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Mahabank Vehicle Loan Scheme: For purchasing two wheelers loans

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S.No.

Particulars

Scheme guidelines

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

  • 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. .
4

Min Annual Income

  • For Salaried: Rs. 2.50 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..
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)

  • Minimum Loan amount: -  Rs 50000/-
  • Maximum Loan amount: -  Rs 5.00 Lakh

High End Two wheeler -  2 wheelers (Super Bike)

  • Minimum Loan Amount- Rs 5.00 Lakh
  • Maximum Loan amount- Rs.25.00 Lakh
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

Click here to view the Interest Rate

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/-

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