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Bank of Maharashtra Two Wheeler Loan

Date of Birth

Bank of Maharashtra Two Wheeler Loan

Bank of Maharashtra is a Public Sector banks in India. It is registered under the Indian Companies Act. It was incorporated on 16th, September 1935. The bank has a strong network of thousands of branches spread across the nation. With its extremely loyal customer base, Bank of Maharashtra offers a wide range of financial products and services, at affordable rates, for the convenience of its customers.

Two Wheeler loan

If you have been wondering for buying a new or a used two-wheeler, an individual can apply for a two-wheeler loan. With such a loan, one can make the purchase process simpler as you will not be forced to shell out entire savings on buying a new bike. Anyone can buy any type of scooter or bike from the market with the help of a bike loan. Moreover, one can repay a two-wheeler loan through equated monthly installments (EMIs). Banks and non-banking financial corp. (NBFCs) offer bike loans at affordable prices.

Features of Corporation Bank Two Wheeler Loan

All residents of India can opt for a two-wheeler loan from the bank.

The loan can be paid off in a very easy and convenient way in terms of Equated Monthly Installments (EMIs), which makes it less burdened on the budget of a borrower.

The minimum amount of loan that one can apply for is of Rs 5,000/-, while the maximum amount of loan that can be applied is of  Rs 1 lac or 5 times the income of the borrower earns per month.

Customers can avail for a 10% margin on the amount of loan rolled out.

The maximum tenure available for the repayment and close out the loan fully is 3 years. This is the time period will commence immediately from the date of the loan is approved and rolled out from the bank.

The required amount of a two-wheeler that the customer purchases with the loan amount are meant to be used as the security against the loan.

The loan process is simple and hassle-free.

The bank has a quick loan disbursement turnaround time maximum of four hours.

Borrowers need not worry about collecting a large amount of paperwork as the documentation required to acquire a loan is minimal.

Two Wheeler Loan Interest Rates

Corporation Bank provides two-wheeler loans to customers at affordable and attractive interest rates in order to meet the requirement of budget from the borrower. At present, the bank offers affordable rates of interest at 14.25% on their two-wheeler loans. This rate is market competitive and is made according to fit into the budgets of every individual from all type of financial backgrounds.

MCLR Rates

Kotak Mahindra recently fixed Marginal Cost of Funds Based Lending Rate (MCLR) at 9.30% for at least one year. MCLR rates have been fixed for other tenures as well and have come into consideration on 1st April 2016. These rates will be applicable to all type of pricing loans that is sanction by the bank.

Eligibility Criteria

The applicant must be an Indian citizen

The applicant must be any of the following:

An individually salaried

A self-employed

An individual carrying on any kind of business

Even a farmer

The applicant must attain the age of at least 21 years, in order to apply for two-wheeler loan

The applicant must be not having more than 65 years of age at their time of maturity of the loan.

In order for a salaried individual for the application for this loan, he/she must be employed with the current organization/company for at least 1 year, and one must possess a minimum of at least 2 years of employment.

Self-employed individuals looking to avail of this loan are required to have been carrying on business for a minimum of 3 years.

Salaried individuals are required to draw a minimum amount of Rs 84,000 as their income on an annual basis.

Self-employed individuals are required to draw a minimum amount of Rs 72,000 as their income on an annual basis

All applicants looking to avail this loan must possess their telephone at their place of residence.

Documentation Required

Photo Identity proof 2 to 6 Colored passport size photograph
Identity proof passport/voter ID/driving license/Aadhaar card
Bank Statement Last 6 months
Address proof passport/voter id/driving license/telephone bills

How to Apply?

To apply for the Two Wheeler loan