MCB Bank offers MCB car financing solution through its MCB Car4U product. This simple financing solution from MCB has been created to offer you the chance to own your own car. It is a product that is suitable for both salaried professionals and self-employed individual, providing a one-stop solution for all. There is also a special product available for agriculturists and landlords.
The competitive rates for all types of cars and tenors, along with the low mark up rate for MCB Bank Customers provides a great solution for those who want to own their own vehicle.
Features and Benefits
If you choose to apply for MCB Car Loan, you will benefit from different levels of financing depending on the vehicle you plan to purchase such as a new or used vehicle. The payment of the loan can be spread over anything from one to seven years, making finance affordable, while it is available up to a certain percentage of the value of the car. The rate you pay will be determined by the length of time you take the loan over, so the rate is lower for one to five years and higher for six to seven years.
The insurance rates that you can take advantage of are extremely competitive and you have the options to finance a second car should you require it. The loan can be partially paid off if you require it to reduce the monthly payment or you can pay it off in full, giving you a range of options and control. Should you wish to upgrade your existing car, you can do so through a new loan, where the pre-payment penalty is waived.
If you want to take advantage of this loan, you will need to meet a minimum monthly salary requirement as set by the bank. There is also a minimum age of 21 years and a maximum age of 65 years while you will be expected to have been in employment for a minimum of 6 months if you are salaried and one year if you are self-employed.