The Ahmedabad Mercantile Co-Operative Bank LTD Loan Services

Education Loan

Abroad       Rs 20/- Lacs (MAX)
Domestic   Rs.10/- Lacs (MAX)
Interest Rate : 10.00%
Applicant details :
  • Qualification Certificate
  • Leaving Certificate
  • College Certificate
  • Fee payable to college.
  • Expense statement.
  • Copy of last three years Income Tax returns/ Pay slip of last 3 Months.
  • 3 Photographs of Applicant
  • Passport & Visa [if admission in foreign University]
  • Address proof  –  Electric bill / Telephone bill / Aadhar card (any one) As per KYC norms.
  • Photo proof –  Pan card / Voter card / Driving license (Any one) As per KYC norms
  • Applicant has to show all original documents to the bank for verification with zerox copy. Original documents will be returned to applicant after verification.
  • Applicant should have Savings/ current Bank account with the bank.
Guarantor Details:
  • Photograph-2 copies
  • Last tax bill
  • Last income tax return copy /Pay Slip
  • Address proof – electric bill /telephone bill (any one)
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one)
Conditions:
  • Approved courses leading to graduate/post graduate degree and PG diplomas conducted by recognized colleges / universities recognized by UGC / Govt. / AICTE / AIBMS / ICMR etc.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
  • The above list is indicative in nature. Bank may approve other job oriented courses leading to technical / professional degrees, post graduate degrees / diplomas offered by recognized institutions under this scheme.
  • Moratorium Period Equilant to Duration of Cource is allowed.
  • Required 100% Collateral Tangible Security
  • Applicant has to take share of bank @ 1%/ 2%/ 2.5% of the limit.

Car Loan

ADVANTAGE OF CAR LOAN  ( up to 25 lacs )
  • Upto 84 Months 8.75%
  • Interest Application on a DAILY REDUCING BALANCE and not on a monthly reducing balance.
  • ON ROAD cost Finance Available (Cost of Car + Octroi Charges + RTO Charges + Insurance Charges + Accessories Costs All incuded in loan amount)
  • Flexiblility of Clubbing Family Income for Loan Eligibily.
  • No processing charge.
  • Flexibility of making payment more than EMI.
  • No Pre-Payment Charges.
  • No hidden cost or administrative charges.
  • Processing Time : 1 to 2 days (after receipt of all the papers)
  • Easy and hassle free processing.
  • Completely transparent system & procedure.
Other Detail
  • Age : 21 – 70 Years
  • Margin : 20%
  • Repayment : Maximum up to 7 years
Terms & Conditions
  • List of Document Required (From the Applicant)
  • One Passport size photograph (kindly affix the photo and sign across)
  • I.D. proof : Copy of Passport/PAN Card/Driving Licence/Election Card/Employers I.D.Card etc.
  • Residence Proof : Copy of Electricity Bill/House Tax Bill/Residence Telephone Bill.
  • Business Proof : Copy of Telephone Bill/Electricity Bill/Certificate of Sales Tax/Office / Shop Property Bill Lease Deed / Certificate of incoporation etc.
  • For Salaried Persons : Income Tax Return & Form 16 for Last 3 Year, Salary Slip for last 3 Months, Bank Statement for Last 6 Months
  • For Businessmen : Income Tax Return with Computation of income & Balance Sheet for last 3 Years, Bank Account Statement for last 6 Months(Main Business A/c)
  • Quotation from the Dealer in original (With Signature of Customer)
  • Stamp Duty 0.25% of Loan Amount Plus Personal Guarantee of Rs. 100/-
  • ECS Mandate.
  • Margin Money Recepit
  • Self Attestation on all Xerox Copies.
  • List of Document Required (From the Guarantor)
  • One Passport size photograph (kindly affix the photo and sign across)
  • I.D. proof – Copy of Passport/PAN Card/Driving Licence/Election Card/Employers I.D.Card etc.
  • Residence Proof – Copy of Electricity Bill/House Tax Bill/Residence Telephone Bill.
  • Business Proof – Copy of Telephone Bill/Electricity Bill/Certificate of Sales Tax/Office / Shop Property Bill Lease Deed / Certificate of incoporation etc.
  • For Salaried Persons – Income Tax Return & Form 16 for Last 3 Year, Salary Slip for last 3 Months, Bank Statement for Last 6 Months
  • For Businessmen – Income Tax Return with Computation of income & Balance Sheet for last 3 Years, Bank Account Statement for last 6 Months(Main Business A/c)

Housing Loan

Guideline for Loan
Loan Amount(A) Women borrower :- Upto 70 Lacs –   Interest Rate: 8.50%

