Azadi ka Amrit Mahatsav

Car Loan - Meaning or Definition

Purchase of New four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs), SUV etc. for personal use. (i.e. not for hiring/ferrying passengers) for individuals (18 years and above)/ Companies and Corporate entities

car loan or vehicle loan

Interest Rate

7.70%P.A

Car Loan Features & Benefits

  • Car loan rates, vehicle loan interest rate, car loan interest rates, vehicle loan rates
    Low EMI
  • best car loans, car finance
    Higher Loan Amount
  • vehicle loan, track vehicle loan
    Track my Loan
  • vehicle loan agreement
    Approved Car Dealers
  • simplified disbursement for car loan or vehicle loan
    Simplified Disbursement
  • low processing fee for vehicle loan or car loan
    No Processing Fee
  • no hidden charges for car loan
    No Hidden Charges
  • no prepayment penalty for vehicle loan
    No Prepayment Penalty
  • 0.25 % Concession in ROI for Corporate salary account Holder and Existing Housing Loan borrower
  • Waiver of Processing fee till 30th June, 2022.
  • Maximum Funding 90%
  • Interest charged on daily reducing Balance
  • No Pre-Payment / Pre-closure / Part payment Charges
  • Quick turnaround time

Car Loan Documents Required

  • Two Passport Size Photographs.
  • Proof of Identification: (any one)
    • Election ID Card
    • Pan Card
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  • Proof of Residence : (any one)
    • Electricity Bill
    • Election ID Card
    • Telephone Bill (Landline)
    • Aadhar Card
    • Driving License
    • Photo Identity card issued by the current Employer
    • Passport
  • For Salaried Persons
    • Original/Certified copy of the latest salary slips for the past 3 months
    • Copies of IT returns of last 2 years duly acknowledged by IT Dept/IT assessment orders or Form 16 for last 2 years from the Employer.
    • Undertaking from employer for remittance of monthly installment, wherever feasible.
    • Bank Account (Salaried Account) statement for the last 6 months (in case of other Bank)
  • For Non-Salaried Class /Businessman /Professional
    • Latest 3 years of IT returns (2 years in 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 past one year
  • Other documents as applicable as per scheme of loan

Car Loan Interest Rates

lowest car loan interest rates
vehicle loan rates

Car Loan Interest Rate

7.70%P.A

Fore more Interest Rates & Charges Click here

Car Loan EMI Calculator

Principal Loan Amount *:
Interest Rate ( % p.a ) *:
Loan Term (Years) * :
SHOW EMI

Car Loan Eligibility

vehicle loan eligibility

How will Bank of Maharashtra decide the car loan amount i am eligible for?

Individual salaried employees/ self-employed professionals/Businessman / Agriculturist  /Companies and Corporate entities.


Frequently Asked Questions (FAQs)

frequently asked questions

Maha Super Car Loan is for purchase of new four-wheeler i.e.Car, Jeep , Multi Utility vehicles (MUV)

A critical factor in getting a loan approved fast is determining how much EMI you are comfortable paying. Use our Car Loan EMI calculator to estimate how much you will need to set aside. These will enable you to plan and prepare for the Car Loan application process.

To make sure your Car Loan is approved faster; the key is to provide all the necessary documents and complete your Know your Customer (KYC) formalities.

You can use the EMI Calculator to know your EMI amount before applying for the Loan.

Bank of Maharashtra offers flexible tenures on their Car Loan products. The maximum tenure is 84 months. 

Car Loan is usually give upto 36 times of net monthly salary and 90% of the cost of car value depending on the repaying capacity such that the overall deuctions does not exceed 65% of Gross Income (including proposed EMI).

For example: A person having gross monthly salary of Rs. 40000 and deduction of Rs. 5000 making his net monthly salary of Rs. 35000 is eligible for car loan of Rs. 1260000

Vehicle loan agreement is an agreement containing important clauses executed between lender and borrower/coborrower/guarantor for grant of loan for purchase of a vehicle.

Car Loan How to Apply

apply online for car loan or vehicle loan Scan this Code to see
How to Apply for Digital Loans Online

Follow the step by step instructions to avail digital loan facility from our bank.

Please click on the following link to view how to apply for Digital Loan Online:

How to Apply for Digital Loans Online

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