan amount will be credited to your account.

How to login to Bank of Maharashtra portal?

To login to Bank of Maharashtra portal follow the steps given below:
Visit the website of Bank of Maharashtra.
Now click on ‘Internet Banking’.
Click on ‘Retail’ under Login.

How to check Bank of Maharashtra car loan application status?

To check Bank of Maharashtra Car Loan application status, follow the steps given below:
Visit the official website of Bank of Maharashtra.
Now click on ‘Online Applications’.
Click on ‘Click here’ under ‘Know your Application Status’.
Enter your application reference number, mobile number, select your loan type.
Enter the captcha code given below and then click on ‘Submit’.
The status of your application will be displayed on your screen.

Bank of Maharashtra Customer Care

Toll-free number: You can call toll-free number 1800-233-4526 / 1800-102-2636. You can call at.
Email: hocomplaints@mahabank.co.in, cmcustomerservice@mahabank.co.in
Miss call number: 9222281818, 1802334526
You can visit your nearest Bank of Maharashtra branch.

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FAQs- Bank Of Maharashtra Car Loan

Question. What is the processing fee charged by Bank of Maharashtra on car loan?

Answer. Bank of Maharashtra currently does not charge any processing fee on car loan.

Question. Will women applicants get any concession in interest rate?

Answer. Yes, women applicants enjoy a concession of 0.05% on the interest rate on Bank of Maharashtra Car Loan.

Question. For which types of vehicles does Bank of Maharashtra provide car loan facility?

Answer. Bank of Maharashtra offers car facility for hatchback, sedan, SUV, MUV and jeep for personal use.

Question. What is the maximum finance provided by Bank of Maharashtra?

Answer. You can get a loan up to 90% of the ex-showroom price of the car.

Question. Do I need to provide any security when taking a car loan?

Answer. Apart from the hypothecation of the car you are purchasing, you do not need to provide any other collateral or security to avail a car loan.

Conclusion

Bank of Maharashtra Car Loan is a great option for those who want to finance their dream vehicle. With its competitive interest rates, flexible repayment plans, and easy application process, the Bank of Maharashtra offers an ideal solution for all your car financing needs. Whether you are looking to buy a new or used car, the Bank of Maharashtra has everything you need to make it happen.