Azadi ka Amrit Mahatsav

Last Visited Page  

Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers

We have finance schemes that translate your dreams into reality.





Name of the scheme:

Mahabank Vehicle Loan Scheme: For Purchasing Two Wheeler And Second Hand Car


Purpose of loan:

  • Purchase of 2 wheelers for individuals.
  • Purchase of second hand four wheelers not older than 3 years (Valuation certificate be obtained from Insurance valuer only)
  • Purchase of CNG fuelled  2 wheelers & CNG kit exclusively



  • Permanent salaried employees of Central / State government/ Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 2 years in employment and 1 year in the current organization having minimum standing of 1 year relationship with our Bank. Standalone loan to be discouraged.
  • Businessman/Self-Employed Persons / Independent Entrepreneurs who have regular source of income based on 2 years IT Returns.
  • 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 of irrigated land and sufficient disposable income.


Min. Annual Income:

  • For Salaried: Rs. 2.00 lakh (last year income) - Minimum past 2 years ITR/Form 16 from the Employer is Mandatory.
  • For Businessmen/Professionals: Rs.2.50 lakh (last year income) – Minimum past 2 years ITR with supporting documents are mandatory.
  • For Persons engaged in Agriculture & Allied activities having ascertainable minimum income of Rs.3.00 lakh.


Maximum Quantum of Finance:

  • For Salaried Persons: - Up to 20 times of Net Monthly Salary on the basis of Last Salary Drawn, subject to ‘Deduction Norms’
  • For Other Individuals :- Up to 2 times Average annual income based on 2 years ITRs or 2 times of Gross Taxable income as per latest ITR(whichever is lower), subject to ‘Deduction Norms’ (Total income would mean Cash Accruals).
6Eligible Loan Amount:

Two wheelers                                      Rs.5.00 lakh

Second Hand 4 wheeler                      Rs.5.00 lakh

CNG fuelled wheelers                         Rs 2.00 lakh

Maximum amount for CNG kit            Rs 12000 (subject to deduction norms)



  • For 2 Wheeler - Minimum 15% of the cost of the vehicle.
  • For Second Hand 4 wheeler – Minimum 50% of the value of the second hand car as per the valuation report of the Insurance valuer
  • For CNG kit– Minimum 15 % of the cost of the kit or maximum loan amount Rs 12000 /-
8Repayment Period Maximum 60 months


Rate of Interest

Click here to view the Interest Rate



 Not to Exceed 60% of the Gross Income including Proposed EMI



Hypothecation of vehicle purchased

12Processing Fee0.25% of the Loan Amount (Min.:Rs.500/-)