Maha Super Car Loan Scheme
S. No. Parameter Details
1 Purpose Purchase 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.
2 Age Limit For individuals (18 years and above ) Maximum age at Maturity of loan should not exceed 70 years
3 Eligible 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.
4 Min. 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.
The income of spouse/Father/mother/son/daughter in law (any one only) can be considered as co-applicant for deciding the quantum of loan and repayment. A cap on deductions from income of applicant and co-applicant should be maintained in ratio of 70:30.
5 Quantum of Finance 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)

For Corporate Clients(Firm/Companies): Max. Rs.100.00 lakh or upto 3 times of 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)
6 Margin
  1. For Existing/New Housing Loan Borrowers and corporate salary account holders- Minimum 10% of cost of vehicle(i.e. EX. Show room price+RTO Charges+ Insurance Charges)
  2. For Others - Minimum 15% of cost of vehicle(i.e. EX. Show room price+RTO Charges+ Insurance Charges)
  3. For Corporate Clients (Firm/companies) - Minimum 20% of cost of vehicle(i.e. EX. Show room price+RTO Charges+ Insurance Charges)
7 Security Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities.
8 Rate of Interest Click 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 Acount 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%.
9 Repayment Maximum 84 Months.
10 Deduction Not 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
11 Processing Charges As applicable
 
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