PRIVATE VEHICLE  COMMERCIAL VEHICLE  SECOND HAND VEHICLE 
 Eligibility  Any person with assured monthly Income acceptable to the Bank.  Any person with assured monthly Income acceptable to the Bank.  Any person with assured monthly Income acceptable to the Bank.
 Purpose  Purchase of new vehicle  Purchase of new vehicle  Purchase of used vehicle below 5 years
 

 Rate of interest

 

 

 

i)650 and above - 9.00%
ii)600 to 649- 9.50%
iii) (-1)    - 9.00%


EMI   

2 wheeler - 13.00%

 

 

 

a) New

i)700 and above - 9.75%
ii)600 to 699- 11.00%
iii) (-1)    - 10.50%

b)Used

i)Commercial Vehicle upto Rs. 10 Lakh - 12.00%
ii) Commercial Vehicle above Rs. 10 Lakh - 12.50%
iii) Boat Repair / Vehicle Repair - 11.00%

 

 

For used vehicles below 5 years LMV Private Vehicle

  

i) Vehicle model within 2 years- 11.00%

ii) Vehicle older than 2 years less than 5 years - 12.50%

Second hand School Buses - 9.50%

Repayment Tenure

 7 years  5 years  Depending upon the model of the vehicle
 Surety  Minimum one guarantor with sufficient net worth  Minimum one guarantor with sufficient net worth  Minimum one guarantor with sufficient net worth
 Security  New vehicle and additional security insisted by the Bank  New vehicle and additional security insisted by the Bank  Used vehicle plus additional security
 Margin  Maximum 85% of the Invoice value.  

Maximum 85% of the Invoice value .

In case of heavy commercial vehicles, an additional of 50% of the invoice will be advanced for Body building subject to providing additional security.

For Used Three, four wheelers and above.

(maximum 5 years old) valuation to be done by panel of surveyors and advance from 50% to 70% of the valuation, based on the model of the vehicle.

 Other Terms  Membership is necessary for the borrower and sureties to avail this loan.  Membership is necessary for the borrower and sureties to avail this loan.  Membership is necessary for the borrower and sureties to avail this loan.

 

** Institutional\Organisational Vehicles Loan EMI - 8.50%

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0824 - 2421369, 2445742

MCC Bank Ltd
Mulki Sundaram Shetty Road,
Hampankatta, Mangalore - 575001

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0824-2421369, 2445742

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