BANK OF MAHARASHTRA- VEHICLE LOAN

Purpose: For purchase of New Cars / Jeeps and 2 wheelers.
In case of second hand four-wheeler, vehicles up to 3 years old.

Eligibility: (I) Salaried persons, permanent in service / professional / businessmen having minimum Gross income as shown below.

4 Wheelers: Rs. 1.20 Lakh per annum
2 Wheelers: Rs. 0.50 Lakh per annum

(II) Minimum employment:

For Service Persons: Minimum 3 years in employment and minimum 2 years in the current organization.

For Others: He/She must be in the business/profession for at least 3 years.

(III) Individuals should be Income Tax assesses(s).

Amount of Loan:

Salaried employees: 18 times of monthly gross emoluments.

In case of Proprietorship/Partnership firm & Company: 1.50 times of average annual Income as per their last three Balance - Sheet/ P & L account.


Maximum ceilings:

For 2 wheelers Rs. 1.00 lakh
For 4 wheelers Rs. 25.00 lakh

Margin:For new Vehicle: 10%
For Second Hand Vehicle: 40%

Rate of interest: Click here to view the Interest Rate

Security:Hypothecation of the vehicle to be purchased and one guarantor acceptable to the Bank.

Repayment: For New Vehicles

For 2 wheelers: 60 months
For 4 wheelers: 84 months

For Second Hand Four Wheelers:Maximum Repayment period is proposed at 60 Months

Total deductions including proposed loan installment should not exceed 60% of Gross Income.

Processing fee: For Two wheelers: Rs.500/-
For Four Wheelers: Rs.2000/-

For other terms and conditions, please contact our nearest Branch.