Rajkot Nagarik Sahakari Bank is a leading Co-Operative Bank in Gujarat State, India. Bank was established on 5th October 1953. Bank was the first co-operative institute to start functioning in the erstwhile region of Saurashtra.
Bank is enjoying the “Scheduled Bank” Status since 1989. In year 2001 Bank was registered under Multi-State Co-Operative Society Act. With opening of branch in Mumbai, the Economic Capital of India the bank became Multi-State Schedule Co-Operative Bank.
Purpose: This personal loan finances purchase of vehicles related to agriculture. (For e.g. truck, matador, station wagon, tractor, etc.)
Quantum of Loan: 75% of the cost of the new vehicle is granted as loan. In case of vehicles that are 5 ears old 50% the value of the vehicle is granted as loan. In case of old vehicles, the quantum of loan is decided depending on the value decided by the valuer.
Rate of Interest: The rate of interest is 13.5% for loans up to Rs. 1 lakh. For loans above Rs. 1 lakh up to RS. 10 lakh, the rate of interest is 14.25%.
Repayment: Repayment can be done within 40 monthly installments.
Security & Guarantee: Additional security (land, building, FD, etc.) may be demanded in case of old vehicles purchase. 25% margin money needs to be deposited in the bank.
Documents required:
Quotation of the vehicle