Home | Gujarat Mercantile Co-operative Bank Ltd.

IFSC Code: GSCB0GUMC01
Registration No: 30306
Date: 28-07-1998
RBI Licence No: GUJ 1674P
Date: 12-12-1998

Hire Purchase Auto Loan is available for purchase of two wheelers, three wheelers, four wheelers and for Commercial vehicles.

Applicant’s last three years Income tax Return / Payslip of last 3 months / Notarized income certificate for joint family.
Last tax bill / certificate from society chairman/Secretary if applicant owned property.
3 Photographs of Applicant.
Address proof – electric bill /telephone bill (any one) As per KYC norms.
Photo proof – Pan card / Voter card / Driving license (Any one) As per KYC norms.
Bank Statement of last 2 years.
Quotation of vehicle.
Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.

Bank will give loan up to 80% of quotation.
For old car, applicant has to submit valuation report. Bank will give loan up to 60% of the valuation report.
One guarantor is required for loan up to Rs. 50,000/- and Two guarantors are required for loan above Rs. 50,000/- and above.
Applicant has to take insurance of full value of vehicle in favour of bank.
The Loan for two wheelers, three wheelers will be repaid with interest in 36 equal monthly instalments.
The Loan for four wheelers and Commercial vehicles with be repaid with interest in 60 equal monthly instalments.
Applicant have to pay margin amount to the bank. Bank will issue Banker cheque of full amount in the name of dealer.
Applicant have to submit Xerox copy of invoice, receipt, insurance policy, RTO book showing Bank’s lien recorded with RTO.
Applicant has to submit 30 cheques for repayment of instalments and remaining cheques as per bank’s instruction.
Applicant has to take share @ 2.50% of the limit.