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  • Bharatiya Mahila Bank Two Wheeler Loan

    Bharatiya Mahila Bank Two Wheeler Loan
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    Bharatiya Mahila Bank (BMB) was founded especially for the financial empowerment of women in an inclusive and sustainable way. The bank’s products are focused on making women more independent. One such product is the two-wheeler loan, which allows women to find freedom of mobility.

    Bharatiya Mahila Bank Two Wheeler Loan Features:

    The key features of Bharatiya Mahila Bank two-wheeler finance are:

    • You can buy any two-wheeler with this loan – scooter, moped, motorcycle, electric or solar-powered vehicles, etc.
    • You can get up to Rs. 3 lakh, or the gross income of 1 year, as loan.
    • You can get finance for 90% of the on-road cost of the vehicle.
    • A loan period of 5 years gives you lower EMIs and flexibility in repayment.

    Documents Required for Bharatiya Mahila Bank Bike:

    The standard documentation for any loan is applicable to BMB’s two-wheeler finance.

    • Proof of identity
    • Proof of address
    • Proof of income
    • PAN card copy
    • Vehicle documents
    • Filled-up application form and photograph

    Loan Sanction Procedure:

    Bharatiya Mahila Bank has a standard operating procedure when it comes to approval of finance. The method they follow is:

    • Receipt of application: The customer fills in the application form and submit it at the branch along with the prescribed documents.
    • Scrutiny: The bank checks the documents and the borrower’s eligibility and credibility. If everything is in order, the loan proposal is sanctioned. If any inconsistency is found, the customer is informed of it.
    • Approval: A loan proposal that has passed the scrutiny stage is put forth to the sanctioning officer for approval.
    • Processing: The borrower is informed of the terms and conditions, and documentation as per legal requirements is prepared.
    • Monitoring: The bank monitors repayments, EMIs, other transactions and the condition of the vehicle regularly until the loan amount is fully repaid.

    BMB MCLR and Interest Rate:

    Bharatiya Mahila Bank’s Marginal Cost of Funds-based Lending Rates (MCLR) is given in the table below:

    Overnight 9.10%
    1 month 9.15%
    3 months 9.20%
    6 months 9.25%
    1 year 9.30%
    3 years 9.50%
    5 years 9.60%
    More than 5 years 9.70%

    The bank considers 1-year MCLR for its loan products. A small margin is added to this MCLR to calculate the final interest rate. This means that the interest rates will be reset yearly based on the change in 1-year MCLR.

    The current interest rate for BMB’s two-wheeler loan is 12.70 percent, which is the addition of a spread of 3.40 percent to MCLR of 9.3 percent.

    BMB Bike Loan EMI Calculator:

    Let us say you need finance for a two-wheeler but you’re unsure of how much the total repayment amount would be or how much your EMI would be. This is where an EMI calculator comes in handy. BankBazaar.com has a comprehensive EMI Calculator that allows you to find out your monthly dues on a loan, the total amount payable to the bank and the total interest you’d paying.

    • On BankBazaar.com webpage, click on the Menu tab on the top right corner.
    • Under ‘Finance Tools’ you’ll find ‘EMI Calculator’. Click on it. The EMI Calculator page will appear.
    • Use the sliders to choose your loan amount and tenure.
    • Enter the interest rate and processing fees of BMB Bank.
    • If you’d like to make pre-payments during the loan tenure, indicate it. If not, choose no and click on ‘Calculate’.

    The wizardry will calculate the EMI, total repayment amount and interest amount based on the values you input. You can vary the amount and repayment term and arrive at the EMI that you can afford. This will help you make the right decision towards taking a two-wheeler loan.

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