IFSC- IFSC - UTIB0SGCB01, ATM Help Line No. +91 8376801202
Loan is provided for purchasing:
New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicle (SUV)
Used Car/Van/Jeep/MUV/SUV (not older than 3 years) — applicable only for DCCB Mahendragarh & Harcobank staff
Confirmed/permanent employees of State/Central Government and their Boards/Corporations/Undertakings
Businessmen with taxable income above ₹4 lakh p.a. (including depreciation as per latest ITR)
Individuals for private use
Joint borrowers allowed (parent/spouse/earning children) with registration name specified
Applicant must be posted in Mahendragarh district, with non-transferable post outside Haryana/Chandigarh
Minimum 3 years of service completed
Minimum gross monthly income: ₹20,000 (subject to change)
| Feature | Details |
|---|---|
| Maximum Loan Amount | ₹15 Lakhs or 15x gross monthly salary/income, whichever is lower |
| Loan Type | Term Loan |
| Margin | New Vehicle: 10% of ex-showroom price |
| Old Vehicle: 10% of vehicle value (depreciated) | |
| Repayment Period | New Vehicles: Up to 84 months |
| Old Vehicles: Up to 60 months | |
| Age Limit for Repayment | Up to 65 years of age, subject to regular income |
Carry home pay after loan deduction should not be less than 50% for salaries up to ₹10 lakh p.a., 40% for above ₹10 lakh p.a.
Income proof: Salary slips, Form 16, ITR for last 3 years, salary account statement or CA certified business accounts
Verification of salary certificates from employer mandatory
Post-dated cheques for EMIs to be collected as loan security
| Applicant Category | CIBIL Score | Interest Rate (p.a.) |
|---|---|---|
| Public | 800 and above | 8.00% |
| 700 - 799 | 8.20% | |
| 600 - 699 | 8.50% | |
| Below 600 | Not accepted | |
| DCCB & Harcobank Staff | 800 and above | 7.20% |
| 700 - 799 | 7.50% | |
| 600 - 699 | 7.75% | |
| Below 600 | Not accepted | |
| Old Car Loan (Staff only) | All eligible scores | 9.50% |
Rates are subject to change.
Processing Fee: ₹1000 + taxes per vehicle (Waived for DCCB Mahendragarh & Harcobank staff)
Penal Interest: 3% p.a. on overdue amount after 15 days default
Late Payment Charges: ₹250 + taxes after 15 days default
Cheque Bounce Charges: ₹250 + taxes per cheque
Prepayment Charges: Nil
Vehicle hypothecation with branch name on RC (Registration Certificate) mandatory
RC copy must be submitted within 3 months or penalty applies (₹2500/month + taxes)
Third-party guarantee from spouse or legal heir required, along with post-dated cheques
Valid insurance coverage for vehicle with bank as assignee, renewed annually
Driving license not mandatory; borrower to undertake vehicle will be driven by licensed driver
Loan amount paid directly to vehicle dealer on behalf of borrower
Borrower to pay margin/difference upfront
Advance payment for booking considered part of margin
Loan disbursed within 1 month of sanction
Loan application and appraisal form
Proforma invoice of vehicle
Sanction letter and hypothecation letter
Employer authorization letter for salary deduction (if applicable)
Guarantee deed
Salary slips/ITRs/salary account statements
Post-dated cheques for EMIs
Undertaking for valid driving license
Ready to apply or want more info?
???? Call: 8222979001
???? Download Loan Application Form
???? Visit your nearest branch in Mahendragarh
Mahendragarh Central Cooperative Bank Ltd. — Driving Your Dreams Forward
