Bank of Maharashtra Two-Wheeler Loan
The Bank of Maharashtra offers two-wheeler loans with low interest rates and a long repayment period. The loan is part of Mahabank's Vehicle Loan Scheme. The loan has an interest rate that ranges from 12.45% p.a. to 15.30% p.a. and a repayment period of up to 5 years.
Bank of Maharashtra Two-Wheeler Loan Interest Rate
Category | Details |
Interest Rate | 12.45% p.a. to 15.30% p.a. |
Repayment Period | Up to 5 years |
Processing Fee | 0.25% of the loan amount (minimum of Rs.500) |
Loan Amount | Up to Rs.5 lakh |
Features and Benefits
The main features and benefits of the offered by Bank of Maharashtra are mentioned below:
- Bike loans are offered at competitive interest rates.
- The maximum loan amount that may be provided is Rs.5 lakh.
- Up to 85% of the cost of the vehicle may be provided as a loan.
- The repayment tenure is up to 5 years.
- Hypothecation of the vehicle is considered as security.
Bank of Maharashtra Two-Wheeler Loan Eligibility
The eligibility criteria that must be met in order to avail a two-wheeler loan are mentioned below :
- Farmers who have at least 5 acres of land that are used for agricultural.
- Independent Entrepreneurs, Self-Employed Individuals, and Businessmen can avail the loan. However, IT returns for the last two years must be submitted.
- Companies. PSU employees, Corporate Salary Account Holders, Central Government employees, and State Government employees can avail the loan. However, they must have worked in the same company for at least two years and have an account with the bank for at least a year.
How to Apply for a Bank of Maharashtra Two-Wheeler Loan?
The process to apply for the bike loan offered by Bank of Maharashtra is mentioned below:
- Visit Bank of Maharashtra Two-Wheeler Loan website.
- Click on ‘Apply Now’.
- Enter your name, email ID, mobile number, pin code, ITR filing category, select the branch, the amount that is required, and captcha.
- Agree to the terms and conditions and click on ‘Register Now’.
- A Bank of Maharashtra employee will contact you to process the request.
Documents Required
The list of documents that must be submitted in order to avail a two-wheeler loan from Bank of Maharashtra are mentioned below:
Identity proof :
Any of the below-mentioned documents may be submitted as proof of identity:
Address proof :
Any one of the below-mentioned documents may be submitted as proof of address:
- Passport
- Voter ID
- Telephone Bill
- Driving License
- Telephone Bill
- Sale Deed
- Credit Card bill statement
- Rental Agreement
- Gas connection bill
- LIC Policy
Income proof :
The below-mentioned documents must be submitted as proof of income:
- Latest payslips
- Salary certificate
- Any other documents that have been requested by the NBFC
FAQs on Bank of Maharashtra Two-Wheeler Loan
- How do I find out if Bank of Maharashtra is offering any special schemes for borrowers?
Bank of Maharashtra offers special schemes frequently. You can find out about the same by getting in touch with a representative of Bajaj Auto who can provide you with the suitable details.
- I have taken a Bank of Maharashtra Two-Wheeler loan and wish to change my mailing / communication address. How can I do that?
If you wish to change your mailing or communication address, you must submit a self-attested copy of any KYC document either via email or simply walk into any Bank of Maharashtra branch and submit it there.
- Can existing Bank of Maharashtra customers apply for another loan with the company?
Yes, existing customers can apply for another loan. However, the loan approval will depend on your eligibility.
- How long will it take for the loan to be sanctioned?
It will take approximately 24 to 48 hours for your loan application to be processed. This is dependent on the submission of documents and their verification.
- Is it possible to get the statement of account immediately?
Yes, you can get the statement of account immediately by sending an SOA to 9223192235 as an SMS from the mobile number that is linked to your account.
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