Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers

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Name of the scheme:

Mahabank Vehicle Loan Scheme: For Purchasing Two Wheeler And Second Hand Car

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Purpose of loan:

• Purchase of 2 wheelers for individuals.
• Purchase of second hand four wheelers not older than 3 years (Valuation certificate be obtained from Insurance valuer only)
• Purchase of CNG fuelled  2 wheelers & CNG kit exclusively

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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. Standalone loan to be discouraged.
• 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.

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Min. Annual Income:

• For Salaried: Rs. 2.00 lakh (last year income) - Minimum past 2 years ITR/Form 16 from the Employer is Mandatory.
• For Businessmen/Professionals: Rs.2.50 lakh (last year income) – Minimum past 2 years ITR with supporting documents are mandatory.
• For Persons engaged in Agriculture & Allied activities having ascertainable minimum income of Rs.3.00 lakh.

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Maximum 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 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).

Two wheelers                                      Rs.5.00 lakh

Second Hand 4 wheeler                      Rs.5.00 lakh

CNG fuelled wheelers                         Rs 2.00 lakh

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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
• For CNG kit– Minimum 15 % of the cost of the kit or maximum loan amount Rs 12000 /-

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Rate of Interest

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Deduction

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

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Security

Hypothecation of vehicle purchased