Maha Super Car Loan Scheme for “Government Employees and Defence Personnel
Sr.No. Parameter Details
1. Name of the scheme Maha Super Car Loan Scheme for “Government Employees and Defence Personnel”
2. Type of credit facilities Term Loan
3. Purpose Purchase of New four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs), SUV etc. for personal use. (i.e. not for hiring/ferrying passengers) for individuals (18 years and above)
4. Eligible entities All “Government Employees and Defence Personnel” with a permanent job for the period of minimum 1 year in current organization of State / Central Government
5. Annual Income
  • Minimum Rs.3.00 lakh p.a. - Minimum past 1 year ITR/Form 16 from the Employer is Mandatory
  • The income of Spouse/Son/Daughter in-law (Any One only) can be considered as co-applicant for deciding the quantum of loan and repayment. A cap on Deductions from income of Applicant and Co-applicant should be maintained in the ratio of 70:30
6. Age Limit
  • For individuals: 18 years and above
  • Maximum Age at Maturity of loan should not exceed 70 years
7. Quantum of Finance
  • Up to 36 times of Net Monthly Salary on the basis of Last Salary Drawn, subject to ‘Deduction Norms’
  • Maximum Loan amount: No Upper Limit
    8. Margin
    • For Existing/New Housing Loan Borrowers and Corporate Salary account holders - Minimum 10% of (Cost of Vehicle + RTO charges)
    • For Others - Minimum 15% of (Cost of Vehicle + RTO charges)
    9. Rate of Interest 1 year MCLR
    10. Repayment Maximum 84 Months
    11. Deduction Not to exceed 65% of Gross Income including Proposed EMI of the Loan
    12. Processing Charges No Processing Fee
    13. Security
    • Hypothecation of vehicle to be purchased.
    • Hypothecation charge should be registered with Regional Transport Office Authorities
     
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