(B) Others :-  Upto 70 Lacs – Interest Rate : 8.60%

PeriodNot more than 20 years
SecurityRegistered equitable mortgage over finance property.
  • Housing Loan upto Rs.70/lacs is available for construction/purchase of old/new flat, bungalow,raw house and also for carryout addition/alteration in the existing residential house.
Applicant details:
  • Copy of Last Three years income tax return / Pay slip of last 3 months.
  • If Applicant is businessman in that case last three years copies of balance sheet, income tax return of the proprietor/partner,statement of capital account.
  • If property is to be purchased under housing scheme,the copies of documents,such as share certificate,allotment-letter,saledeed,revenue records of 7/12.
  • Copy of authorised building plan.
  • Copy of receipt of advanced payment-made/copy of agreement to sale
  • Copy of title clearance certificate given by the advocate/ solicitor.
  • Consent letter from the society about noting of charge of the bank.
  • Three copies of Photograph
  • Copy of PAN Card
  • Address proof – electric bill /telephone bill (any one)
  • Photo proof –  Pan card / Voter card / Driving license (Any one)
Guarantor Details
  • Photograph- two copies
  • Last tax bill
  • Last income tax return copy
  • Address proof – electric bill /telephone bill (any one) As per KYC norms
  • Photo proof – Pan card / Voter card / Driving license/Aadhar card (Any one) As per KYC norms
Conditions
  • Original documents of property to be submitted to the bank. Registered mortgage of property to be done in favour of bank.Bank charge will be noted in society’s record.
  • Margin – 15% for new/old property.(Ready possession)
  • N.A/.N.O.C and BU permission required for sanction of Housing loan.
  • Applicant will have to take insurance of the building in favour of bank.
  • Loan amount with interest will be repaid within 240 equal monthly instalments.
  • Applicant has to submit original share certificate of the Society/Association, Municipal Tax bill, Tax receipt, sales deed etc, for registered mortgage of the property.
  • Title clearance and valuation report will be done by approved lawyer and valuer of the bank. Applicant has to pay their fees.
  • Applicant has to take share @ 2.5% of the limit. ( Max. 50000/- )
  • Processing charges – NIL.
Doctors’s Loan
ADVANTAGES OF DOCTOR LOAN FINANCE WITH US
  • Fixed for first 36 month there after floating.
  • Interest application on Daily Reducing Balance
  • Flexibility of Clubbing family income for loan eligibility.
  • Share linkage 0.50% of loan amount-minimum Rs.2000/- maximum Rs.50,000/-
  • Flexibility of making payment more than EMI
  • No advance EMI Last EMI amount significantly lower.
  • No. Pre-Payment charges.
  • No hidden cost or administrative charges.
  • Completely transparent produre.
Eligibility
  • Individuals (Qulified registered medical practitioner) / Partnership firm / Limited Company. In case of partnership firm / limited company, either one of the partner’s / director’s should be qulified registered Medical paractitioner or they should engage the services of Registered Medical Practitioners in the Hospotal.
Purpose
  • To construct / Purchase hospital building setting up nursing home poly clinics etc. for expansion / modernization of existing hospital permises. To purchase medical equipments and furniture.
  • Form of Loan : Term Loan
  • Loan Quantum : Maximum of Rs. 15/- Crore.
Margin
For Equipment, Machineries25 %
For Furniture40 %
For Construction / Purchase of Building for Hospital20 %
    • Insurance : Comprehensive insurance with our Bank clause has to be made on all the assets hypothecated to our bank.
  • Security :
  • Mortgage / Hypothecation of assets created with bank finance
  • Guarantee of Credit worthy persons.
  • Repayment : Maximum 120 Months including moratorium period of six months (For construct/purchse Hospital) – (60 Months – for equipments/furniture)
  • Processing Charge : As per applicable rate.
Doctor’s Loan (Interest Rates)
Below Rs. 100 Lakh9.50%
Rs. 100 Lakh to Rs. 500 Lakh9.25%
Rs. 500 Lakh & above & Multispeciality hospitals with doctors holding more than 51%9.00%

For More Details Check Online 

Bank History

The birth and the spectacular growth of the Bank in a comparatively a small span of 50 years can mainly be attributed to the desire to cater the needs of the business community in general and small traders in particular, encouraging the community to save and channelize these savings for productive purposes leading to economic progress and prosperity of the community. With the passage of time and with gaining of strength and stability, the Bank spread its wings to other areas such as financing of Small Scale Industries, large industries, professionals, individuals for consumer durables, vehicles etc. as also acceptance of deposits from Non-Resident Indians. Our motto is “CUSTOMER CARE” and thereby total customer satisfaction and our goal is to BETTER to BEST.

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The Ahmedabad Mercantile Co-op. Bank Ltd., Established in the year 1966, popularly known as “AMCO BANK” started its banking activity under the leadership of Shri Mohanbhai C. Patel with one branch at Relief Road, Ahmedabad in Gujarat State, India.

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Expansion accelerated, and branch after branch was added to the family of branches of the Bank, creating a group of 32 branches(including Dehgam, Mumbai and Baroda) most of them operating in their own fully air-conditioned premises. With opening of a branch in Mumbai, in Maharashtra, the Bank attained the Multi State Co-op. Society status. The Bank acquired Scheduled Bank status in 1996.The Bank has also acquired Foreign Exchange License under AD CATEGORY-I w.e.f. 01/04/2016.

  • The salient features which helped bank in acquiring a unique position amongst the co-operative banks in Ahmedabad are Service with Smile- Fast & Accurate
  • Total Mechanisation- Computerisation & Upgradation
  • Speedy clearing of instruments between Mumbai & Ahmedabad