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Bank Of Maharashtra Bike loan eligibility, Interest Rate, documents and process
Name of the scheme
Maha Bank Vehicle Loan Scheme for purchase of two wheelers and second hand cars.
Type of credit facilities
Purchase of 2 wheelers for individuals (18 years and above)
Purchase of second hand four wheelers not older than 3 years
Permanent salaried employees of Central / State government/ Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 2 years in employment and 1 year in the current organization having minimum standing of 1 year relationship with our Bank.
Businessman/Self-Employed Persons / Independent Entrepreneurs who have regular source of income based on 2 years IT Returns.
Farmers having minimum 5 acres of land holding engaged in production oriented agricultural activities and in other allied activities minimum land holding of 5 Acres of irrigated land and sufficient disposable income.
Min. Annual Income
For Salaried: Rs. 3.00 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
For Businessmen/Professionals: Rs.3.00 lakh (last year income) - Minimum past 2 year ITR with supporting documents are mandatory.
For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.3.00 lakh.
For individuals (18 years and above)
Quantum of Finance
For Salaried Persons: - Up to 20 times of Net Monthly Salary on the basis of Last Salary Drawn, subject to ‘Deduction Norms’
For Other Individuals :Up to 2 times Average annual income based on 2 years ITRs or Gross Taxable income as per latest ITR(whichever is lower), subject to Deduction Norms’ (Total income would mean Cash Accruals).
Subject to Maximum ceilings as follows:
2 wheelers - Rs.1.25 lakh
Second Hand 4 wheeler - Rs.5.00 lakh
For 2 Wheeler - Minimum 15% of the cost of the vehicle.
For Second Hand 4 wheeler – Minimum 50% of the value of the second hand car as per the valuation report of the Insurance valuer
Maximum 60 Months
Not to Exceed 60% of the Gross Income including Proposed EMI
0.25% of the Loan Amount (Min.:Rs.500/-)
Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities
In case of Second Hand 4 wheelers, vehicle as well as insurance should be transferred in the name of the purchaser with the bank clause and registered with RTO Authorities.