bankofmaharashtra.in Maha Super Car Loan Scheme : Bank of Maharashtra

Organisation : Bank of Maharashtra
Service Name : Maha Super Car Loan Scheme
Applicable For : Bank of Maharashtra Account Holders
Applicable States/ UTs : All India
Details Here : http://www.bankofmaharashtra.in/maha-super-car-loan.asp
Home Page : http://www.bankofmaharashtra.in/default.asp

Maha Super Car Loan Scheme

Purchase of New four Wheeler i.e. Car, Jeep, Multi Utility Vehicles (MUVs), SUVs etc. for personal use. (i.e. not for hiring/ferrying passengers) for individuals (18 years and above)/Companies and Corporate entities.

Related : Bank of Maharashtra Maha Super Housing Loan Scheme : www.statusin.in/20608.html

Age Limit

For individuals (18 years and above ) Maximum age at Maturity of loan should not exceed 70 years

Eligible Entities

** Permanent salaried employees of Central / State government / Corporate Salary Account Holders / Employees of PSU & Companies of repute with minimum 1 year of confirmed service in the current organization.

** 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 and sufficient disposable income

** Pensioners of Central/State Government/PSU having minimum pension of Rs.25000/- per month.
** Corporate Clients (Partnership/Proprietorship Firms/ Companies) – 2 year IT Return/Income proofs based on audited balance sheet, P&L A/c.

The above provisions are applicable only for existing customers with 1 years standing Others to be considered on perusal of 3 years IT Returns / Income proofs.

Min. Annual Income

** For Salaried/Pensioners : Rs. 3.00 lakhs (last year income) – Minimum past 2 year ITR/Form 16 from the Employer is Mandatory.
** For Businessmen/Professionals : Rs. 4.00 lakhs (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.4.00 lakhs.
** For Corporate Clients (Firms/Companies) : Rs. 4.00 Lakhs (Last year income)- Minimum past 2 year ITR with supporting documents are mandatory.

Quantum of Finance

1-For Salaried/Pensioners Persons : Upto 36 times of Net Monthly Salary/Pension on the basis of Last Salary/Pension Drawn, subject to ‘Deduction Norms’

2-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).

Maximum Loan amount : No Upper Limit (For applicant falling under above 1 & 2 Category)
3-For Corporate Clients (Firms/Companies) : Max. Rs. 100.00 Lakhs or Up to 3 times of Average annual income based on 2 years ITRs or Gross Taxable income as per latest ITR.

Margin

For Existing / New Housing Loan Borrowers And Corporate Salary Account holders – Min. 10% of Cost of Vehicle + RTO charges For Others — Min. 15% cost of vehicle + RTO charges For Corporate Clients (Firms/Companies)- Minimum 20% of Cost of Vehicle + RTO charges

Security

Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities.

Rate of Interest

1-0.25% discount in applicable interest rate will be given to Existing Housing Loan / MSME & Corporate borrowers /Corporate Acount holders/ Professional & Self Employed Borrowers, having minimum standing of 1 years relationship with our Bank.

2-In case of housing loan borrowers whose account remained continuously in standard category for five years and above, rate of interest will be at discount of 0.50%.

Deduction

** Not to Exceed 60% of the Gross Income including Proposed EMI
** Not to exceed 65% of the Gross Income including Proposed EMI in case of Existing Housing Loan borrowers under Standard category for 2 years