On 13th January, 1977, Janab Dr. Mumtaz Ahmed Khan and Janab K.Rahman Khan founded the Amanath Co-operative Bank and within a short span of 26 years, the Bank has attained the status of Karnataka’s first scheduled Urban Co-operative Bank. The Reserve Bank of India conferred the “Scheduled Status” on Amanath Bank effective from 29th January, 2000 and has included the name of the bank in the second schedule to the Reserve Bank of India act, 1934. Amanath Bank is the first urban Co-operative bank in Karnataka to be awarded this prestigious status. With a small capital base of Rs. 3 lakhs, the bank has grown to be the largest Urban Co-operative Bank in the state, with a deposit of over Rs. 440 crores, working capital of Rs. 505 crores and net owned funds of Rs. 29.53 crores.
Purpose: This Vehicle loan finances purchase of 2 or 3 or 4 wheeler vehicles.
Eligibility: Any person with regular income can attain this loan.
Quantum of Loan and Rate of Interest: For loans up to Rs. 2 lakh, the rate of interest for Car Loan is 13%. For loans above Rs. 2 lakhs, the rate of interest is 14%.
Margin: There is a margin of 30%.
Security & Guarantee: The car purchased by the car loan amount has to be the collateral security.