Bank of Maharashtra Car loan – Interest Rates 2018, EMI Eligibility Calculator

Bank of Maharashtra Car Loan – Details on Interest Rates, Processing Fees, Eligibility, Loan amount, Documents. Calculate EMI with Bank of Maharashtra car loan emi calculator and eligibility online. you can take auto loans for the purchase of New and Used car from Bank of Maharashtra.

Bank of Maharashtra Car Loan Details

Interest Rates 9.25% – 10.00%
Repayment Period 7 Years
Lowest EMI per Lakh Rs. 1,604
Maximum loan amount 1 Crore
PROCESSING CHARGES 0.25% of the Loan Amount (Min.:Rs.500/-)

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Professional Details
Loan Amount

Occupation

Annual Income

City

Eligibility:

  1. Permanent salaried employees of Central / State government / Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 1 year of confirmed service in the current organization.
  2. Businessman/Self-Employed Persons / Independent Entrepreneurs who have regular source of income based on 2 years IT Returns.
  3. Farmers having minimum 5 acres of land holding engaged in production oriented agricultural activities and in other allied activities minimum land holding of 5 Acres and sufficient disposable income
  4. Pensioners of Central/State Government/PSU having minimum pension of Rs.25000/- per month.
  5. Corporate Clients (Partnership/Proprietorship Firms/ Companies): 2 year IT Return/Income proofs based on audited balance sheet, P&L A/c.

The above provisions are applicable only for existing customers with 1 years standing Others to be considered on perusal of 3 years IT Returns / Income proofs.

  1. For Salaried/Pensioners Persons : – Upto 36 times of Net Monthly Salary/Pension on the basis of Last Salary/Pension Drawn, subject to ‘Deduction Norms’
  2. For Other Individuals : Up to 2 times 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).
  3. Maximum Loan amount :No Upper Limit (For applicant falling under above 1 & 2 Category)
  4. For Corporate Clients (Firms/Companies) : Max. Rs. 100.00 Lakhs or Up to 3 times of Average annual income based on 2 years ITRs or Gross Taxable income as per latest ITR. 

Minimum Annual Income required for Bank of Maharashtra Car Loans

  1. For Salaried/Pensioners: Rs. 3.00 lakhs (last year income) – Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
  2. For Businessmen/Professionals: Rs. 4.00 lakhs (last year income)- Minimum past 2 year ITR with supporting documents are mandatory.
  3. For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.4.00 lakhs.
  4. For Corporate Clients (Firms/Companies): Rs. 4.00 Lakhs (Last year income)- Minimum past 2 year ITR with supporting documents are mandatory.

Bank of Maharashtra Car loan EMI Calculator

Bank of Maharashtra car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.

Calculate Loans EMI Online

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

For an example, You can take a loan amount of Rs.4 lakh for Maruti Wagon R or Celerio car for 4 years repayment period at 9.25% rate of interest than you emi calculations are as follows:

  • Loan Amount = Rs. 4,00,000
  • Monthly Installment (EMI) = Rs. 10001.57
  • Total Interest Amount = Rs. 80075.36
  • Total Amount (Principal + Interest) = Rs. 480075.36
Year Principal Interest Balance Amount
1 Rs. 86,636 Rs. 33,388 Rs. 313,364
2 Rs. 72,640 Rs. 26,768 Rs. 260,884
3 Rs. 94,996 Rs. 25,028 Rs. 218,368
4 Rs. 104,168 Rs. 15,856 Rs. 114,200
5 Rs. 114,276 Rs. 5,801 Rs. 0

Margin:-

  • For Existing Clients – Min. 10% of Cost of Vehicle + RTO charges
  • For Others — Min. 15% cost of vehicle + RTO charges
  • For Corporate Clients (Firms/Companies)- Minimum 20% of Cost of Vehicle + RTO charges

Other Products of Bank of Maharashtra:-