The Cosmos Co-operative bank was established in the year 1906, it is the second the oldest bank in the country. The Bank has recently completed glorious 106 years of service successfully. It has attained multi state scheduled status in 1997. The Bank is a professionally managed ‘Financial Institution’, a benchmark of credibility and innovation.
The bank offers special scheme for Car Loan under different Fixed ROIs. “A special scheme for Car Loan” is the name of the scheme under which the bank offers car loan.
Purpose – For purchasing new Car
Quantum of Loan – 90% of on road price of the Car
Rate of Interest
| First one year (Fixed) | Next one year(Fixed) | Remaining 36 months (Fixed) |
| ROI /EMI (per lakh) | ROI / EMI (per lakh) | ROI / EMI (per lakh) |
| 9.50% (Rs.2100/-) | 10.00%
(Rs.2120/-) |
11.00%
(Rs.2151/-) |
Security – Hypothecation vehicle + Bank’s charge on RC/TC book +PDCs. Comprehensive insurance is necessary with Banks clause.
Loan period – Minimum 5 years; the scheme is not applicable for loan period less than 5 yrs.
Prepayment charges – if prepayment within first 2 years from the date of disbursement, commitment charges @ 1.00% per annum for unexpired period will be applicable.
Special Aspect – The Scheme is applicable to those who are purchasing only New Cars.