Yavatmal Urban Co-op. Bank offers innovative service and schemes. The bank was registered under Maharashtra State Co-operative Societies Act, 1960 on 12th April, 1965 vide registration no. YML/BNK/114 and license number UBD/MH/906P on 9th Nov.1987 and is governed by the Banking Regulation Act 1949 (A.A.C.S.) sec 5(CCV).
Purpose – The loan is offered for the purchase of two/ four wheelers (both old and new)
Eligibility – Salaried, professional or self employed
Margin – 25% for new vehicles; No advance against old 2 wheelers; for old four wheelers (maximum 5 year’s old) margin to be kept 40%. In case of old 4 wheelers valuation to be done by insurance surveyor and advance to be sanctioned against this valuation
Security – Vehicle to be hypothecated in favor of Bank
Guarantor – Two guarantors are required
Period – may be ranged between 36 months to 60 months Recovery by all Post Date Cheques / Standing Instructions / ECS.
Others – Margin money to be deposited in the bank and payment to be made directly to the dealer as per the price of the Vehicle.
In case of 4 wheelers Monthly Income should be 3 times of the installment due repayment period being allowed accordingly.
Vehicle purchased to be inspected at the end of every financial year for to confirm its Roadworthiness and report for the same to be kept on record.