Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers
SNo Parameter Details
1 Name of the scheme Maha Bank Vehicle Loan Scheme for purchase of two wheelers and second hand cars.
2 Type of credit facilities Term Loan
3 Purpose:
  • Purchase of 2 wheelers for individuals (18 years and above)
  • Purchase of second hand four wheelers not older than 3 years
4. Eligibility:
  • Permanent salaried employees of Central / State government/ Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 2 years in employment and 1 year in the current organization having minimum standing of 1 year relationship with our Bank.
  • Businessman/Self-Employed Persons / Independent Entrepreneurs who have regular source of income based on 2 years IT Returns.
  • Farmers having minimum 5 acres of land holding engaged in production oriented agricultural activities and in other allied activities minimum land holding of 5 Acres of irrigated land and sufficient disposable income.
5 Min. Annual Income
  • For Salaried: Rs. 3.00 lakh (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
  • For Businessmen/Professionals: Rs.3.00 lakh (last year income) - Minimum past 2 year ITR with supporting documents are mandatory.
  • For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.3.00 lakh.
6 Age Limit For individuals (18 years and above)
7 Quantum of Finance
  • For Salaried Persons: - Up to 20 times of Net Monthly Salary on the basis of Last Salary Drawn, subject to ‘Deduction Norms’
  • For Other Individuals :Up to 2 times Average annual income based on 2 years ITRs or Gross Taxable income as per latest ITR(whichever is lower), subject to Deduction Norms’ (Total income would mean Cash Accruals).
Subject to Maximum ceilings as follows:
  • 2 wheelers - Rs.1.25 lakh
  • Second Hand 4 wheeler - Rs.5.00 lakh
8 Margin:
  • For 2 Wheeler - Minimum 15% of the cost of the vehicle.
  • For Second Hand 4 wheeler – Minimum 50% of the value of the second hand car as per the valuation report of the Insurance valuer
9 Rate of Interest Click here to view the Interest Rate
10 Repayment Maximum 60 Months
11 Deduction
  • Not to Exceed 60% of the Gross Income including Proposed EMI
12 Processing Charges 0.25% of the Loan Amount (Min.:Rs.500/-)
13 Security
  • Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities
  • In case of Second Hand 4 wheelers, vehicle as well as insurance should be transferred in the name of the purchaser with the bank clause and registered with RTO Authorities.
14 Guarantor Not to be insisted upon
 
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