The Excellent Co-operative Bank Limited formerly known as The Safe Co-operative Bank Ltd is serving the banking needs of the common man from the last four decades. During these years it has served thousands of customers. It started in the year 1961 and its first branch was opened at Abdul Rehman Street, Mumbai. At present the bank is having four branches with 70 competent staff.
The bank has been awarded “A” class audit classification by Statutory Auditors as on 31st March 2008. The bank is having good network of Advances Recovery System and concrete steps are taken for the same. The bank grants loan to the priority sectors as well as to the weaker sections of the society as per the R.B.I guidelines.
PURPOSE – For purchase of new Cars
ELIGIBILITY – Permanent State/Central Government / PSU employees Professional or self employed. Individual must be an income tax assesses and should produce a salary tax assessment order not more than 2 years old.
LOAN AMOUNT – 24 times the net monthly income for salaried persons and 2 times net annual income for other subject to a max of Rs. 12 lakhs for new Vehicle.
SECURITY – Hypothecation of the Vehicle and third party guarantee
INTEREST RATE – Up to Rs. 25,000 11% per annum; above Rs. 25,000 and up to Rs. 2 Lakhs 12% per annum, above 2 Lakhs 13% per annum
REPAYMENT PERIOD – The repayment period for the Car loan is maximum 48 months