Vehicle loan facility is available to the existing as well as newly introduced member of the bank to purchase new two wheelers and four wheelers. This facility is subject to approval in the Board of Directors Meeting from time to time.

Eligibility

1. An employee of the Income Tax Department Mumbai who is in the service continuously for the last 6 months on permanent basis.
2. He /She should be member of the Income Tax Department Co - Operative Bank Ltd.
3. New members can apply for Vehicle loan after Two months salary deduction towards subscription be made.
4. Maximum share amount of Rs.10000/- is required towards linkage of shares.
5. Members must be regular in repayment of pervious loan.

Documents Required

1. Duly filled Vehicle loan application form.
2. Previous Month Pay slip.
3. Driving license
4. Performa Invoice
5. Employee Identity card.
6. Original receipts of payment made against invoice issued by the dealers towards 15% of advance payment.
7. Original Form of 20A issued by Regional Transport Office for Hypothecation of vehicle.
8. Original R.C Book issued by the Regional Transport Office.

Limit

90% of Invoice provided 25% of take home salary should be there.

Rate of Interest

8.70% p.a.

Repayment Period

1. Maximum 60 Instalments for Two Wheelers Vehicle.
2. Maximum 84 Instalments for Four Wheelers Vehicle.

Prime Security

Hypothecation of Vehicle.

Guarantor

Two guarantor required

Guarantor Documents Required

1. Previous Month Pay slip.
2. Employee identity card.

Note

Processing fees Rs.1000/- only.