The Punjab & Maharashtra Co-operative Bank Ltd. (PMC 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: This is a personal loan which finances purchase of a two-wheeler.
Quantum of Loan: The loan amount is the amount mentioned in the invoice including the cost of registration and one time tax in case of new vehicle.
Margin: There is no margin for loans of amounts up to Rs. 1 lakh. For loans of amount above Rs. 1 lakh, there is a margin of 10% of the invoice.
Rate of Interest: The rate of interest is 14.5% per annum for this type of personal loan.
Repayment: Repayment has to be done through equated monthly installments (EMI) within a maximum of 60 months.
Security: Hypothecation of the purchased vehicle is submitted as security.
Guarantee: One or two solvent third party guarantee is required depending upon the amount of the loan.