|Loan Name||Interest Rate||Processing Fee||Loan Amount||Tenure|
|Maha Super Car Loan Scheme||9.00% - 9.25%, Fixed||-||max Rs 100 lakhs||max 84 months|
|Mahabank Vehicle Loan Scheme for Old Car||MCLR+0.50%||0.25% of the loan amount||up to Rs 5,00,000||up to 60 months|
|Loan amount (For old Vehicle)||Rate of Interest|
|Loan upto Rs.25.00 Lakh||MCLR+0.50%|
|Loan above Rs. 25 Lakh and upto Rs. 100 Lakh||MCLR+2.50%|
|Loan above Rs. 100 Lakh and upto Rs. 200 Lakh||MCLR+3.50%|
Q: What is the interest rate for a car loan in Bank of Maharashtra?
A: Bank of Maharashtra offers attractive interest rates for car loan borrowers.The interest rate range is 8.95%.
Q: What is the EMI cycle?
A: The EMI due date or cycle depends on the borrower. It can be the first of the month or 5th of the month. The borrower can choose the day as per their convenience. Some banks do give a set day as their processing day are automated.
Q: What are the prepayment and processing charges in BOM for a car loan?
A: Processing Fee:- Bank of Maharashtra asks for a processing fee of 0.25% of loan amount Min. Rs. 1,000 and Max. Rs. 15,000 with applicable service tax.
Prepayment Charges:- Bank of Maharashtra allows prepayment of a car loan after payment of the first EMI. These charges are to be paid in case you want to repay your entire loan amount before the end of the tenure period.
Q: What will happen if I miss any EMI?
A: It is best to pay your EMI on time. Most banks will tolerate any late payments for 1 or 2 times and if you don’t pay your EMI at all, then the bank has every authority to seize the car. Furthermore, if you default on EMI your credit score will take a hit which will spoil your chances of getting any form of credit in the future.
Q: Are there any tax benefits of a car loan?
A: No. There is no tax benefit for a car loan, one can claim for tax benefits only in case of home loan. Therefore car loan amounts should always be tied to your actual requirement and splurging on a fancy car by taking a large loan amount is not a good idea.