Maha Super Car Loan Scheme

Features

  • No Processing Charges (Waived up to 30.11.2020).
  • 0.25 % Concession in ROI for Corporate salary account Holder and Existing Housing Loan borrower 
  • Maximum Funding 90%.
  • Interest charged on daily reducing Balance.
  • Rate of Interest linked to RLLR.
  • No Pre-Payment / Pre-closure / Part payment Charges.
  • No prepayment charges.
  • No Hidden 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. (for individuals (18 years and above)

2

Eligibility

Individual salaried employees/ self-employed professionals/Businessman / Agriculturist 

3

Eligible Quantum of Loan

Up to 36 times of Net Monthly Salary/Pensionon the basis of Last Salary/Pension Drawn, subject to ‘Deduction Norms’

4

Minimum Annual Income

Rs. 3.00 lakh (last year income)

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

Click here to view the Interest Rate

8

Deduction

Existing Housing loan borrower

Maximum 65 % of Gross income (including proposed EMI)

Others

Maximum 60 % of the Gross Income (including proposed EMI)

9

Security

Hypothecation Of Vehicle purchased for Loan up to 20.00 Lakh.

For above 20.00 Lakh Tangible Security of Minimum 50% Value Of Loan Amount In favour Of Bank

10

Processing Fee

0.25 % of the loan amount (Subject to max. of Rs. 15,000/-)

(currently waived up to 31.03.2020)

11

Documentation charges

0.10 % of the loan amount (Subject to max. of Rs. 10,000/-)