Bharatiya Mahila Bank (BMB) was founded primarily for the financial empowerment of women inclusively and sustainably. The products of the bank are focused on making women financially independent. One of the products is the two-wheeler loan, which allows women to have freedom of mobility.
The critical elements of Bharatiya Mahila Bank two-wheeler finance are:
Customers can buy any two-wheeler with this loan such as a scooter, moped, motorcycle, electric or solar-powered vehicles.
The applicant can get a maximum loan amount to Rs. 3 lakh.
The applicant can get credit for 90% of the on-road cost of the vehicle.
The loan tenure of 5 years helps with lower EMIs and flexibility in repayment.
The standard documentation required for the loan application is as follows:
PAN card copy
Reports of vehicle
Filled-up application form and photograph
The Bharatiya Mahila Bank has a standard operating system for the finance approval. The method is as follows:
1. Receipt of application: The applicant fills in the application form and submits it to the branch along with the required documents.
2. Scrutiny: The bank checks the papers and verifies the eligibility and credibility of the borrower. If everything is in order, the loan request is to proceed. If any inconsistency is found in the documents, the applicant gets informed about it.
3. Approval: The loan proposal which has passed the scrutiny stage is put forth to the sanctioning loan officer for approval.
4.Processing: The borrower is informed about the terms and conditions, and the bank prepares the legal documents.
5.Monitoring: The bank supervises the repayments, EMIs, other transactions and the status of the vehicle until the loan amount is fully repaid.
|Over 5 yrs||9.70%|
The current interest rate for two-wheeler loan of the BMB is at 12.70%.