Vehicle Loan Bank Of Maharashtra
www.bankofmaharashtra.in
What is a Vehicle Loan? The secured loan issued to you under the Secured Credit Agreement for the primary purpose of financing the acquisition of the Financed Vehicle is referred to as the Vehicle Loan. Types of vehicle loan ● Car loan ● Used Car loan ● Two wheeler loan
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What is a Car Loan? A car loan is the sum of money a person borrows to buy a car. When taking out a loan a borrower agrees to pay back the full loan amount, as well as any interest. Interest rate is 6.80% PA
Features of car loan(Bank Of Maharashtra) ● ● ● ● ●
Low EMI High Loan amount No processing fee No Hidden Charges No prepayment penalty www.bankofmaharashtra.in
Documents Required for Car Loan ● Two passport size photographs ● Proof of identification ○ ○ ○ ○
Pan card Election id card Aadhar card Driving license
● Proof of Residence ○ ○ ○ ○
Election id card Electricity bill Telephone bill Aadhar card
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● For Salaried Person ○ Original/Certified copy of the latest salary slips for the past 3 months ○ Copies of IT returns of last 2 years duly acknowledged by IT Dept/IT assessment orders or Form 16 for last 2 years from the Employer. ○ Undertaking from employer for remittance of monthly installment, wherever feasible. ○ Bank Account (Salaried Account) statement for the last 6 months (in case of other Bank)
● For ○ ○ ○ ○ ○
Non Salaried Person/ Businessman/ professionals Latest 3 years of IT returns Shop establishment act Tax registration copy Company registration license Bank statement of last year www.bankofmaharashtra.in
What is Used Car Loan? Used car loans are provided at attractive interest rates and come with a repayment tenure of up to 7 years. Certain lenders provide loans of up to 100% of the car’s value. Important things to do when buying a used car ● ● ● ● ● ●
Check the car Check the paper thoroughly Vehicle history Transfer the Registration Certificate Transfer the Insurance: Service the car www.bankofmaharashtra.in
What is a Two Wheeler loan? A two-wheeler loan allows you to buy a motorcycle or scooter of your choice and pay it off over time in equal monthly instalments. ● ● ● ● ●
Eligible loan amount - 5 lakhs Margin- Minimum 15% of the cost of the vehicle Repayment period- 60 months Security- Hypothecation of vehicle purchased Processing fee- 0.25% of the loan amount
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Car Loan EMI calculator
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