bank of maharashtra car loan
Introduction
Bank of Maharashtra offers car loans at competitive interest rates to help you finance the purchase of your dream car. With a flexible repayment period and no pre-payment charges, the loan can be tailor-made to suit your needs.
Eligibility criteria
To be eligible for a Bank of Maharashtra car loan, you must:
-Be at least 18 years old
-Have a regular source of income
-Have a good credit history
The process of availing a car loan from Bank of Maharashtra
Bank of Maharashtra is one of the leading banks in India that offers car loans to its customers. The process of availing a car loan from Bank of Maharashtra is simple and straightforward. Customers can either apply for a car loan online or visit any of the Bank’s branches.
The required documents for a car loan include identity proof, income proof, residence proof, and vehicle registration certificate. The loan amount and tenure are determined based on the customer’s eligibility and repayment capacity.
Customers can repay their car loan through EMIs or through pre-payment. Pre-payment of the loan can be made after 6 months from the date of disbursement. There are no prepayment charges for pre-paying the loan amount.
The interest rate on a Bank of Maharashtra car loan starts at 8.40% per annum. Customers can avail up to 100% finance on the ex-showroom price of the vehicle. Bank of Maharashtra also offers additional benefits such as free personal accident insurance and free roadside assistance cover with its car loans.
Documents required
If you are planning to take a car loan from Bank of Maharashtra, then you must be aware of the documents required to apply for the loan. Here is a list of documents that you will need to submit:
1. Application form: This can be obtained from the bank’s website or from any of its branches.
2. Income proof: You will need to submit your latest income tax return or salary slips to prove your income.
3. Collateral: You will need to pledge an asset as collateral for the loan. This could be your house, car, or any other valuable asset.
4. Age proof: You will need to submit an age proof document, such as your passport or birth certificate, to prove your age.
5. Address proof: You will need to submit a valid address proof document, such as your passport or driving licence, to prove your current address.
Interest rates
When it comes to car loans, the interest rate you pay can make a big difference in the total cost of your loan. That’s why it’s important to compare rates from multiple lenders before you choose a loan.
Bank of Maharashtra offers competitive interest rates on car loans, starting at 8.35% p.a. depending on the loan amount, tenure and other factors. So if you’re looking for a competitive rate on your car loan, Bank of Maharashtra could be a good option to consider.
Types of cars one can purchase using a Bank of Maharashtra car loan
One can purchase any type of car using a Bank of Maharashtra car loan. However, one must remember to take into account the total cost of the loan, including interest rates and fees, before making a purchase. It is also important to consider the monthly payments one will need to make in order to afford the loan. One should also keep in mind that a car is a depreciating asset, so it is important to choose a model that will hold its value over time.
FAQs
1. How much can I borrow from Bank of Maharashtra for a car loan?
The minimum amount you can borrow is Rs. 1 lakh. There is no maximum limit set by the bank.
2. What is the interest rate on Bank of Maharashtra car loans?
The interest rate on a Bank of Maharashtra car loan starts at 10.40%.
3. How long do I have to repay my Bank of Maharashtra car loan?
You have a maximum repayment period of 5 years.
4. Do I need to provide any security for my Bank of Maharashtra car loan?
No, you do not need to provide any security for your Bank of Maharashtra car loan.
5. What are the other charges associated with a Bank of Maharashtra car loan?
The other charges associated with a Bank of Maharashtra car loan include processing fees, which are currently waived off, and an insurance premium, if you choose to take out an insurance policy with the bank.