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Mahabank Vehicle Loan Scheme for Old Car and Two Wheelers

We have finance schemes that translate your dreams into reality.

S.No

Parameter

Details

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

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

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

14

Guarantor

Not to be insisted upon
Checklist for Vehicle Loan Scheme