Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers
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S.No | Parameter | Details |
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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
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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.
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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.
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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
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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
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9 | Rate of Interest | Click here to view the Interest Rate |
10 | Repayment | Maximum 60 Months |
11 | Deduction | - Not to Exceed 60% of the Gross Income including Proposed EMI
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12 | Processing Charges | 0.25% of the Loan Amount (Min.:Rs.500/-) |
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
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14 | Guarantor | Not to be insisted upon |
Checklist for Vehicle Loan Scheme