Types of Vehicle loan

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Vehicle Loan
Bank Of Maharashtra
www.bankofmaharashtra.in
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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

www.bankofmaharashtra.in
3
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
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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

www.bankofmaharashtra.in
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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
6
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 cars 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
7
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

www.bankofmaharashtra.in
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Car Loan EMI calculator
www.bankofmaharashtra.in