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Bank of Maharashtra ₹8 lakh Car Loan EMI for 3 Years
At the advertised starting rate of 7.7%, the EMI is about ₹24,959 a month, with total interest of about ₹98,507.
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) | ₹24,959 | ₹98,507 | ₹8,98,507 |
| 8.2% | ₹25,143 | ₹1,05,147 | ₹9,05,147 |
| 8.7% | ₹25,328 | ₹1,11,816 | ₹9,11,816 |
| 9.2% | ₹25,514 | ₹1,18,515 | ₹9,18,515 |
| 9.7% | ₹25,701 | ₹1,25,244 | ₹9,25,244 |
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 | ₹2,46,480 | ₹53,022 | ₹2,99,502 | ₹5,53,520 |
| Year 2 | ₹2,66,144 | ₹33,359 | ₹2,99,502 | ₹2,87,376 |
| Year 3 | ₹2,87,376 | ₹12,127 | ₹2,99,502 | ₹0 |
Frequently asked questions
What is the EMI for a ₹8 lakh Bank of Maharashtra car loan for 3 years?
At Bank of Maharashtra's starting rate of 7.7% the EMI is about ₹24,959 a month. If your offered rate is 8.7% it would be about ₹25,328.
How much total interest will I pay?
At 7.7% the total interest over 3 years is about ₹98,507, so you repay about ₹8,98,507 in all.