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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 program. The loan has an interest rate that ranges from 10.80% to 12.80% and a repayment period of up to 5 years.

Bank of Maharashtra Two-Wheeler Loan Interest Rate

Interest Rate 10.80% p.a. to 12.80% p.a.
Repayment Period Up to 5 years
Processing Fee 0.25% of the loan amount (minimum of Rs.500)

Features and Benefits

The main features and benefits of the offered by IOB are mentioned below:

  • Bike loans are offered at attractive interest rates.
  • You can foreclose the loan after the 12th EMI has been paid. The foreclosure charges levied by the NBFC is 3% of the outstanding principal amount.
  • The NBFC provides the partial foreclosure option.
  • All relevant details of the loan will be provided via SMS and a welcome loan within 10 days from the date the loan was availed.
  • You can contact the customer care regarding any details about the loan.
  • In the case of small towns, individuals have the option to repay the Equated Monthly Instalments (EMIs) in cash.
  • Existing customers may be provided preapproved offers.

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:

  • You must be between the ages of 21 years and 65 years.
  • You must have stayed in the city for a minimum of 1 year.
  • You must have a landline number at the office or home.
  • You must have worked for a minimum of 1 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:

  • Step 1: Visit the official website of Bank of Maharashtra
  • Step 2: Click on ‘Products’
  • Step 3: Click on ‘Loans’
  • Step 4: Under the ‘2 & 3 Wheeler Loan’ section, you will find the ‘Apply Now’ option, click on it.
  • Step 5: On the next page, enter details such as your name, pin code, city, state, date of birth, mobile number, and email ID
  • Step 6: Agree to the terms and conditions and click on ‘Click Here to Proceed’
  • Step 7: A Bank of Maharashtra executive 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:

  • Passport
  • Voter ID
  • PAN Card
  • Company ID
  • Driving License
  • Aadhaar Card

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

FAQ's

  1. 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.

  2. 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.

  3. 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 be depend on your eligibility.

  4. 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.

  5. 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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