Bank of Maharashtra Car Loan Interest Rate – Complete Guide & EMI Tips

Key Takeaways
 

• The Bank of Maharashtra Car Loan Interest Rate ranges from 7.45% to 14.05% per annum. 
   
• The processing cost of the Bank of Maharashtra car loan is zero to 0.50% of the loan amount.
   
• Documents are straightforward: ID, proof of address, and photos. 

Bonus Tip: Do you know? You can part-prepay or close your Bank of Maharashtra car loan anytime without extra cost, helping you reduce interest outgo faster

Rajvardhan Bhosale from Pune’s Collector Office turned to Bank of Maharashtra Car Loan Interest Rate for his first car. He found that the Bank of Maharashtra car loan interest rates were lower than those of many banks. 

The Bank of Maharashtra Car Loan Interest Rate is the percentage you pay annually for the money you borrowed to buy your car. It’s like paying for petrol for your wheels; if the vehicle is more efficient, you will burn less fuel. Similarly, if your Bank of Maharashtra car loan interest rate is lower, you will have to pay less. Think of the Bank of Maharashtra car loan interest rate as traffic you must pass through before cruising free.

Rajvardhan said, “I calculated a loan for ₹15,00,000 at 7.45% Bank of Maharashtra car loan interest rate. I used the Bank of Maharashtra Car Loan Interest Rate calculator. Thankfully, I could choose a special Bank of Maharashtra car loan interest rate for govt employees. It made things easy and convenient for me. I predicted the best and worst case scenarios based on the Bank of Maharashtra car loan interest rate fixed or floating.”

Types of Bank of Maharashtra Car Loans

Bank of Maharashtra has Maha Super Car Loan and Used Car Loan, each with distinct features. Each of these has a different Bank of Maharashtra car loan interest rate.
 

Whether you want a new car or a second-hand car, choose your loan type based on car age and credit score. Your Bank of Maharashtra car loan interest rate can vary based on the choice you make.

Bank of Maharashtra Car Loan Processing Fees and Charges 

Bank of Maharashtra car loan processing fee can affect your first-gear excitement. Most of the Bank of Maharashtra car loans have no processing fee.
 

Low processing fees help Rajvardhan save on his budget from day one. He could estimate his Bank of Maharashtra car loan interest rate better.

How to Apply for a Bank of Maharashtra Car Loan

Rajvardhan treated this like a G-Tech office audit day. His application process was organised and smooth.

• Check your eligibility before you apply. Government employee salary accounts can lead to concessions on Bank of Maharashtra car loan interest rate for govt employees.
   
• Use the Bank of Maharashtra car loan interest rate calculator to plan before you commit to the car loan.
   
• Collect the Bank of Maharashtra car loan documents. These include Passport photos, PAN, Aadhar Card/Driving License, and Residence Proof.
   
• Visit the branch or apply online. Submit the documents in the branch or fill out the digital form.
   
• Once the Bank of Maharashtra reviews your credit score and income, your loan will be sanctioned.
   
• Read the Bank of Maharashtra car loan interest rate terms (fixed/floating), then you can sign the agreement.
   
• The funds will be disbursed, and Bank of Maharashtra will pay the dealer directly.
   

If you follow these simple steps, you can keep your Bank of Maharashtra car loan application process smooth. It is advisable to keep the Bank of Maharashtra car loan documents ready to avoid hassles.

Conclusion

After comparing the Bank of Maharashtra car loan interest rates, Rajvardhan finalised his car loan variant. Soon, he was cruising through the roads of Pune in his new car without the stress of a high EMI.

A useful online tool to plan your finances is the Bank of Maharashtra car loan interest rate calculator. It is advisable to keep the Bank of Maharashtra car loan documents ready. You should know that with a higher CIBIL score, you can secure a lower Bank of Maharashtra car loan interest rate.

FAQs Related to Bank of Maharashtra Car Loan Interest Rates

What affects the Bank of Maharashtra Car Loan Interest Rate the most?
Credit score, loan amount, and RBI repo influence rate changes greatly. A higher CIBIL score usually lowers interest. (Common car loan wisdom)

Are EMI calculators reliable for the Bank of Maharashtra Car Loan Interest Rate Calculator?
Yes, the Bank of Maharashtra car loan interest rate calculator shows EMI based on loan value, interest, and tenure. 

What if an agent pushes loan terms without proper documents?
Always ask for official documents before signing. Leaked WhatsApp terms are not binding. Never sign uncertain paperwork.

Are BoM rates good vs other banks?
Many users share the BoM that the rates are competitive (~7.9% floating) with zero foreclosure.

Is Bank of Maharashtra Car Loan Interest Rate Fixed or Floating?
It can be floating (linked to repo/MCLR), and there are options to switch sometimes.

Can you transfer your car loan from Tata Motors Finance to Bank of Maharashtra?
Yes, you can transfer (or refinance) your existing car loan from Tata Motors Finance to Bank of Maharashtra if the new lender offers better interest rates or terms; the process involves the new bank paying off the old loan, and you continuing repayment under the new loan agreement.

What are some effective ways to get out of a car loan before it’s fully paid?
You can exit a car loan early by prepaying the outstanding amount, selling or refinancing the car/loan, or through loan transfer to a cheaper lender. But always check for prepayment penalties and charges before doing so.
 

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.