Vehicle Loan

Purpose of loan :

Vehicle Loan can be availed by member to purchase two wheeler vehicle (New) and or four wheeler (New/ Old)

Maximum Loan Limit :

Member can avail loan upto 95% of vehicle cost ( Ex. showroom price + R.T.O. Tax + Insurance premium ) ( excluding accessories ) or as per the repayment capacity of borrower, whichever is low.

Rate of Interest :

7.75% P. A.

Eligibility :

• Member who have completed at least 1 month permanent service in MCGM and one month bank membership.
• Minimum one Compulsory Deposit Recovery must be received from salary.

Guarantor :

Repayment Term :

Maximum Repayment term is of 84 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.

In case of two wheeler (New) and four wheeler (Used)

Maximum Repayment term is of 60 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.

Documents :

• Insurance copy wherein HP should be in favour of Bank’s name
• KYC’s Official Valid Document’s of borrower and guarantor(s)
• Attested copy of Registration Certificate wherein HP should be in favour of Bank’s name

* The terms and condition and charges may vary subject to modifications in Loan Policy as approved by Board of Directors