Maha Super Car Loan Scheme

S. No.ParameterDetails
1PurposePurchase of New four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs), SUVs etc. for personal use. (i.e. not for hiring/ferrying passengers) for individuals (18 years and above)/Companies and Corporate entities.
2Age LimitFor individuals (18 years and above ) Maximum age at Maturity of loan should not exceed 70 years 
3Eligible Entities
  1. Permanent salaried employees of Central / State government / Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 1 year of confirmed service in the current organization.
  2. Businessman/Self-Employed Persons / Independent Entrepreneurs who have regular source of income based on 2 years IT Returns.
  3. 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 and sufficient disposable income
  4. Pensioners of Central/State Government/PSU having minimum pension of Rs.25000/- per month.
  5. Corporate Clients (Partnership/Proprietorship Firms/ Companies): 2 year IT Return/Income proofs based on audited balance sheet, P&L A/c.
    The above provisions are applicable only for existing customers with 1 years standing  Others to be considered on perusal of 3 years IT Returns / Income proofs.
4Min. Annual Income
  1. For Salaried/Pensioners: Rs. 3.00 lakhs (last year income) - Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
  2. For Businessmen/Professionals: Rs. 4.00 lakhs (last year income)- Minimum past 2 year ITR with supporting documents are mandatory.
  3. For Persons engaged in Agriculture & Allied activities having ascertainable Minimum income of Rs.4.00 lakhs.
  4. For Corporate Clients (Firms/Companies): Rs. 4.00 Lakhs (Last year income)- Minimum past 2 year ITR with supporting documents are mandatory.
5Quantum of Finance
  1. For Salaried/Pensioners Persons : - Upto 36 times of Net Monthly Salary/Pension on the basis of Last Salary/Pension Drawn, subject to ‘Deduction Norms’ 
  2. 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). 
  3. Maximum Loan amount :No Upper Limit (For applicant falling under above 1 & 2 Category) 
  4. For Corporate Clients (Firms/Companies) : Max. Rs. 100.00 Lakhs or Up to 3 times of Average annual income based on 2 years ITRs or Gross Taxable income as per latest ITR. 
6MarginFor Existing / New Housing Loan Borrowers And Corporate Salary Account holders -- Min. 10% of Cost of Vehicle (i.e., Ex Showroom Price + RTO Charges + Insurance Charges). Charges For Others -- Min. 15% cost of vehicle (i.e., Ex Showroom Price + RTO Charges + Insurance Charges). Charges For Corporate Clients (Firms/Companies) -- Minimum 20% of Cost of Vehicle (i.e., Ex Showroom Price + RTO Charges + Insurance Charges)
7SecurityHypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities.
8Rate of InterestClick here to view the Interest Rate
1-0.25% discount in applicable interest rate will be given to Existing Housing Loan / MSME & Corporate borrowers /Corporate Account holders/ Professional & Self Employed Borrowers, having minimum standing of 1 years relationship with our Bank. 2-In case of housing loan borrowers whose account remained continuously in standard category for five years and above, rate of interest will be at discount of 0.50%.
9RepaymentMaximum 84 Months.
10DeductionNot to Exceed 60% of the Gross Income including Proposed EMI
Not to exceed 65% of the Gross Income including Proposed EMI in case of Existing Housing Loan borrowers under Standard category for 2 years
11Processing ChargesAs applicable

Checklist for Vehicle loan