Introduction
The Bank of Maharashtra Electric vehicles (EVs) Car Loans are becoming increasingly popular for personal use due to their environmental and economic benefits. As pollution and global warming continue to rise, EVs offer a cleaner and more sustainable alternative to traditional petrol and diesel vehicles.
The Loan designed to help individuals purchase their dream car with easy eligibility, quick processing, and customer-friendly features. With attractive loan terms and affordable interest rates, the scheme makes vehicle ownership more accessible for families and individuals.
They produce lower emissions, have lower running and maintenance costs, are energy-efficient, and support a greener future. As a result, more people are choosing electric vehicles for their convenience, cost savings, and positive impact on the environment.
Here, we will discuss all the important aspects of Electric Vehicle Car Loan.
Important Key Features of the EV Car Loan
The Electric Vehicle (EV) Loan is designed to make owning an eco-friendly vehicle easier and more affordable. Here are its key features-
- Up to 100% financing of the vehicle’s on-road price, reducing your upfront payment.
- Zero processing charges, making the loan more cost-effective.
- 0.25% lower interest rate compared to the existing Maha Super Car Loan scheme.
- Available for individuals as well as corporate clients, including firms and companies.
- Interest calculated on a daily reducing balance, helping lower the overall interest cost.
- No prepayment, part-payment, or foreclosure charges, allowing flexible repayment.
- Fast loan approval and quick turnaround time for a smooth borrowing experience.
Eligibility & Loan Criteria EV Car Loan
The Electric Vehicle (EV) Loan is designed to help individuals and businesses purchase new electric passenger cars, SUVs, and MUVs for personal use (not for commercial passenger transport).
Who Can Apply?
- Corporate entities, private/public limited companies, partnership firms, LLPs, trusts, societies, and sole proprietorships
- Resident Indian citizens
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
Loan Amount
- The final loan amount is determined based on the bank’s eligibility and repayment capacity norms.
- Individuals – Up to ₹500 lakh
- Non-Individuals or Businesses – Up to ₹1,000 lakh
Minimum Income Requirements
- Salaried and Pensioners – Minimum monthly income or pension of ₹25,000
- Self-Employed Professionals – Minimum annual income of ₹3 lakh with the last 2 years’ Income Tax Returns (ITRs) along with computation and balance sheet documents
- Business Owners and Agriculturists – Minimum annual income of ₹4 lakh with the last 2 years’ ITRs and supporting documents
- Corporate Applicants – Must have a tangible net worth of at least five times the requested loan amount and maintain a CMR 1–5 or BBB and above credit rating.
Note – These eligibility criteria help to ensure that applicants have the financial capacity to repay the loan while promoting the adoption of electric vehicles.
Interest Rate of EV Car Loan
| CIBIL Score | Salaried (Benchmark) | Spread | Effective Rate (ER) | Non-Salaried (Benchmark) | Spread | Effective Rate (ER) |
| 800 & Above | RLLR | -0.60% | 7.45% | RLLR | -0.50% | 7.55% |
| 776 – 799 | RLLR | -0.40% | 7.65% | RLLR | -0.30% | 7.75% |
| 750 – 775 | RLLR | -0.30% | 7.75% | RLLR | -0.20% | 7.85% |
| 700 – 749 | RLLR | 0.00% | 8.05% | RLLR | 0.20% | 8.25% |
| 650 – 699 | RLLR | 1.55% | 9.60% | RLLR | 1.75% | 9.80% |
| 600 – 649 | RLLR | 1.85% | 9.90% | RLLR | 2.20% | 10.25% |
| Below 600 | RLLR | 2.60% | 10.65% | RLLR | 3.70% | 11.75% |
| -1 / 0 / NTC | RLLR | 0.70% | 8.75% | RLLR | 2.20% | 10.25% |
Note:
- Concessions in ROI – 0.25% concession in Green Car Loan (E-Vehicle) subject to lowest ROI under the scheme i.e. RLLR – 0.60% at present.
- RLLR = Repo Linked Lending Rate (Benchmark Rate).
- ER (Effective Rate) = Final interest rate after applying the spread.
