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Maha Super Car Loan Scheme

Features

  • Processing Fee Waived from 9th August,2021 till 30th September,2021 under Retail-Bonanza Monsoon Dhamaka Offer
  • 0.25 % Concession in ROI for Corporate salary account Holder and Existing Housing Loan borrower 
  • Maximum Funding 90%.
  • Interest charged on daily reducing Balance.
  • No Pre-Payment / Pre-closure / Part payment Charges.
  • Quick turnaround time.

S.No

Particulars

Scheme guidelines

1

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)/ Companies and Corporate entities

2

Eligibility

Individual salaried employees/ self-employed professionals/Businessman / Agriculturist  /Companies and Corporate entities.

3

Eligible Quantum of Loan

Up to 36 times of Net Monthly Salary/Pension  on the basis of Last Salary/Pension Drawn, subject to ‘Deduction Norms’

4

Minimum Annual Income

1) For Salaried / Pensioners: Rs. 3.00 lakh (last year income) – Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
2) For Self Employed Professionals: Rs.4.00 lakh (last year income) – Minimum past 2 year ITR with supporting documents are mandatory.
3) For Businessmen: Rs.4.00 lakh (last year income) - Minimum past 3 year ITR with supporting documents are mandatory.
4) For Persons engaged in Agriculture & Allied activities having
     minimum annual income of Rs.4.00 lakh.
5) For Corporate Clients (Firms/ Companies) : Rs. 4.00 lakh (last year income) - Minimum past 2 year ITR with supporting documents are mandatory. 

5

Margin

For Existing/New Housing Loan Borrowers and Corporate Salary account holders- Minimum 10% of  Cost of  Vehicle (i.e. Ex show room price + RTO  charges + insurance charges)

For Others - Minimum 15% of Cost of Vehicle (i.e. Ex show room price + RTO charges + insurance charges)

For Corporate Clients (Firms/Companies)- Minimum 20% of Cost of the Vehicle (i.e. Ex show room price + RTO charges + insurance charges)

6

Repayment period

Max. 84 Months

7

Rate of Interest

Click here to view the Interest Rate

8

Deduction

Existing Housing loan borrower

Maximum 70 % of Gross income (including proposed EMI)

Others

Maximum 65 % of the Gross Income (including proposed EMI)

9

Security

Hypothecation Of Vehicle purchased 

10

Processing Fee

Waived from 9th August,2021 till 30th September,2021 under Retail-Bonanza Monsoon Dhamaka Offer


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