Mahabank Vehicle Loan Scheme: For purchasing two wheelers loans
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S.No. | Particulars | Scheme guidelines |
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1 | Name of the scheme | Mahabank Vehicle Loan Scheme: for purchasing two wheelers loans |
2 | Purpose of loan | a) Purchase of New two wheelers (Engine up to 500 CC) b) Purchase of New High Value two wheeler (Engine above 500) c) Purchase New Battery operated two-wheelers (E- Vehicle) of reputed make under Green Finance. (Finance available to Electric Vehicle shall be registered with green number plates, and Hypothecation charge should be created) |
3 | Eligibility |
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4 | Min Annual Income |
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5 | Eligible Loan Amount | Maximum loan amount will be assessed on the basis of Permissible Deduction norms Maximum Loan amount Two Wheeler (including E vehicle)
High End Two wheeler - 2 wheelers (Super Bike)
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6 | Margin | Minimum 15% of On Road price of Vehicle. On Road price shall include Ex Show Room Price, Road Tax, Cost of Registration and Insurance (One Year or Three Years), excluding cost of accessories. |
7 | Repayment Period | Maximum 60 months |
8 | Rate of Interest | |
9 | Deduction | Total deductions including proposed EMI up to 65 % of Gross Monthly Income (salaried) / Gross Average Annual Income (Non salaried) |
10 | Security | Hypothecation of vehicle purchased |
11 | Processing Fee | 0.50% of Loan Amount Min: Rs. 500/- ; Max: Rs. 5000/- |