MB Fund


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CAR LOAN

Through MB Fund, you can avail Car Loans as per your needs. Few are a brief introduction about Car Loans:

1. You can avail loans upto 90% of the car value and in some cases 100%. For old cars its upto 50% of LTV.

2. Hassle-free loan request on the click of a mouse.

3. Fast and quick processing.

4. Attractive Rate Of Interest (ROI).

5. Loans are given for a period upto 5 years in some cases upto 7 years.

6. Loans are available at car dealers place and directly from bank also.

7. Payment is made directly to the car company over its dealer.

8. Special discounts are also offered.

9. You can subvent the discounts in loan to reduce interest cost, EMI and loan amount.

Following are the few of the loan eligibility methods which most of the banks followed. The actual amount can vary from the bank to bank on the basis of their internal policies and decisions

1. Income Basis – on the basis of ITR, salary or form 16.
One can expect a Loan equal To EMI one half Of Monthly Income.

Monthly Income (MI) For Businessman
MI= 1/12*(Net Profit As Per ITR + Interest To Partners/ Directors + Interest On Unsecured Loans + Depreciation)

Monthly Income For Salary 100% Of Fix Monthly Component + 50% Of Variable Components Such As Bonus, Commission Etc. Which Is Not Fixed By Its Nature

 
2. Non Income Basis

Non income basis is applicable for businessman. In this basis the bankers see the residence and business place and activity of the borrower. The stability in business and residence also matters.

The maximum loan amount can go up to 70% of the LTV under Non Income Basis.
 
3. Running Emi’s basis which is called surrogate income proof or track basis

Running Emi’s, If Emi Paid Are >= 9 Or 50% Of The Total Tenure.
 
4. Credit card basis- Twice of credit card limit, if last three months credit card payments made regularly without any default. The maximum loan amount one can go up to Rs.2.50 lac.

You are Eligible for a Car loan if you fulfill following Criteria :


1. Age

a. Minimum age of Applicant: 21 years while applying for loan.

b. Maximum age of Applicant at loan maturity should be 60 years in case of salaried or retirement age whichever is earlier and 65 years in case of businessman.
2. Income

Minimum Annual Income should be Rs.100,000 p.a. taxable income
3. Stability

a. The minimum stay at current residence should be 2 year for salaried and self-employed individuals.

b. The minimum years in continuous employment / business should be 2 year for salaried individuals and 5 years for self-employed individuals.

c. Either residence or office of the applicant should be owned.

d. The applicant must have a landline telephone connection at home running from the last six months.
Below Appended is the list of Documents Required for the following categories -
  • Sole Proprietor Businessman
  • Self employed Businessman (Partnership)
  • Self employed Businessman (Private/Public limited)
  • Salaried Individual
    Sole Proprietor Businessman

    1. Proof of Incorporation/Company Association (any one of the following)
    Proprietorship Letter / Bank Verification Letter

    2. ID Proof (any one of the following)
    Passport / Driving License / PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed
    Rent Agreement if rented / Passport

    5. Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof / Electricity/ water Bill / Property Tax receipt

    6. Office Address Proof (any one of the following)
    Telephone Bill / Electricity Bill / Water Bill / Lease Deed / Rent Agreement if rented / Any Government Certificate Sales Tax or Excise License or Service Tax Registration Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 12 months of all Current A/c showing in the Balance Sheet
    Bank Statement for Last 6 Month of Individual/ savings

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule / Track of All Loans Showing EMI /ECS in Bank Statement. or in Balance Sheet

    9. Continuity Proof 5 years for Business or 2 years in Job (all are mandatory)
    Sales Tax or Excise License
    Service Tax Registration Certificate or PF/ ESI Certificate
    Income Tax Return
    Any Govt Certificate

    10. Others
    Company Profile or Letter Head

    11. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    12. Car Bill and Car Insurance
    Self employed Businessman (Partnership)

    1. Proof of Incorporation/Company Association (any one of the following)
    Partnership Deed / Bank Verification Letter/ Memorandum & Articles of Association / Certificate of Incorporation

    2. ID Proof (any one of the following)
    Passport / Driving License
    PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed / Rent Agreement if rented / Passport

    5. Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof
    Electricity/ water Bill
    Property Tax receipt

    6. Office Address Proof (any one of the following)
    Telephone Bill / Electricity Bill / Water Bill / Lease Deed / Rent Agreement if rented / Any Government Certificate Sales Tax or Excise License or Service Tax Registration Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 12 months of all Current A/c showing in the Balance Sheet
    Bank Statement for Last 6 Month of Individual/ savings

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule/ Track of All Loans Showing EMI/ECS in Bank Statement. or in Balance Sheet

    9. Continuity Proof 5 years for Business/ or 2 years in Job (all are mandatory)
    Sales Tax or Excise License
    Service Tax Registration Certificate or PF/ ESI Certificate
    Income Tax Return
    Any Government Certificate

    10. Others
    Company Profile or Letter Head

    11. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    12. Car Bill and Car Insurance
    Self employed Businessman (Private/Public limited)

    1. Proof of Incorporation/Company Association (any one of the following)
    Memorandum & Articles of Association / Certificate of Incorporation

    2. ID Proof (any one of the following)
    Passport / Driving License
    PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed / Rent Agreement if rented / Passport

    5. Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof
    Electricity/ water Bill
    Property Tax receipt

    6. Office Address Proof (any one of the following)
    Telephone Bill / Electricity Bill / Water Bill / Lease Deed / Rent Agreement if rented / Any Government Certificate Sales Tax or Excise License or Service Tax Registration Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 12 months of all Current A/c showing in the Balance Sheet
    Bank Statement for Last 6 Month of Individual/ savings

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule/ Track of All Loans Showing EMI/ECS in Bank Statement. or in Balance Sheet

    9. Continuity Proof 5 years for Business/ or 2 years in Job (all are mandatory)
    Sales Tax or Excise License
    Service Tax Registration Certificate or PF/ ESI Certificate
    Income Tax Return
    Any Government Certificate

    10. Others
    Company Profile or Letter Head

    11. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    12. Car Bill and Car Insurance
    Salaried Individual

    1. Proof of Incorporation/Company Association (any one of the following)
    Appointment Letter / Salary Certificate

    2. ID Proof (any one of the following)
    Passport / Driving License / PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed
    Rent Agreement if rented / Passport

    5.Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof / Electricity/ water Bill / Property Tax receipt

    6. Office Address Proof (any one of the following)
    Appointment Letter / Salary Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 6 Months of Individual/ savings
    Form 16 of Last 2 years

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule/ Track of All Loans Showing EMI/ECS in Bank statement

    9. Continuity Proof 5 years for Business/ or 2 years in Job (all are mandatory)
    Appointment Letter
    Form 16 of last 2 Years

    10. Others
    Company Profile or Letter Head

    11. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    12. Car Bill and Car Insurance



     

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