Purpose of loan :

• Vehicle Loan can be availed by member to purchase two wheeler vehicle (New) and or four wheeler (New/ Old)

Maximum Loan Limit :

• Member can avail loan upto 90% of vehicle cost ( Ex. showroom price + R.T.O. Tax + Insurance premium ) ( excluding accessories ) or as per the repayment capacity of borrower, whichever is low.

Rate of Interest :

• 7.75% P. A.

Eligibility :

• Member who have completed at least 1 month permanent service in MCGM and one month bank membership.
• Minimum one Compulsory Deposit Recovery must be received from salary.

Repayment Term :

• Maximum Repayment term is of 84 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.
• In case of two wheeler (New) and four wheeler (Used)
• Maximum Repayment term is of 60 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.

Documents :

• Insurance copy wherein HP should be in favour of Bank’s name
• KYC’s Official Valid Document’s of borrower and guarantor(s)
• Attested copy of Registration Certificate wherein HP should be in favour of Bank’s name

* The terms and condition and charges may vary subject to modifications in Loan Policy as approved by Board of Directors