Bank of Maharashtra Car Loan Interest Rate November 2026: From 7.70%
The Bank of Maharashtra car loan interest rate is 7.70% to 12% p.a. on a new car under the Maha Super Car Loan Scheme, floating over RLLR 8.30%. A salaried buyer with a CIBIL score of 800 or more gets 7.70%, the joint lowest published floor of the 30 lenders we track. Used cars cost 11.45% to 14.30%; electric cars get 0.25% off.
Maha Super Car Loan: what Bank of Maharashtra sells in 2026
Bank of Maharashtra, a public sector bank, has one new car product, the Maha Super Car Loan Scheme, with a Green variant for electric cars and a separate scheme for second hand cars. It publishes no instant or pre-approved car loan.
Three things stand out: a floating rate on RLLR 8.30%, read off a CIBIL grid with salaried and non-salaried columns; 100% funding for existing home loan customers, a 10% margin for others; and a ₹500 lakh limit over 84 months.
One warning: the marketing page says "No processing fee", while the scheme page and the service charge schedule say 0.25%. We follow the schedule and explain the gap in the fees tab.
Bank of Maharashtra car loan EMI
Loan amount: ₹8,00,000 at Bank of Maharashtra's published rate range. Reducing-balance EMI; processing fees and insurance are extra.
Compare car loan ratesYour monthly EMI
₹16,106
for 60 months
₹9,66,390
Total payable
₹8,00,000
₹1,66,390
Interest is 17.2% of what you repay. A shorter tenure cuts it; a lower rate cuts it more.
Bank of Maharashtra car loan interest rate: how the score grid prices you
RLLR 8.30% follows the RBI repo rate, 5.50% since 7 October 2026, so a floating rate can move at a reset. Your spread depends on your score and your column.
Who gets 7.70%
A salaried borrower scoring 800 or above gets RLLR minus 0.60%, so 7.70%; non-salaried at that score pays 7.80%. The salaried column then climbs to 7.90% at 776 to 799, 8.00% at 750 to 775 and 8.30% at 700 to 749, then 9.85%, 10.15% and 10.90% under 600.
Concessions, electric and used
Home loan borrowers, corporate salary account holders and professionals with six months of dealings get 0.25% off their row, as does any electric car under the Maha Super Green Car Loan. A salaried buyer at 750 to 775 with a home loan here pays 8.00% minus 0.25%, or 7.75%; at 800 and above it does nothing, because 7.70% is the floor. Used cars: 11.45% at 750 and above, up to 14.30% below 600.
Fixed or floating?
The fixed option sits on the one-year MCLR of 9.05%: 10.35% for a salaried score of 750 or more, 10.80% at 700 to 749, capped at ₹50 lakh, reset only after 3 years. Against 8.00% floating at 750 to 775, that's 10.35% minus 8.00%, or 2.35 points. Floating resets at least every three months under the RBI's external benchmark rule; at a rise you pick a higher EMI, a longer term or a free part prepayment.
Reading the EMI table
On ₹10 lakh at 7.70% over 5 years the EMI is ₹20,133 and total interest ₹2,07,987. Over 7 years the EMI drops to ₹15,437 but interest grows to ₹2,96,722, which is ₹2,96,722 minus ₹2,07,987, or ₹88,735 more. Test your row in the car loan EMI calculator; our car loan interest rates table lists every lender's floor.
