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    The Mahanagar Co-Operative Bank Personal Loan

    Overview about the Mahanagar Co-Operative Bank Personal Loan

    The fastest growing ‘A’ grade bank in Maharashtra, the Mahanagar Co-Operative Bank disburses financial services through its 55 branches, and has introduced modern banking facilities like RTGS, NEFT, Demat, etc. This bank has totally automated its financial services, and its scope of operations covers the entire state of Maharashtra.

    In addition to a comprehensive list of banking services, the Mahangar Bank also has a personal loan scheme to help its customers meet their credit and liquidity requirements.

    Purpose of the Mahanagar Co-Operative Bank Personal Loan

    The personal loan from Mahanagar Co-Operative Bank is designed to help borrowers meet certain obligatory and unavoidable expenses like weddings, international holidays, repairs or renovations to home or place of business, education expenses, etc. This loan can also be availed to meet emergency expenses like hospitalization, legal fees, meeting capital requirements, and the like.

    Eligibility criteria for The Mahanagar Cooperative Bank Personal Loan

    This loan is available to permanent salaried individuals and self-employed businesspersons.

    Features and Benefits

    • Minimum loan amount is Rs.10,000.
    • The maximum limit on this loan is Rs.2,00,000 – and is subject to repayment history and repayment capacity based on the applicant’s income.
    • If the purpose of the loan is to purchase consumer durables like TVs, refrigerators, vehicles, etc., the total loan amount will be 90% of the value of the item, subject to repaying capacity.
    • The limit is Rs.1,00,000 for nominal members.
    • Repayment can be done in EMIs for up to 84 months in the case of salaried or self-employed individuals.
    • If the loan is taken for the purpose of purchasing consumer durables, repayment can be done in 60 monthly EMIs-reducing balance.
    • For others, repayment can be done in 60 EMIs-reducing balance.
    • Security:
      • There is a minimum requirement of 2 securities, one of which should be a guarantee by an income-tax paying citizen.
      • The guarantors and borrower should all be regular or nominal members of the bank.
      • Collateral security can be placed against the loan, if the asset value matches the loan amount, subject to the bank’s discretion.
      • National Stock Certificate (NSC), Life Insurance Corporation (LIC) policies, Fixed Deposit (FD), and gold can also be kept as collateral security, and as an indicator of repaying capacity.
    • Interest rate is either 15% or 16%, depending on the applicant, the loan amount, and the bank’s discretion.

    Documents required for The Mahanagar Cooperative Bank Personal Loan

    • Duly filled out loan application form.
    • Identity Proof: A proof of identity issued by a competent and legitimate government authority. Could be driving license, passport, Aadhaar card, PAN card, etc. This is required for the applicant and the guarantors.
    • Address Proof: A proof of identity issued by a competent and legitimate government authority, or any proof of address that contains the borrower’s name. Could be driving license, passport, telephone / electricity bill (attested), etc. This is required for the applicant and the guarantors.
    • Income Proof: A document confirming the earning of the borrower. Could be salary slips, bank records, etc. This is required for the applicant and the guarantors.
    • Total estimate of expenditure: in the case of house / office renovations.
    • Any other document as may be required by thank after assessment of the applicant.
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