1

Name of the scheme:

Maha Bank Vehicle Loan Scheme for purchase of two wheelers
and second hand cars.

2

Type of credit facilities:

Term Loan

3

Purpose:

• Purchase of 2 wheelers for individuals (18 years and above)
• Purchase of second hand four wheelers not older than 3 years

4

Eligibility:

• 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.
• 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.

5

Min. Annual Income:

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

6

Age Limit:

For individuals (18 years and above)

7

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
• For Other Individuals :-Up to 2 times 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).

Subject to Maximum ceilings as follows:

• 2 wheelers - Rs.1.25 lakh
• Second Hand 4 Wheeler - Rs. 5.00 Lakh

8

Margin:

• 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

9

Rate of Interest

10

Repayment

11

Deduction

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

12

Processing Charges

13

Security

• Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities
• In case of Second Hand 4 wheelers, vehicle as well as insurance should be transferred in the name of the purchaser with the bank clause and registered with RTO Authorities

14

Guarantor