Bank Of Maharashtra Used Car Loan

Eligibility for Mahabank Vehicle Loan Scheme

Mahabank Vehicle Loan scheme is available to all the residents of the country above the age of 18 years. The scheme is open to all categories of individuals whether salaried or not. The list of eligible applicants along with the minimum income requirement for each category is highlighted hereunder.

Documents required for Mahabank Vehicle Loan Scheme

The bank has a comprehensive list of documents that are required to be submitted at the branch office as part of the loan application process. Customers can contact the bank or the customer care service of the bank for any information regarding the documents required. The list of documents as per the bank’s guidelines is given below.

• Identity proof
• Address proof
• PAN card
• Proof of Income

Apart from the above general KYC documents, the bank has a list of documents specific to the category of eligible applicants

For the salaried class – 

• Form 16
• Last 2 years IT returns
• Last 3 months salary slips
• Last 6 months bank statements

For the non-salaried class – 

• Audited balance sheet
• Last 2 years IT returns
• Last 12 months bank statements 

For persons engaged in agriculture and allied activities – 

• For persons not filing income tax returns, an income certificate from the Tahsildar/ Mandal Revenue Officer/ Revenue Department officer having State Level Gazetted rank is to be submitted.

The bank will also require certain documents relating to the vehicle so purchased out of the loan. The list of the same is provided here.

• Quotation of the vehicle to be purchased
• Receipt of payment if already made to the dealer
• The authenticity of the dealer or supplier of the vehicle
• Valuation certificate from an Insurer in case of loan taken for old vehicle assure that such vehicle is not older than 3 years
• Insurance with bank clause at the time of delivery of money to the dealer

After submission of all the above documents by the applicant, the bank will sanction the loan for the purchase of a used car if all the conditions and guidelines set by the bank in this regard are met sufficiently.

Features of Mahabank Vehicle Loan Scheme (Used Cars)

The used car loans offered by the bank come with many attractive features that make it very appealing to the customers and make the product a very lucrative deal. The key highlights of the bank’s used car loans are given here.

Tenure – 

The bank offers a period of 60 months (5 years) for repayment of the bank’s used car loan. The repayment period given by the bank is among the highest in this category in the market.

Rate of Interest – 

The rate of interest is calculated based on the various factors like credit score of the applicant, his/her relationship with the bank, tenure of the loan, amount of loan to be sanctioned, etc. The current interest in Mahabank Vehicle Loan Scheme starts from approximately 9.40%. The bank may offer a concessional rate of interest for existing customers and customers that have a long-standing good relationship with the bank. Bank of Maharashtra also has concessional interest rates for women and senior citizens.

Amount of loan to be sanctioned – 

The maximum amount that can be sanctioned as a loan for the purchase of a used car under the Mahabank Vehicle Loan Scheme is Rs. 5,00,000. The maximum amount to be sanctioned is further calculated based on the restrictions on each category of eligible applicants.

Margin –

The margin requirement for used car loans of the scheme is a minimum of 50% of the value of the car. The value of the car for this purpose is determined as per the valuation report of the Insurance Valuer. The margin requirement of the bank is on the steeper side as compared to others in the market.

Processing charges - 

The bank charges 0.25% of the loan amount as processing charges. This amount is subject to a minimum charge of Rs. 500 per application.

Security – 

The vehicle purchased from the loan sanctioned acts as primary security against the loan. Bank requires a hypothecation charge, vehicle as well as insurance to be transferred in the name of the purchaser with the bank clause as well as registered with the RTO.

Guarantee – 

Bank of Maharashtra does not require any third party guarantee for loans under the Mahabank Vehicle Loan Scheme.

How to apply for Mahabank Vehicle Loan Scheme

Bank of Maharashtra offers an easy application process for used car loans. The bank currently offers a physical mode of application for such loans. This means that the customers/ applicants have to physically visit the bank for an application form and get the details of the documents as well as any other related requirements in order to apply for this loan.

Upon duly filling the application form and signing it, the customer has to submit the same at the nearest branch office along with the required documents and application fees (if applicable).

The customers can, however, check the status of their loan application on the bank’s website by submitting the details like,

• Application number
• Mobile number registered with the bank
• Loan category
• Entering the captcha code displayed on the screen

The bank will review the documents and the application form based on its set parameters like a person and income eligibility, repayment capacity, credit score, relationship with the bank, etc. If the bank finds the application suitable for granting a loan, it may do so after due diligence that the loan granted shall be repaid in full. The bank may also ask for post-dated cheques as a safeguard against the loan given.

Bank of Maharashtra Customer Care

Bank of Maharashtra customer care service is available 24x7. Customers can contact the bank for any queries and issues that they may have as well as give their valuable feedback regarding the bank, branch, branch personnel, or any products and service offered by the bank. The contact channels available to the customers are mentioned below.

• Toll free numbers – 1800 233 4526 / 1800 102 2636
• Landline numbers – 020 24480797 / 24504117 / 24504118

• Email – mahaconnect[at]mahabank[dot]co[dot]in

The customer care email id for the customers to report any issues/ complaints/ grievances is,

•  hocomplaints[at]mahabank[dot]co[dot]in
• cmcustomerservice[at]mahabank[dot]co[dot]in

The customers can also contact the bank at its Head Office at the following address and telephone numbers.

• Address – Bank of Maharashtra

    Central Office, ‘Lokmangal’

        1501, Shivajinagar

        Pune – 411005

• Telephone No – 020 - 25532731, 733, 734, 735, 736

 020 – 25532728

020 – 25514501-12

020 – 25513781

Besides the above channels, the bank hosts a ‘Customer day’ on the 15th of every month at all its offices across the country (branches, Zonal offices and Head Office). In case of a holiday on the 15th of a month, this day is observed on the previous working day.

FAQs: Bank of Maharashtra Used Car Loan