Bank Of Maharastra Two Wheeler Loan:
BOM Two Wheeler Loan is offered to those who are able to satisfy BOM Two Wheeler Loan eligibility conditions, at a convenient BOM Two Wheeler Loan rate of interest, to enable them to acquire a two-wheeler.
BOM Two Wheeler Loan Interest Rate:
As per official website of bank, loan is extended at BOM Two Wheeler Loan rate, which is calculated on base rate and BPLR, determined from time to time:
i) Currently, base rate is at 9.50% per annum
ii) BPLR or Benchmark Prime Lending Rate is at 13.75% per annum
iii) Hence, BOM Two Wheeler Loan interest rate is calculated on the basis of above two, and repayment tenure.
iv) Effective BOM Two Wheeler Loan rate is as follows:
a) Under Base rate system of BOM Two Wheeler Loan interest rate:
- Tenure up to 36 months: Base rate + 1.25% per annum
- Tenure exceeding 36 months: Base rate + 2.25% per annum
b) Under BPLR system of BOM Two Wheeler Loan interest rate:
- Tenure up to 36 months: BPLR – 2.25% per annum
- Tenure exceeding 36 months: BPLR – 1.25% per annum
BOM Two Wheeler Loan Eligibility Norms:
All persons who are able to satisfy below-stated BOM Two Wheeler Loan eligibility terms may apply for Bank of Maharastra Two Wheeler Loan:
i) Salaried persons who are permanent employees of government concerns, PSUs and approved educational bodies and reputed companies.
ii) Non-salaried persons, such as professionals and businessmen
iii) Above should all have a minimum annual income of Rs.2 lacs
iv) Loan is extended at a uniform BOM Two Wheeler Loan rate.
Quantum Of Bank Of Maharastra Two Wheeler Loan:
Maximum amount of BOM Two Wheeler Loan that may be offered is equivalent to Rs. 50, 000. Individually, loan amount to be disbursed to borrowers eligible as per BOM Two Wheeler Loan eligibility criteria, is as follows:
a) Salaried employees: 18 times gross monthly salary
b) Non-salaried borrowers: 1.5 times average annual income, as per ITR filed or last 3 Balance Sheets and P&L Accounts
c) A margin of 15% is also considered before disbursal of above loan amount.
d) Above is not related to BOM Two Wheeler Loan interest rate levied.
Procedure To Be Followed While Applying For Bank Of Maharastra Two Wheeler Loan:
i) Applicants, who meet above stated BOM Two Wheeler Loan eligibility criteria, may visit nearest bank branch to know more and apply for BOM Two Wheeler Loan.
ii) However, following points should be borne in mind:
a) Security in the form of hypothecation on vehicle required
b) A guarantee by an acceptable third party should also be provided
c) Processing fee, that is a one-time charge is also levied, at Rs.500; it is independent of BOM Two Wheeler Loan rate of interest.
d) Insurance of the vehicle to be acquired is mandatory.
Tenure Of Bank Of Maharastra Two Wheeler Loan:
All eligible borrowers should ensure that entire amount of BOM Two Wheeler Loan is repaid in tenure of 5 years.
Repayment Of Bank Of Maharastra Two Wheeler Loan:
As per official website, Bank of Maharastra Two Wheeler Loan amount, inclusive of interest at BOM Two Wheeler Loan rate, has to be repaid in a maximum of 60 equated monthly installments.
Product Page URL Of BOM Two Wheeler Loan: interested applicants may visit official website: http://www.bankofmaharashtra.in/credit_fac_vechile.asp
Branch Office Address (In Table):
City | Branch | Address | Phone number | Email id |
Delhi | GHUMAN HERA | GHUMAN HERA, P.O. & VILL. GHUMAN HERA, BLOCK - NAJAFGARH, NEW DELHI - 110073 | 011-28019873 | |
Mumbai | KALBADEVI | 63/65, MORAJI KANJI BLD., DR. ATMARAM MERCHANT ROAD, BHULESHWAR, MUMBAI- 400002 | 022-22410404 | |
Kolkata | B. K. PAL AVENUE | 88, B K PAUL AVENUE, KOLKATA-700005 | 033-25307911 | |
Chennai | GEORGE TOWN | 49, ARMENIAN STREET, OREINTAL BUILDING, GEORGE TOWN CHENNAI 600001 | 044-25342366/ 044-25340149/044-25357356 |
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