Bank of Maharashtra car loan rates as published
| New car | 7.7% to 12% p.a. |
|---|---|
| Who gets the lowest rate | CIBIL score 800 & above, Salaried (RLLR - 0.60%) |
| Rate basis | Fixed or floating (RLLR 8.30%) |
| Used car | 11.45% to 14.3% p.a. |
| Electric car | from 7.7% p.a. |
| Read on | 9 November 2026 |
Bank of Maharashtra's published rate table
Maha Super Car Loan Scheme: rate by CIBIL score, Salaried vs Non-Salaried (Benchmark RLLR, Spread, ER)
| CIBIL score | Salaried Spread | Salaried ER | Non-Salaried Spread | Non-Salaried ER |
|---|---|---|---|---|
| 800 & above | -0.60% | 7.70% | -0.50% | 7.80% |
| 776 to 799 | -0.40% | 7.90% | -0.30% | 8.00% |
| 750 to 775 | -0.30% | 8.00% | -0.20% | 8.10% |
| 700 to 749 | 0.00% | 8.30% | 0.20% | 8.50% |
| 650 to 699 | 1.55% | 9.85% | 1.75% | 10.05% |
| 600 to 649 | 1.85% | 10.15% | 2.20% | 10.50% |
| Below 600 | 2.60% | 10.90% | 3.70% | 12.00% |
| -1 or 0 and NTC | 0.70% | 9.00% | 2.20% | 10.50% |
Firms/Companies (RLLR-linked): External rating A & above or CMR 1-5: spread 0.50%, ER 8.80%; other firms/companies: spread 1.00%, ER 9.30%. Concessions in ROI: 0.25% for existing housing loan borrowers (incl. staff housing loans), MSME and corporate borrowers, corporate salary account holders, professionals/self-employed with minimum 6 months satisfactory relationship, floor RLLR - 0.60%; 0.25% on Green Car Loan (E-Vehicle), same floor. Fixed rate option (benchmark 1-year MCLR 9.05% as of 29.09.2026; CIC above 700; loans up to Rs 50 lakh; reset only after 3 years): New car Salaried CIC 750+ 10.35%, 700-749 10.80%, NTC (100-200)/-1 10.80%; Non-salaried 10.55% / 11.05% / 11.05%. Green (e-vehicle) car fixed: Salaried 10.25% / 10.70% / 10.70%; Non-salaried 10.45% / 10.95% / 10.95%.
EMI at Bank of Maharashtra's published rates
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,067 interest ₹1,04,020 | ₹7,719 interest ₹1,48,396 |
| ₹10 lakh | ₹20,133 interest ₹2,07,980 | ₹15,437 interest ₹2,96,708 |
| ₹15 lakh | ₹30,200 interest ₹3,12,000 | ₹23,156 interest ₹4,45,104 |
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹11,122 interest ₹1,67,320 | ₹8,826 interest ₹2,41,384 |
| ₹10 lakh | ₹22,244 interest ₹3,34,640 | ₹17,653 interest ₹4,82,852 |
| ₹15 lakh | ₹33,367 interest ₹5,02,020 | ₹26,479 interest ₹7,24,236 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Bank of Maharashtra car loan processing fee and other charges
The service charge schedule in force from 1 February 2026 sets the new car processing fee at 0.25% of the loan, minimum ₹1,000 and maximum ₹15,000, excluding GST. Account handling (documentation and inspection bundled) is 0.20%, ₹500 to ₹7,500.
| On a ₹10 lakh loan | New car | Electric car | Second hand car |
|---|---|---|---|
| Processing fee | ₹2,500 (0.25%) | Nil | ₹5,000 (0.50%) |
| GST at 18% on it | ₹450 (18% of ₹2,500) | Nil | ₹900 (18% of ₹5,000) |
| Account handling | ₹2,000 (0.20%) | Nil | ₹2,000 (0.20%) |
| Total | ₹4,950 (2,500 + 450 + 2,000) | Nil | ₹7,900 (5,000 + 900 + 2,000) |
The "no processing fee" puzzle
The marketing page says "No processing fee"; the scheme page and the schedule say 0.25%. The schedule also lists a "NIL processing fee on retail loans (availed under public category)" concession. Ask which applies and get it into the Key Facts Statement; a charge missing from the KFS can't be collected later.
Closing early
The scheme page lists no pre-payment, pre-closure or part payment charges; the RBI's 2025 directions on pre-payment charges forbid them on a floating personal-use loan to an individual sanctioned from 1 January 2026. The fixed option may carry one; get the nil wording into your sanction letter.
Common mistakes
Budgeting on "no processing fee" and then meeting ₹4,950 of charges at sanction. Expecting the 0.25% concession to stack below 7.70%. Taking the 7-year term without pricing the extra ₹88,735 of interest.
