Mahabank Vehicle Loan Scheme for Second Hand Car

Name of the scheme

Mahabank Vehicle Loan Scheme: For Purchasing Second Hand Car (Pre owned Cars)

Purpose of loan

• Purchase of second hand four wheelers not older than 3 years

Purchase of second hand car four wheelers passenger through following Approved dealers of Certified Pre-Owned Company / Firm Name

In all above cases, Age of vehicle should not be more than 3 years old and maximum limit of 1,50,000 kilometers mileage (total distance run by vehicle)

Eligibility

• Confirmed Salaried Employees of Central Govt. / State Govt. / Public Sector Undertakings/ Govt. aided Educational Institute / Private / Public Limited Company /etc. with continuous service for minimum 1 year is required.
• Pensioners of Central/ State Government/ PSU having minimum pension of Rs.25000/- per month.
• Self Employed Professionals includes CAs, Doctors, Architects, Company Secretaries, Advocates, CMAs etc. with their own practicing.
• Businessman/ Independent Entrepreneurs who have regular source of income.
• Farmers having land holding engaged in production oriented agricultural activities and in other allied activities.

Min Annual Income

• For Salaried: Rs. 3.00 lakh (last year income) - Minimum past 2 years ITR/Form 16 from the Employer is required.
• For Other Individuals: Rs.3.00 lakh (last year income) – Minimum past 2 years ITR with supporting documents are required..

Eligible Loan Amount

Maximum loan amount will be assessed on the basis of Permissible Deduction norms

Minimum – Rs 2.00 Lakhs

Maximum – Rs 50.00 Lakhs

Maximum Quantum of Loan will be Lowest of the following.

70 % of latest Market value as per valuation certificate issued by certified pre-owned car Dealer / 70% of invoice value from showroom of authorized dealers.

 Or

100% of Insured Declared Value (IDV) as per Motor Insurance Policy.

Margin

Minimum 30 % of the lasts Market value as per valuation certificate issued by certified pre-owned car Dealer or 30% of invoice value from showroom of authorized dealers.

Repayment Period

Maximum 60 months

Rate of Interest

Click here to view the Interest Rate

Deduction

Total deductions including proposed EMI should not exceed 65 % of Gross Monthly Income (salaried) / Gross Average Annual Income (Non salaried)

Security

Hypothecation of vehicle purchased

Processing Fee

0.50% of Loan Amount

Min: Rs. 500/-