Maha Super Car Loan Scheme
S.No | Parameter | Details |
|---|
| 1 | Name of the scheme: | Maha Super Car Loan Scheme |
| 2 | Purpose of loan: | Purchase of New Four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs), SUV etc. for personal use |
| 3 | Eligibility: | Individual salaried employees/ self-employed professionals / Businessman / Agriculturist and Corporates as well |
| 4 | Min. Annual Income: | - For Salaried: Rs. 3.00 lakh (last year income) - Minimum past 2 years ITR/Form 16 from the Employer is Mandatory.
- For Businessmen/Professionals: Rs.4.00 lakh (last year income) - Minimum past 2 years ITR with supporting documents are mandatory.
- For Persons engaged in Agriculture & Allied activities: Person having ascertainable minimum income of Rs.4.00 lakh.
- For Corporate Clients: Rs.4.00 lakh (last year income) - Minimum past 2 years ITR with supporting documents are mandatory.
|
| 5 | Maximum Quantum of Finance: | - For Salaried Persons: - Up to 36 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 2 times of Gross Taxable income as per latest ITR(whichever is lower), subject to ‘Deduction Norms’ (Total income would mean Cash Accruals).
- For Corporate Clients: Max. Rs.100.00 lakhs or Upto 3 times of Average Annual Income based on 2 years ITR of Gross Taxable Income as per Latest ITR, subject to 'Deduction Norms' and availability of DSCR more than 1.50.
|
| 6 | Margin: | Minimum 15% of the cost of the vehicle. For Corporate Clients: Minimum 20% of the cost of the vehicle. |
| 7 | Repayment Period | Maximum 84 months |
| 8 | Rate of Interest | Click here to view the Interest Rate |
| 9 | Deduction | Not to Exceed 70% of the Gross Income including Proposed EMI |
| 10 | Security | Hypothecation of vehicle purchased |
| 11 | Processing Fee | 0.25% of the Loan Amount (Min.:Rs.1000/-) |
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