Scheme For Financing Purchase Of Car By Public

Scheme For Financing Purchase Of Car By Public
Objective To make available Loan for purchase of car by proposed car buyers on attractive terms.
Purpose To purchase:
New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV).
Old car/van/jeep/MUV/SUV, which are not older than three years.
Eligibility For private use only.
Individuals/Joint Individuals also eligible
Business concerns (corporate or non-corporate).
Income Criteria Minimum net monthly salary / pension/ income - Rs.20000/-.
Income of Parent(s)/Spouse/ Earning Children can be added for determining loan amount/eligibility. However, out of above income of only one person can be added and he/she will stand as a co-borrower.
Quantum of Finance For individuals/Proprietorship concerns: Rs.25 lakh or 25 times of Net Monthly Salary / Pension/ Income, whichever is lower. Loans for higher amount may be considered on merits of the case. For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for one or more vehicles).
Margin For New Vehicle: 15% of on-road price inclusive of one time road tax & insurance. For Old Vehicles: 30% of the value of the vehicle.
Security Vehicle purchased to be hypothecated to the bank.
Guarantee/ Collateral Security Third Party guarantee/ Collateral Security acceptable to the Bank. (May be waived by the Sanctioning Authority on merits of individual case)
Repayment (Maximum) For New Car/Van/Jeep/MUV/SUV: 84 EMIs
For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs
In case of persons engaged in agriculture & allied activities: At Half yearly/yearly intervals coinciding with the time of harvest.
Prepayment Charges Floating Rate: NO pre-payment charges.
Rate of Interest Women/Others - 8.70 %p.a
Processing Charges/ Upfront Fee/Documentation Charges NIL (Out of Pocket charges to be recovered)


MBGB – Saarthi - Scheme For Financing Purchase Of Two Wheelers by Public

MBGB – Saarthi - Scheme For Financing Purchase Of Two Wheelers by Public
Purpose For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Scooterrete (s), Moped(s), (subject to Registration of vehicle with RTO).
Eligibility Existing MBGB customers with at least 6 months satisfactory transactional record OR new customer with satisfactory track record of last one year with other Bank/FI in the age group of 18 years and 60 years holding a valid driving license. Salaried individuals drawing salary from our bank or under check off facility from the employer. Students, 18 years and above till gainfully employed, with salaried parent as co-borrower drawing salary from our bank; Business concerns (Corporate or non –corporate)
Income Criteria Minimum Net Monthly Income of Rs.10,000/- p.m.
In case of students, Income/salary proof of parent/guardian who will be co-borrower be considered.
Income of spouse can be taken into consideration for determining the income criteria provided satisfactory proof of income is produced.
Income of business concerns be verified from Income Tax Returns filed and challans for Tax Deposited.
Quantum Of Finance a) For Scooters, Motorcycles &Scooterrete - Maximum Rs 1,00,000/-
b) For Mopeds - Maximum Rs 20,000/- (subject to repayment capacity)
Margin
Where salary is being disbursed through the concerned bank branch and/or Check off facility. 10%
Business concerns 25%
Security Hypothecation of 2 wheeler financed from bank loan
Guarantee acceptable to bank as per guidelines
Repayment (Maximum) For Scooter and Motorcycle – 60 EMIs
For Scooterrete – 30 EMIs
For Mopeds – 24 EMIs
Maximum Permissible deductions – 40% to 60% of Net monthly salary/ income
Repayment (Maximum) For New Car/Van/Jeep/MUV/SUV: 84 EMIs
For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs
In case of persons engaged in agriculture & allied activities: At Half yearly/yearly intervals coinciding with the time of harvest.
Prepayment Charges NIL
Rate of Interest 12.00 % p.a.
Processing Charges/ Upfront Fee/Documentation Charges NIL (Out of Pocket charges to be recovered)


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