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)
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.
What is the repayment period for this loan scheme?
The repayment period stretches up to a maximum of 60 months.
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.
What are the processing charges for this loan?
It is 0.25% of the loan amount (or Rs.500 minimum).