Bank of Maharashtra car loan fees and charges
| Processing fee | CAR LOAN (4 WHEELER)- NEW (EXCEPT MAHA SUPER GREEN CAR LOAN SCHEME FOR PURCHASE OF ELECTRIC CARS): 0.25% of Loan amount Min - Rs 1000/- Max - 15000/- (scheme page: 'Excluding GST'); Maha Super Green Car Loan Scheme (electric cars): Nil; second hand (pre-owned) car loan: 0.50% of Loan Amount, Min: Rs. 500/- |
|---|---|
| Prepayment and foreclosure | No Pre-Payment / Pre-closure / Part payment Charges (scheme page); service charges: 'No pre-payment charges for all floating rate loans and advances' to individuals |
| Account handling charges, new 4-wheeler (includes Documentation, Inspection/supervision, NeSL and CIBIL charges) | 0.20 % of Loan amount (Min 500/- & Max 7500/-) |
| Account handling charges, Maha Super Green Car Loan (electric) | Nil |
| Account handling charges, second hand car | 0.20 % of Loan amount (Min 1500/- & Max 10500/-) |
| Note | Service charges page links 'Service Charges w.e.f 01.02.2026 (Updated as on 09.03.2026)'. The marketing page /personal-banking/loans/car-loan says 'Processing Fee: No processing fee' and 'No Processing Fee for EVs', contradicting the 0.25% on the scheme page and fee schedule; the schedule also lists 'NIL processing fee on retail loans (availed under public category)' as a concession. |
Bank of Maharashtra car loan eligibility and documents
Resident Indians, NRIs, PIOs and corporate entities can apply: salaried people, pensioners, self-employed professionals, business owners and agriculturists. You must be 18 or older; no upper age is printed.
Salaried applicants and pensioners need ₹25,000 of gross monthly income, self-employed professionals ₹3 lakh in the last year, business owners and agriculturists ₹4 lakh on two years' ITR. No income multiple is published; the branch decides what EMI your take-home can carry.
Funding, amount and tenure
The margin is 10% of the on-road price, so a ₹10 lakh car means a ₹9 lakh loan and ₹1 lakh from you; a Bank of Maharashtra home loan customer puts down nothing. Individuals borrow up to ₹500 lakh over 84 months.
Documents and score
The pages print no checklist; expect KYC, income proof, recent bank statements and the dealer's proforma invoice. The floating grid prices every score down to below 600, so there's no cutoff; the fixed option wants a score above 700. See our car loan eligibility guide.
Bank of Maharashtra car loan eligibility and limits
| Who can apply | Resident Indian citizens, NRIs or PIOs, and corporate entities (companies, firms, LLPs, trusts, societies); salaried persons, pensioners, self-employed professionals, businessmen and agriculturists |
|---|---|
| Age | Individuals 18 years or older (no upper age printed) |
| Income | Salaried persons and pensioners: minimum gross monthly income / pension Rs 25,000; self-employed professionals: Rs 3.00 lakh last year's income; businessmen and agriculturists: Rs 4.00 lakh (two years' ITR) |
| Loan amount | Individuals up to Rs 500 lakh; non-individuals up to Rs 1,000 lakh, subject to deduction norms |
| Tenure | Up to 84 months |
| Funding | Maximum Funding upto 100% of On road price (existing housing loan borrowers: nil margin); others minimum 10% of on-road price (ex-showroom + road tax + registration + insurance, excluding accessories) |
How to apply for a Bank of Maharashtra car loan
Online, the official apply button on this page leads to the bank's site; offline, any branch or a dealer's finance desk that works with the bank, with KYC, income papers and the car quotation. No pre-approved variant or sanction timeline is published, so get a date before paying a booking amount. Mention any home loan or salary account here early, for the 0.25% concession.
Before you sign
Read the Key Facts Statement, due before you sign any retail loan sanctioned since 1 October 2024. Check the rate against your grid row, the charges against our fees table, the pre-payment line (nil on floating), and the reset clause, which under the RBI's reset rule must say how a benchmark change alters your EMI or tenure.
Apply on Bank of Maharashtra's siteOpens the lender's own page. BankCreds is not a lender and takes no part in the application.
Who the Bank of Maharashtra car loan suits, and how it compares
It suits a salaried buyer scoring 750 or more, who lands between 7.70% and 8.00%, and above all a Bank of Maharashtra home loan customer: nil margin, 100% funding and 0.25% off any row above the floor.
Look elsewhere under a 650 score: 10.15% to 12% is above the published ceiling of most lenders on our car loan hub. For a used car at 11.45% to 14.30%, read our used car loan guide first.
