The Ahmadabad Mercantile Co-op. Bank Limited – Vehicle Loan

By | September 23, 2011

Purpose: For the purchase of new and old cars

Eligibility: The borrower should be within 21 – 65 Years of age and must be able to repay the loan

Quantum of Loan: 80% on Purchase price (On Road); old car is not more than 3 years on purchased date, loans will be sanctioned 50% on valuation certificate

Rate of Interest: 12%

Margin: Margin 20% and not on a monthly reducing balance.

Repayment: Maximum up to 5 years

Processing Charge: No prepayment charges

Others: Fixed rate during loan period; no Floating Rate- which means fix Rate during Loan Period; interest Application on a DAILY REDUCING BALANCE and not on a monthly reducing balance; ON

ROAD cost Finance Available (Cost of Car + Octroi Charges + RTO Charges + Insurance Charges + Accessories Costs (All included in loan amount)

Share Linkage 0.50% of Loan Amount – Minimum Rs.2000/-; Flexibility of making payment more than EMI; No Advance EMI Last EMI amount significantly lower; no hidden cost or administrative charges.

Processing Time 1 to 2 days (after receipt of all the papers); easy and hassle free processing; completely transparent system & procedure.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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