Find details of bank of maharashtra bike loan through Bank Of Maharashtra EMI calculator. Just enter the loan amount of bike you want to get financed and rate of interest. Bank Of Maharashtra EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
Bank Of Maharashtra Bike loan eligibility, Interest Rate, documents and process
SNo
Parameter
Details
1
Name of the scheme
Maha Bank Vehicle Loan Scheme for purchase of two wheelers and second hand cars.
2
Type of credit facilities
Term Loan
3
Purpose:
Purchase of 2 wheelers for individuals (18 years and above)
Purchase of second hand four wheelers not older than 3 years
4.
Eligibility:
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.
5
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.
6
Age Limit
For individuals (18 years and above)
7
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
8
Margin:
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
9
Repayment
Maximum 60 Months
10
Deduction
Not to Exceed 60% of the Gross Income including Proposed EMI
11
Processing Charges
0.25% of the Loan Amount (Min.:Rs.500/-)
12
Security
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.
