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Bank of Maharashtra ₹15 lakh Car Loan EMI for 7 Years
At the advertised starting rate of 7.7%, the EMI is about ₹23,156 a month, with total interest of about ₹4,45,084.
Source: Bank of Maharashtra official page, checked 2 November 2026.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Prepayment options (optional): pay extra to finish sooner
EMI at higher rates
| Rate | EMI | Total interest | Total payment |
|---|---|---|---|
| 7.7% (starting) | ₹23,156 | ₹4,45,084 | ₹19,45,084 |
| 8.2% | ₹23,529 | ₹4,76,441 | ₹19,76,441 |
| 8.7% | ₹23,906 | ₹5,08,093 | ₹20,08,093 |
| 9.2% | ₹24,286 | ₹5,40,036 | ₹20,40,036 |
| 9.7% | ₹24,670 | ₹5,72,270 | ₹20,72,270 |
Year-by-year repayment schedule at 7.7%
How much of each year's payments goes to principal and to interest, and what you still owe at the end of the year. Use the calculator above for a month-by-month view and prepayment options.
| Year | Principal | Interest | Paid | Balance left |
|---|---|---|---|---|
| Year 1 | ₹1,68,224 | ₹1,09,645 | ₹2,77,869 | ₹13,31,776 |
| Year 2 | ₹1,81,644 | ₹96,225 | ₹2,77,869 | ₹11,50,132 |
| Year 3 | ₹1,96,135 | ₹81,734 | ₹2,77,869 | ₹9,53,997 |
| Year 4 | ₹2,11,782 | ₹66,087 | ₹2,77,869 | ₹7,42,216 |
| Year 5 | ₹2,28,677 | ₹49,192 | ₹2,77,869 | ₹5,13,539 |
| Year 6 | ₹2,46,920 | ₹30,949 | ₹2,77,869 | ₹2,66,618 |
| Year 7 | ₹2,66,618 | ₹11,251 | ₹2,77,869 | ₹0 |
Frequently asked questions
What is the EMI for a ₹15 lakh Bank of Maharashtra car loan for 7 years?
At Bank of Maharashtra's starting rate of 7.7% the EMI is about ₹23,156 a month. If your offered rate is 8.7% it would be about ₹23,906.
How much total interest will I pay?
At 7.7% the total interest over 7 years is about ₹4,45,084, so you repay about ₹19,45,084 in all.