MGB Car Loan Scheme

Eligibility

• For salaried/pensioners:
  • Minimum income of 3 lakh in last year
  • Last 2 years ITR/Form-16 required
• For businessman/professionals:
  • Minimum income of 4 lakh in last year
  • Last 2 years ITR required
• For corporate clients:
  • Minimum income of 4 lakh in last year
  • Last 2 years ITR required

Limit

• For salaried/pensioners:
  • Maximum 36 times of last drawn net monthly salary/pension
• For businessman/professionals:
  • Maximum 2 times of average annual income as per last 2 years ITR or GTI as per latest ITR (which ever is lower)
• For corporate clients:
  • Maximum Rs 100 lakh or up to 3 times of average annual income base on two years ITR, which ever is lower

Repayment: Maximum 84 months

Security

• Hypothecation of Vehicle
• Spouse to taken as co-borrower

Margin

15 % of Cost of vehicle (Cost would include Ex-showrrom price, insurance and RTO charges only excluding cost of accessories)

Deduction Criteria, if any

60% of gross annual income (65% of gross annual income for existing housing loan borrowers under standard category)

Interest Rates & Charges

• Starts from 8.00% p.a.

Fees

• Processing Charges: 0.25% + GST, maximum Rs 15,000/-
• Documentation Charges: 0.20% + GST, maximum Rs 10,000/-