CITY UNION BANK CAR LOAN INTEREST RATES
The bank, ‘The Kumbakonam Bank Limited’ as it was then called was incorporated as a limited company on 31st October, 1904. The first Memorandum of Association was signed by twenty devoted and prominent citizens of Kumbakonam including Sarvashri R. Santhanam Iyer, S.Krishna Iyer, V.Krishnaswami Iyengar and T.S.Raghavachariar. T.S.Raghavachariar was the First Agent of the Bank. In 1908, he was succeeded by Shri R. Santhanam Iyer who became the Secretary of the bank under the amended Articles of Association which created the office of a Secretary to be in charge of the Bank’s Management in the place of the Agent, which post he held till his death in 1926. He was succeeded by Shri. S. Mahalinga Iyer as Secretary who subsequently became the First full-time Managing Director of the bank in tune with the amendment of Articles in 1929. He held the position of Secretary from 1926 to 1929 and that of Managing Director from 1929 to 1963.
The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur. The first Branch of the Bank was opened at Mannargudi on 24th January 1930. Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a span of twenty five years. The Bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22nd March 1945.
The Bank celebrated its Golden Jubilee on 14th November, 1954 at Kumbakonam under the Presidentship of Shri.C.R.Srinivasan, Editor, ‘Swadesmitran’ & Director, Reserve Bank of India.
In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited and in the process annexed to it the five Branches of Common Wealth Bank Limited at Aduthurai, Kodavasal, Valangaiman, Jayankondacholopuram and Ariyalur.
In 1963, Shri. R. A.Venkataramani Iyer took charge as the Chairman of the Bank which position he held up to 1969.
CUB YOHA VAHANA (for four wheelers)
Individuals /Business Concern having a net Salary/Income not less than 15000/- per month and professional/others who earn not less than Rs. 1,50,000/- per annum (as per IT return) including those already enjoying credit facilities from the bank are eligible for consideration under the scheme. For the computation of net salary/income,the salary/income of the spouse to be added provided he/she stands as a co-obligant to the loan.
Purpose of the Loan:
Loan may be granted for acquiring four wheeler vehicle only.( Loan is not to be made for the purchase or second hand Vehicles)
Permissible amount of Loan:
The maximum permissible amount of the loan RS.5,00,000/- in respect of the borrower is a professionals and for business people whose annual income is above 1.50 lakhs.
|Name of the Scheme
01.08.2011Revised RoI –
RoI – %
01.12.2011CUB Yoga VahanaBR plus 4.00
(14.50)BR plus 4.00
Hypothecation of vehicle to be purchased
Third Party Guarantee:
Along with the applicant, the spouse / or may other individual who is fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant.
Repayment is to be made within a maximum period of 60 months in equated monthly installments. And No moratorium period is to be allowed.
A comprehensive insurance cover is to be obtained at the cost of the borrower with bank clause.
Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks.
Disbursement of the loan is to be made directly to the seller or supplier.