The Bank of Maharashtra is one of the premier public sector banks in India incorporated under the Indian Companies Act. It was founded on 16th September 1935. The bank has a secure network of 1000 branches spread across India, with an incredibly loyal base of customers. The Bank of Maharashtra provides a wide range of financial products and services, at reasonable rates, for their customers.
The Bank of Maharashtra is one of the most trusted banks in the nation providing financial assistance under 'Mahabank Vehicle Loan Scheme' to let customers fulfill their dream of buying a two-wheeler of their choice.
This loan can be taken for purchase of two-wheelers and second-hand cars (not more than three years old).
A. The quantum of finance provided is as follows –
For Salaried Applicants: Up to 20 times of their net monthly salary subjected to deduction norms.
For Self-Employed Individuals: Up to twice the average annual income based on ITRs of two years, or net taxable income as per the latest Income Tax Returns, whichever is lower subjected to deduction norms.
B. The maximum loan quantum for two-wheelers is Rs. 1.25 lakhs.
C. The loan margin provided is 15% of the vehicle cost.
D. The repayment period provided is a maximum of 60 months.
The borrower must be minimum 18 years old.
For salaried individuals, the minimum annual income needs to be Rs. 3 lakh.
Applicants can be permanent salaried employees of central, corporate salary account holders, employees of PSU, state government, and reputed companies. The applicant must have a minimum of two years in employment and one year in the current company, and a minimum of a 1 year relationship with the Bank of Maharashtra.
Applicants can be businessmen/self-employed persons /entrepreneurs who have a steady source of income. It needs to be testified by two years of ITRs.
Farmers having a minimum of 5 acres of land holding, engaged in the production-oriented agricultural and other allied activities, along with sufficient disposable income can also apply for this loan scheme.
The interest rate of this loan scheme is Base Rate + 0.75%.
Q1. Do I need a guarantor to get Mahabank Vehicle Loan?
No, there is no guarantor required for this loan scheme as per the bank.
Q2. What is the maximum repayment period for this loan scheme?
The repayment period stretches up to a maximum of 60 months.
Q3. What security does the bank look for Mahabank Vehicle Loan?
Hypothecation of vehicle purchased to the bank is required as security. The hypothecation charge should be registered with records of Regional Transport Office Authority.
Q4. What are the processing fees for this loan?
It is 0.25% of the loan amount (or a minimum of Rs.500).