Note: Updated on 19 Nov 2021, for latest interest rates, please visit bank website.
|LOAN TENURE||Max. 60 EMI|
|PROCESSING FEE||As decided by the bank from time to time|
|PRE CLOSURE CHARGES||As decided by the bank from time to time|
About Mahanagar Cooperative Bank
Mahanagar Cooperative Bank is a Co-operative bank in india. It has headquarter in Mumbai. Mahanagar Cooperative Bank was founded on 06-10-1973. It has 69 branches and
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Mahanagar Cooperative Bank which includes Mahanagar Cooperative Bank Official Website, Mahanagar Cooperative Bank ATMs accross the India, Mahanagar Cooperative Bank Branches accross the India, Mahanagar Cooperative Bank Contact Numbers, Mahanagar Cooperative Bank official EmailID, Mahanagar Cooperative Bank Headquarter and Mahanagar Cooperative Bank Headquarter Address. Find Mahanagar Cooperative Bank Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.
Other Products of Mahanagar Cooperative Bank:
Mahanagar Cooperative Bank Car Loan Purpose
To purchase New or second hand vehicle for Private Use or for transport business..
Mahanagar Cooperative Bank Car Loan Eligibility
- Age: 21 to 60 years.
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
- Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
Mahanagar Cooperative Bank Car Loan Documents Required
- Applicant's latest photograph.
- Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- KYC (Know Your Customer) Documents.
- Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
- Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
- Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
- Bank Statement or Bank Pass Book of having entries of last 6 months
Mahanagar Cooperative Bank Car Loan Amount
In case of new cars 90% of the value of the vehicle (i.e. Quotation Amount).
In case of other new vehicles 75% of the value of the vehicle amount.(i.e. Quotation Amount) or 90% of Chasis.
0% - 30% of on-road cost
Mahanagar Cooperative Bank Car Loan Repayment
In 60 monthly installments-reducing balance.
- Minimum two Sureties out of which one should be an income tax payer and one should own a vehicle.
- The Borrower and all the sureties should be Regular/Nominal members of the Bank.
- The vehicle which is financed.
- Collateral security.
Tips to Manage Car Loan in a Better Way
(1) Make Proper Schedule for EMIs to be paid
You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.
(2) Never Skip any Payment
Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.
(3) Keep Loan Tenure Small
You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.
(4) Make one Extra Payment Every Year
You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.
(5) Refinance your Car Loan
You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.
Benefits of Car Loan
- Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
- No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
- Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
- Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.
Contact details of Mahanagar Cooperative Bank, Mahanagar Cooperative Bank SMS balance check number, Mahanagar Cooperative Bank SMS banking, Mahanagar Cooperative Bank mobile banking, Mahanagar Cooperative Bank toll free number,Mahanagar Cooperative Bank toll free number 24*7, Mahanagar Cooperative Bank miss call number.
- CUSTOMER CARE NUMBERS - 1800220096
- CONTACT NUMBERS - 022-24711918,24712535,24711395
Mahanagar Cooperative Bank Contact Details
Mahanagar Cooperative Bank EMI Calculator Mahanagar Cooperative Bank Branches Mahanagar Cooperative Bank Car Loan FAQsCar Loan Document Required
- BANK OFFICIAL WEBSITE - mahanagarbank.net
- CONTACT NUMBERS - 022-24711918,24712535,24711395
- EMAIL ID - email@example.com
- CUSTOMER CARE NO. - 1800220096
- TOTAL BRANCHES - 69
- TOTAL ATMS - 52
- HEADQUARTER - Mumbai
- BANK ADDRESS - 201/208,Hiramani Super Market,Dr.B.A.Road,Lalbaug,Mumbai, Maharashtra Pincode-400012
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