How to choose the right car loan
Start from your own row, not the floor: your score, your column, then the same-score rate at two other banks. Add fees and exit terms, and run both through the calculator over your real tenure.
Against UCO Bank, Indian Bank and Canara Bank
UCO Bank shares the 7.70% floor but wants an 825 score and funds 90% at most; its ceiling is 10.25%. Indian Bank runs 7.75% to 9.10% with no score grid and a flat ₹1,200 plus GST fee, better for a middling score wanting a known worst case. Canara Bank is 7.75% to 10.95% on its own credit grade, the floor reserved for women in CRG-PRIME above ₹15 lakh. Bank of Maharashtra's edge: 100% funding for home loan customers and a floor that needs only a score and a salary slip.
Pros
- 7.70% floor for salaried CIBIL 800 and above, joint lowest of 30
- 100% funding for existing home loan customers
- Electric cars: 0.25% off and nil charges
- No pre-payment, pre-closure or part payment charges
- Up to ₹500 lakh over 84 months
Cons
- 12% ceiling for a non-salaried score under 600
- Fee pages disagree: no processing fee against 0.25%
- Fixed option from 10.35%, capped at ₹50 lakh
- Used cars: 11.45% to 14.30%, 70% funding, 60 months
- No effective date on the rate grid
Bank of Maharashtra against UCO Bank and Indian Bank and Canara Bank
| What | Bank of Maharashtra | UCO Bank | Indian Bank | Canara Bank |
|---|---|---|---|---|
| New car rate | 7.7% to 12% p.a. | 7.7% to 10.25% p.a. | 7.75% to 9.1% p.a. | 7.75% to 10.95% p.a. |
| Who gets the lowest rate | CIBIL score 800 & above, Salaried (RLLR - 0.60%) | CIBIL 825 and above, individuals (spread 0.00%, strategic discount -0.60%) | Not stated | Women borrowers, CRG-PRIME, sanctioned limit above Rs. 15.00 lakh: 7.75% (other borrowers 7.80%) |
| Used car rate | 11.45% to 14.3% p.a. | Offered, rate on request | 9.8% to 11.9% p.a. | 7.75% to 10.95% p.a. |
| Electric car rate | from 7.7% p.a. | 7.6% to 9.2% p.a. | 7.75% to 9.05% p.a. | 7.7% to 10.95% p.a. |
| Rate basis | Fixed or floating | Floating | Fixed or floating | Fixed or floating |
| Maximum tenure | Up to 7 years | Up to 7 years | Up to 7 years | Up to 7 years |
| Funding | Up to 100% of on-road price | Up to 90% of on-road price | Up to 90% of on-road price | Up to 90% |
| Processing fee | 0.25% | 0.50% of loan | 1% of loan | 0.25% of loan |
| Prepayment | No Pre-Payment / Pre-closure / Part payment Charges (scheme page) | Nil (STP Vehicle Loan page: prepayment charges nil for both STP Car Loan and PQVL) | Prepayment: nil for individuals; 2% of balance outstanding for non-individuals (product page) | No pre-payment penalty. |
| Read on | 9 November 2026 | 9 November 2026 | 9 November 2026 | 9 November 2026 |
Frequently asked questions
What is the Bank of Maharashtra car loan interest rate today?
Is there a Bank of Maharashtra car loan EMI calculator?
What is the Bank of Maharashtra car loan eligibility?
What is the Bank of Maharashtra car loan processing fee?
How do I apply for a Bank of Maharashtra car loan?
Does Bank of Maharashtra give a used car loan?
What is the Bank of Maharashtra electric car loan interest rate?
Does Bank of Maharashtra offer a fixed rate car loan?
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Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- Bank of Maharashtra: Bank of Maharashtra, Retail Interest Rates (Rate of Interest Retail Loans)
- UCO Bank: UCO Bank, Repo latest (Annexure I Retail: UCO Float linked rates)
- Indian Bank: Indian Bank, Interest Rates on Personal Segment Loan Products: Floating
- Canara Bank: Canara Bank, Rates of Interest for Retail Lending Schemes linked to RLLR - 2. Canara Vehicle Loan
Last verified: 9 November 2026
Written by Abhishek Kumar, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.