- NTC = No Credit History (New to Credit)
Fixed Rate of Interest for New Car Loan under Green Car Loan Scheme (E-Vehicle)
| CIBIL Score | Salaried – Benchmark | Spread | Effective Rate (ER) | Non-Salaried – Benchmark | Spread | Effective Rate (ER) |
| 750 & Above | 1 Year MCLR | 1.20% | 10.05% | 1 Year MCLR | 1.40% | 10.25% |
| 700 – 749 | 1 Year MCLR | 1.65% | 10.50% | 1 Year MCLR | 1.90% | 10.75% |
| NTC (100–200) / -1 | 1 Year MCLR | 1.65% | 10.50% | 1 Year MCLR | 1.90% | 10.75% |
Note:
- Benchmark –1 Year MCLR (Marginal Cost of Funds Based on Lending Rate)
- Spread – Additional percentage charged over the benchmark rate.
- ER (Effective Rate) – Final applicable interest rate after adding the spread.
Switching Between Floating and Fixed Interest Rates
Under the electric car loan scheme, applicant have the option to change their interest rate type from floating to fixed or fixed to floating during the loan tenure.
Key Points –
- The applicant can exercise the switch option maximum 2 times during the entire loan period.
- The applicant must have a CIC/CIBIL score above 700 and the loan account should have no overdue payments at the time of switching.
- Applicable service charges will be charged as per the bank’s prevailing service charge guidelines.
- The switching fee will be ₹5,000 + GST for changing the interest rate type.
How to Apply for the EV Car Loan
Applying for a Bank of Maharashtra loan is simple and convenient. these are the steps –
- Enter your name, mobile number, and email address.
- Provide your ITR category, PIN code, and state details.
- Enter the required loan amount.
- Give consent to allow Bank of Maharashtra and its representatives to contact you through calls, SMS, WhatsApp, or newsletters regarding loan-related updates and offers.
- Accept the terms & condition of the loan to allowing the bank to collect and process your personal information for loan processing and related services.
EV Car Loan Application Form Status
The Bank of Maharashtra Car Loan Application Form collects essential personal, address, income, loan, vehicle, and declaration details required for loan processing.
Personal Information Required
- Existing customer details and account number (if applicable)
- Applicant and co-applicant information
- Name, father’s/husband’s name, and relationship details
- Religion and category (SC/ST/OBC/General)
- Residential status (Resident/Non-Resident)
- Domicile details for NRIs
Address & Personal Details
This section verifies the applicant’s identity and contact information.
- Current and permanent address details
- House/Flat number, locality, city, state, and PIN code
- Residence type (Self-owned, Family, Rented, Company Lease)
- Mobile number, phone number, and email ID
- Date of birth, age, gender, and marital status
- Dependents details
- PAN, Aadhaar, and Passport details (if available)
- Qualification and occupation details
Income & Loan Details
This section captures financial information and loan requirements.
Income Details:
- Monthly income and expenses
- Salary, business, and other income sources
Loan Details:
- Preferred EMI amount and payment method (Cheque, Auto Debit, ECS/NACH)
- Required loan amount
- Repayment tenure
- Type of loan (Car Loan, Second-Hand Car Loan, Two-Wheeler Loan, etc.)
Vehicle Details:
- Applicant contribution, loan amount, and amount already paid
- Vehicle category, make, and model
- Dealer/supplier details
- Vehicle cost details (price, insurance, accessories, road tax, and other charges)
Declaration & Consent
The applicant confirms that all information provided is correct and complete.
Important Points:
- Allows the bank to verify personal and financial details.
- Authorizes credit checks and sharing of credit information with authorized institutions.
- Accepts bank terms, service charges, and loan policies.
- Agrees to provide additional documents if required.
- Understands that the bank may approve or reject the application as per its guidelines.
- Agrees to inform the bank about any changes in address or employment.
This information helps Bank of Maharashtra evaluate the application and process the loan efficiently.
Bank of Maharashtra EV Car Loan EMI Calculator
The Bank of Maharashtra Car Loan EMI Calculator is an online tool that helps customers quickly estimate their monthly loan installment (EMI) before applying for a car loan. It provides an easy way to calculate the expected EMI, total interest payable, and repayment details by entering basic loan information.
