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Bank of Maharashtra Two Wheeler Loan

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Bank of Maharashtra is one of the leading Public Sector banks in India registered under the Indian Companies Act. It was incorporated on 16th September 1935. The bank boasts of a strong network of thousands of branches spread across the nation, and an extremely loyal customer base. Bank of Maharashtra offers a wide range of financial products and services, at affordable rates, for the convenience of its customers.

Two Wheeler Loan from Bank of Maharashtra (BOM)

One of the most trusted banks in the nation offers financial assistance in the name of Mahabank Vehicle Loan Scheme to let customers fulfil their dream of buying a two wheeler. Owning a two wheeler ensures a lot of convenience for daily commuting, apart from being pocket friendly, time effective and low maintenance. Now one can avail this loan from BOM, at affordable interest rates, and buy a vehicle of his choice.

Features and Benefits of Bank of Maharashtra Bike Loan:

This loan can be availed for purchase of two wheelers and second hand cars (not more than 3 years old).

The quantum of finance provided is as follows –

For Salaried Applicants: Up to 20 times of their net monthly salary on the basis of last drawn salary. This is subject to deduction norms.

For Other Individuals :Up to twice the average annual income based on 2 years ITRs, or gross taxable income according to the latest ITR(whichever is lower). This is subject to deduction norms.

The maximum ceiling for two wheelers is Rs. 1.25 lakhs.

The loan margin provided is 15% the cost of the vehicle.

The repayment period is a maximum of 60 months.

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Bank of Maharashtra Bike Loan Eligibility:

The applicant needs to be at least 18 years old.

For salaried individual the minimum income of last year needs to be Rs. 3 lakhs.

Applicants can be permanent salaried employees of Central / State government/ Corporate Salary Account Holders / Employees of PSU and reputed companies. Applicant needs to have minimum 2 years in employment and 1 year in the current organization, and a minimum standing of 1 year relationship BOM.

Applicants can be businessman/Self-Employed Persons /Entrepreneurs who have steady source of income. This needs to be testified by 2 years of IT Returns.

Farmers having minimum 5 acres of land holding engaged in production oriented agricultural activities and in other allied activities, and holding sufficient disposable income can also apply for this loan scheme.

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Bank of Maharashtra Bike Loan Interest Rate:

The lending rate of this loan scheme is Base Rate + 0.75%.

Frequently Asked Questions (FAQs)

  1. Do I need a guarantor to avail Mahabank Vehicle Loan?

    No, having a guarantor for this loan scheme is not insisted upon by the bank.

  2. What is the repayment period for this loan scheme?

    The repayment period stretches up to a maximum of 60 months.

  3. What security does the bank expect for Mahabank Vehicle Loan?

    Hypothecation of vehicle purchased to the bank is required for this purpose. The hypothecation charge should be registered with Regional Transport Office Authorities.

  4. What are the processing charges for this loan?

    It is 0.25% of the loan amount (or Rs.500 minimum).

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BoM Two Wheeler Loan Reviews

Page 1 of 1
  • Bank of Maharashtra Two Wheeler Loan
    "Bankers who understand and treat customer's like King"
    0.5 5.0/5 "Blown Away!"
    I have recently opted for a bike loan and wanted to purchase bike. One of my friend is having showroom locally so visited there and he has loan option for HDFC BANK and the interest rate is moderate but he told me if not in a hurry just go with Maharashtra bank because the rate of interest is keep reducing and could save much money. They were very strict with the documentation and generally they do not pass the loan faster and so much of restriction. The bank office closing timing is 4pm but still their employee will entertain me at 6pm also they have been doing a good service.
    Was this review helpful? 3
    , mumbai
    Reviewed on Sep 01, 2019
  • Bank of Maharashtra
    Bank of Maharashtra Two Wheeler Loan
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I had been using Two wheeler loan with bank of Maharashtra,now i have closed this loan,the loan amount they have charged me was okay, the service was good, ,but their was too much of restriction and barriers for sanction of loan, like i get two wheeler fund they are restricting,and the rate of interest they have charged me was nominal.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 04, 2019
  • Bank of Maharashtra Two Wheeler Loan
    "Fast Two wheeler loan approval"
    0.5 5.0/5 "Blown Away!"
    Bank of Maharashtra gave me standard rate of interest on bike loan, I went to the bank and done the form filling and other documentation submission on the same day they verified and approved on the loan. On next day my Hero honda bike got delivered.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Jan 11, 2019
  • Bank of Maharashtra Two Wheeler Loan
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I applied for the two wheeler loan from Bank of Maharashtra, i was happy that my loan application was approved and the requested amount was disbursed. As i work with this bank, the service was good and quick. I had taken a loan for 1.5 lakhs with the rate of interest of 9% which is nominal when compared to other banks in the market.
    Was this review helpful? 3
    , aligarh
    Reviewed on Oct 28, 2017
  • Bank of Maharashtra Two Wheeler Loan
    "Has high tenure period "
    0.5 5.0/5 "Blown Away!"
    Only for five years tenure period BANK OF MAHARASHTRA are providing the Two wheeler loans to the customers. I have taken only 50k from them with the rate of interest of 11.50% which is in reducing type. It would be helpful if they have lesser tenure period.
    Was this review helpful? 1
    , nagpur
    Reviewed on Nov 23, 2015
  • Bank of Maharashtra Two Wheeler Loan
    0.5 4.0/5 "Great!"
    I had a very good experience with Bank of Maharashtra. I have taken the two wheeler loan form them on 2013. Best thing is, their service. Their loan process was easy but it took time and I would say average. They did not charge processing fees and interest part was quiet less that was 12.5%.
    Was this review helpful? 7
    , pune
    Reviewed on Nov 05, 2015
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