The Punjab & Maharashtra Co-operative Bank started its operations first time on 13th February, 1984. The bank was established with an aim to provide banking services that provides the customer utmost ease and convenience. Within a short span of just 16 years, it has achieved ‘scheduled’ status on 29/01/2000 and is the youngest co-operative bank to achieve the status.
Purpose: To purchase a vehicle for commercial use
Quantum of Loan: The loan amount covers the cost of the vehicle as per invoice, registration and one time tax and body building in case of new vehicle and agreement value or market value whichever is lower in case of second hand vehicle after maintaining the prescribed margin, subject to maintaining sufficient margin, as prescribed by the Bank from time to time.
Margin:
10% of Chassis
25% of Chassis
Second Hand Vehicle – 50% of Market Value
Rate of Interest: The rate of interest is 14.5% per annum.
Repayment: Maximum period of loan is 60 months in case of new vehicles and 3 years in case of second hand vehicles. Loan amount should be repaid in EMI.
Security: Hypothecation of the vehicle to be purchased. No Collateral Security for loan amount up to Rs. 20.00 lakhs.
Guarantee: One or Two solvent third parties depending on loan amount just like in case of car loan.