Bank of Maharashtra car loans | Interest Rates | Documents | Eligibility | Information

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Bank of Maharahtra Car loan – Details on Interest Rates, Documents, Fees and Services and Documents for new Car loan schemes of BOM Car loans.

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Eligibility and Documents for Bank of Maharashtra Car loans: -


Purpose	Purchase of New 4 or 2 wheelers / Second hand 4 wheelers up to 3 yrs old
Eligibility	Permanent salaried / Professionals / Businessmen
Age	-
Minimum Employment	For Service Persons Total – 3 yrs Current – 2 yrs Others – 3 yrs
Minimum Annual Income	4W – Rs.3.50 lac for salaried, Rs. 2.00 lac for others 2W – Rs. 2.00 lac (Income of spouse can be included if joins as Co-applicant)
Maximum amount	4W – Rs.15.00 lac 2W – Rs.0.50 lac Salaried - 18 times Gross Pay Professionals - 1.50 times of average annual Income as per their last three Balance – Sheet/ P & L account or last years income whichever is less.
Security	Hyp. of Vehicle
Guarantor	One Guarantor acceptable to Bank
Margin :	15% for new vehicle. 50% for second hand 4 wheeler up to 3 yrs
Deduction Limit	60% of Gross Pay
Rate of Interest	Click here to view the Car loan interest rate
Repayment	4W(New) 84 Months 2W 60 Months 2nd 4W 60 Months
Processing Fee	4W Rs. 2000/- 2W Rs. 500/-
Insurance	Compulsory
Group Finance	20 permanent Employees of same organization of repute -Margin Relaxation up to 10%.
Others	The maximum amount for purchase of 2 wheelers & 4 wheelers is Rs 0.50 lakh & Rs. 15.00 lakh respectively. If the loan is availed for a lesser amount than the prescribed limit, borrower desires to avail the loan during the currency of the

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Source: Bank of Maharashtra Website

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