Benefits of Using EMI Calculator
- Helps car buyers plan their monthly budget.
- Allows comparison of different loan amounts and repayment periods.
- Provides quick and accurate EMI calculations.
- Helps to understand the interest cost of the loan.
How to Use the EMI Calculator
To calculate your car loan EMI, enter the following details:
- Loan Amount (Principal) – The amount you want to borrow.
- Loan Tenure – The repayment period in months or years.
- Interest Rate – The applicable car loan interest rate.
After entering these details, the calculator instantly shows the estimated EMI amount.
EMI Calculation Formula
EMI = [P × R × (1+R)ⁿ] / [(1+R)ⁿ – 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate
- N = Loan tenure in months
Example Calculation
For a car loan of ₹9.5 lakh at an interest rate of 6.5% for 12 months, the EMI can be calculated using the above formula. The calculator provides the monthly repayment amount and helps customers understand their repayment schedule.
Loan Amortization
The amortization schedule shows the breakup of each EMI into –
- Principal repayment
- Interest payment
- Outstanding loan balance
This helps applicant to track their loan repayment progress and understand how much they are paying towards the loan principal and interest over time.
List of Documents Required for EV Car Loan
| Document Category | Required Documents |
| Proof of Identity | Copy of PAN Card, Aadhaar Card, Passport, Voter ID, Driving License. (any one) |
| Proof of Address | Latest Utility Bills (Electricity/Water/Gas), Aadhaar Card, Passport, Rental Agreement, Voter ID (any one) |
| Income Proof – Salaried Applicants | Latest 3 months’ Salary Slips, Form 16 or ITR Documents along with Last 6 months’ Bank Statements |
| Income Proof – Self-Employed Applicants | Last 2 years’ ITR, Business Proof (GST Registration/Trade License), Profit & Loss Statement along with Last 6 months’ Business Bank Statements |
| Photographs & Application Form | Recent Passport-size Photographs, Duly Filled Car Loan Application Form |
| Vehicle Documents | Proforma Invoice/Quotation from Dealer, Vehicle Details (Make, Model, Variant, Price), RC Copy (for Pre-owned Vehicles) |
EV Car Loan Disbursement Process
A smooth car loan approval process starts with properly prepared documents. To avoid delays, keep the following points in mind
- Ensure all required documents are self-attested.
- Make sure the details match across your identity proof and address proof.
- Submit clear photocopies and keep the original documents ready for verification.
- If you have any questions, visit your nearest Bank of Maharashtra branch for assistance before submitting the application.
After collecting above all detail bank may verify and proceed loan based on CIBIL and Income criteria of the applicant and proceed for concern loan amount.
Conclusion
Buying a electric vehicle car becomes simpler and more convenient option when your loan application is properly prepared with complete and accurate documents. With Bank of Maharashtra’s customer-focused services, competitive loan options, and flexible repayment features, customers can enjoy a smooth car financing experience with greater confidence.
For any further queries or assistance, customers can visit their nearest Bank of Maharashtra branch and connect with an authorized bank representative for guidance.
I hope above all information will give you proper overview or prior knowledge so that you may could proceed it in the easiest way.
Q.1 How Can the Bank of Maharashtra Car Loan EMI Calculator Help me?
Ans. – This tool can be a good assistance to car buyers, whether it is the first-time car buyers or more. It can be used to make speculations on particular banks.
Q.2 What are the minimum and maximum tenures of a Car Loan?
Ans. – Bank of Maharashtra offers flexible tenures on their Car Loan products. The maximum tenure is 84 months.
Q.3 Will the emi calculator also give me the interest amount?
Ans. – Yes, the interest amount will also be presented to you
Q.4 Can I get 100% financing for my car purchase?
Ans. – Yes, under eligible schemes, financing can be available up to 100% of the vehicle’s on-road price as per bank norms.
Q.5 Can I repay the loan before the completion of tenure?
Ans. – Yes, applicant may have prepayment or foreclosure options as per the applicable terms and charges of the bank.
Q.6 How can I get assistance regarding my loan application?
Ans. – You may visit the nearest Bank of Maharashtra branch and contact an authorized bank representative for support.
