o;? Bank of Maharashtra
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
  1. For Salaried Persons / Pensioners : Up to 36 times of Net Monthly Salary / Pension on the basis of Last Salary / Pension drawn, subject to deduction norms.
  2. 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)

    Maximum Loan Amount: No Upper Limit for Applicants falling under category 1 & 2 above.
  3. 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)
In case of Corporate Clients, Loan request for considering amount higher than Rs.100 Lakhs will be considered by Credit Approval Committee of Zonal Manager’s.
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 Account holders/ Professional & Self Employed Borrowers, having minimum standing of 1 years relationship with our Bank.
  2. Maximum 0.05% discount to be allowed to women and armed forces (including paramilitary forces) personnel.

    If the applicant falls under above two category, then any one (higher concession) should be given. Wherever interest concession be given, it is to be ensured that the interest rate is subject to floor rate of MCLR.
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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