The Greater Bombay Co-operative Bank Ltd, more popularly known as Greater Bank, was established over five decades ago on 10th December 1952. The bank was established with a single motto of serving the society in large. In 1996, the bank achieved the “Scheduled Bank “status. The Bank has been functioning very well in the recent years and has successfully crossed a deposit mark of more than Rs.1200 crores and a business mix of more than Rs. 2000 crores.
Purpose: This loan provides finance for purchase of four-wheeler (cars, jeeps, etc.)
Eligibility: Any individual with sufficient repayment capacity can obtain the loan.
Quantum of Loan: 80% of the on road cost of new vehicle and 60% of the on road cost will be covered by the car loan.
Rate of Interest: The rate of interest is 13% for loan for new vehicles and 14% for loans for second-hand vehicles.
Repayment: The maximum repayment period for new vehicles is 60 months and the maximum repayment period for second hand vehicles is 36 months. The repayment has to be done as equated monthly installments through post dated cheques.
Security & Guarantee: One guarantor having regular source of income filing regular income tax returns is needed.