Mahanagar Co-operative Bank Ltd. was established by the people in Ahmednagar District in the name of “The Ahmednagar Sahakari Bank Ltd.” on 6th October 1973. The bank changed its name from “The Ahmednagar Sahakari Bank Ltd.” to “The Mahanagar Co-operative Bank Ltd” and the new name came into force with effect from 21st January, 1998. The Reserve Bank of India awarded scheduled status to the Bank on 30th January 1998.
Purpose: This loan finances purchase of vehicles for personal and commercial purposes.
Eligibility: Professionals / Self Employed can avail of only car loans. Salaried persons, Business Men can also avail this loan.
Quantum of Loan: In case of new cars 90% of the cost of vehicle in the quotation will be granted as loan. In other cases 75% of the cost of vehicle or 90% the cost of the chasis is granted as loan.
Repayment: Repayment has to be done within 60 monthly installments.
Guarantee: Minimum two sureties out of which one should be an income tax payer and one should own a vehicle. The borrower and all the sureties should be Regular/Nominal members of the bank. The vehicle which is financed is taken as security just like other car loans.
Documents Required: Documents like Performa Invoice, Quotation of Body Cabin need to be submitted.