Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers
We have finance schemes that translate your dreams into reality.
Checklist for Vehicle Loan Scheme
Name of the scheme:
Maha Bank Vehicle Loan Scheme for purchase of two wheelers
and second hand cars.
Type of credit facilities:
- Purchase of 2 wheelers for individuals (18 years and above)
- Purchase of second hand four wheelers not older than 3 years
- 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.
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.
For individuals (18 years and above)
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
- 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
Rate of Interest
|Click here to view the Interest Rate|
|Maximum 60 Months|
- Not to Exceed 60% of the Gross Income including Proposed EMI
|0.25% of the Loan Amount (Min.:Rs.500/-)|
- 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
|Not to be insisted upon|