Car Loan




You no longer have to wait to buy that dream car because MDCCB offers great car loan deals with up to 80% to 90% finance for new car.we can offer you a car loan at attractive interest rates and flexible repayment tenures. Fast approvals, personalised service and utmost transparency make us the leader in car loans.

At MDCC Bank, we realize that owning a car has increasingly become a necessity. But we also realize that the price tag of your dream car may be just outside your immediate grasp. MDCC Bank's Car Loans are just what you need to bridge the gap.

 

Eligibility for Car Loan

Considering the demand for car the Loan,the Bank framed the Car Loan Policy (Private Car) for the salaried employees as follows:

For the person availing salary from the bank

  • Minimum age-21 years
  • Maximum age-55 years (repayable with 60 years)
  • Yearly average income-Rs 250,000.00
  • Own contribution-10%
  • Cost to be considered-Price of Car and Registration & Insurance (Not exceeding 10 lac)
  • Class of Car-New and Bharat Stage II / III complied
  • Period of Loan-Preferably 5 yrs but not exceeding 6 years
  • Security-i) Hypothecation of Vehicle

    ii) WBCS Act Section 58 declaration for attachment of salary, etc.

    iii) Letter authorising deduction of loan instalment from salary

  • Insurance -a) General Insurance must be made through our bank.

    b) LIC optional

For other Salaried Person, Professionals & Businessman

  • Minimum age-21 years
  • Maximum age-55 years (repayable with 60 years)
  • Yearly average income-Rs 250,000.00
  • Own contribution-20%
  • Cost to be considered-Price of Car and Registration & Insurance (Not exceeding 10 lac)
  • Class of Car-New and Bharat Stage II / III complied
  • Period of Loan-5 years
  • Security-i) Hypothecation of Vehicle

    ii) WBCS Act Section 58 declaration for attachment of salary, etc.

    iii)Post dated cheques for payment of instalment on any bank other than our bank payable at clearing zone at Malda.

  • Insurance -a) General Insurance must be made through our bank.

    b) LIC either through group or direct

Rate of Interest

  • Normal-11.00%
  • Covered through LIC Loan -10.75%
  • Covered through LIC term policy under arrangement with the bank-10.50%
  • Fully covered by liquid collateral security-10.00%
[Process of Interest Calculation-Quarterly Rest]
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.


SERVICES