The Greater Bombay Co-operative Bank Limited is commonly known asGreater Bank. It started about over five decades ago on 10th December 1952, when a small group of philanthropists got together to set up the Bank.
Purpose – The loan is offered for purchase of Four Wheelers, New car, jeep, Multi Utility Vehicle (MUV), Special Utility Vehicle (SUV), also for used car, jeep, MUV, Special Utility Vehicle (SUV) (not more than 3 years old)
Basis of Advance – New Vehicles 80% of the On Road Price (cost of the vehicles+ registration+ insurance+ onetime road tax),Used Vehicles 60% of the valuation, which are less than three years unlike other car loan
Repayment Period – 60 months in case of New Vehicles, 36 months in case of Used Vehicles (Total period including loan tenure should not exceed 72 months from the date of first purchase of vehicle),
Mode of Repayment – EMI will be applicable from the subsequent month of availment of the loan by way of ECS Debit or PDCs or Salary deduction U/s. 49 of MSC Act, PDC to be submitted invariably where sec 49 facilities is not available.
Rate of Interest – The interest rate for new Vehicles is 13.00% per annum and for used vehicles it is 14.00% per annum
Membership & Shareholding – Regular Membership 2.5% of loan amount, Nominal membership for guarantor