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Maha Super Car Loan Scheme
Features
- No Processing Charges (Waived up to 31.03.2021).
- 0.25 % Concession in ROI for Corporate salary account Holder and Existing Housing Loan borrower
- Maximum Funding 90%.
- Interest charged on daily reducing Balance.
- No Pre-Payment / Pre-closure / Part payment Charges.
- Quick turnaround time.
S.No | Particulars | Scheme guidelines | ||||
|---|---|---|---|---|---|---|
1 | Purpose | Purchase of New four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs), SUV etc. for personal use. (i.e. not for hiring/ferrying passengers) for individuals (18 years and above)/ Companies and Corporate entities | ||||
2 | Eligibility | Individual salaried employees/ self-employed professionals/Businessman / Agriculturist /Companies and Corporate entities. | ||||
3 | Eligible Quantum of Loan | Up to 36 times of Net Monthly Salary/Pension on the basis of Last Salary/Pension Drawn, subject to ‘Deduction Norms’ | ||||
4 | Minimum Annual Income | 1) For Salaried / Pensioners: Rs. 3.00 lakh (last year income) – Minimum past 2 year ITR/Form 16 from the Employer is Mandatory. 2) For Self Employed Professionals: Rs.4.00 lakh (last year income) – Minimum past 2 year ITR with supporting documents are mandatory. 3) For Businessmen: Rs.4.00 lakh (last year income) - Minimum past 3 year ITR with supporting documents are mandatory. 4) For Persons engaged in Agriculture & Allied activities having minimum annual income of Rs.4.00 lakh. 5) For Corporate Clients (Firms/ Companies) : Rs. 4.00 lakh (last year income) - Minimum past 2 year ITR with supporting documents are mandatory. | ||||
5 | Margin | 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) For Others - Minimum 15% of Cost of Vehicle (i.e. Ex show room price + RTO charges + insurance charges) For Corporate Clients (Firms/Companies)- Minimum 20% of Cost of the Vehicle (i.e. Ex show room price + RTO charges + insurance charges) | ||||
6 | Repayment period | Max. 84 Months | ||||
7 | Rate of Interest | |||||
8 | Deduction |
| ||||
9 | Security | Hypothecation Of Vehicle purchased | ||||
10 | Processing Fee | Nil |
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