• The Mahanagar Co-Operative Bank Personal Loan

    Mahanagar Co-Operative Bank brings you a personal loan with an attractive interest rate. Both salaried and self-employed individuals can apply for it. The bank also offers an extended repayment period, competitive processing charges, and easy repayment options. The quick loan processing system ensures you get your money at the earliest.

    • Interest rate – 15% p.a.
    • Loan amount – Up to Rs.5 lakh
    • Repayment period – Up to 84 months (7 years)
    More

    Loan Details

    In the table thatis listedbelow, you will find the interest rate and certain particulars of the personal loan that is offered byGSMahanagarCo-Operative Bank:

    Interest Rate Loan Amount Processing Fee
    12% p.a. to 15% p.a. Up to Rs.5 lakh As per the lender’s terms and conditions

    Documents Required

    • Duly-filledloan application form
    • Address proof and sureties
    • Income proof and surety
    • Bank account statement of the last 6 months
    • If the loan is availed for the purpose of consumption, a quotation is required
    • If the loan is availed to renovate or repair one’s house, an estimate of the total expenses is required
    • Undertaking from the employer
    • Any other document

    Why choose GSMahanagarCo-Operative Bank for a Personal Loan?

    • Flexible Repayments

    Salaried individuals and professionals are offered a repayment tenure of up to 84 months. Other individuals applying for this loan are offered a repayment term of up to 60 months. Thus, the lender allows personal loan applicants to assess their repayment capacity and pick a loan repayment term that suitstheirneeds.

    • No Specific Usage Restrictions

    Given that this is a personal loan, the lender does not specify any restrictionswith regard tohow the loan amount can be used. Thus, the applicant can use the disbursed loan amount to renovate their house, for education expenses, for the purchase of a vehicle, etc.

    • Low Interest Rate

    The interest rate that is charged for GS Mahanagar Co-Operative Bank’s personal loan starts from 12% p.a. onwards. The lender charges a comparatively low interest rate, which can help reduce your overall repayment amount.

    Who Can Avail a Personal Loan from GSMahanagarCo-Operative Bank?

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

    HowtheEMI calculation forGS Mahanagar Co-Operativebankpersonalloanwork?

    To explain how a personal loan from GSMahanagarCo-Operative Personal Bank will work, let’s consider a scenario, wherein Ms. Ayesha avails a loan for Rs.2 lakh.She chooses to repay the loan within a tenure of 6 months. The lender charges her an interest rate of 15%.

    As per the above-mentioned scenario, Ms. Ayesha will need topayEMIs or Equated MonthlyInstallmentsof Rs.34,807. She will be paying a total interest of Rs.8,841 and will be repaying a total sum of Rs.2,08,841 to the lender. In addition, she may have to pay the processing fee if it is levied by the lender. Her repayment schedule, also known as the amortisation details, are as follows:

    Month Principal Paid (A) Interest Paid (B) Total Amount Paid (A+B) Outstanding Loan Amount
    1stMonth Rs.32,307 Rs.2,500 Rs.34,807 Rs.1,67,693
    2ndMonth Rs.32,711 Rs.2,096 Rs.34,807 Rs.1,34,983
    3rdMonth Rs.33,119 Rs.1,687 Rs.34,806 Rs.1,01,863
    4thMonth Rs.33,533 Rs.1,273 Rs.34,806 Rs.68,330
    5thMonth Rs.33,953 Rs.854 Rs.34,807 Rs.34,377
    6thMonth Rs.34,377 Rs.430 Rs.34,807 Rs.0

    Compare GS Mahanagar Co-Operative Bank Personal Loanwithloans from otherlenders

    Particulars GSMahanagarCo-Operative Bank Kotak Mahindra Bank
    Interest Rate 12% p.a. to 15% p.a. 10.99% p.a. to 24% p.a.
    Processing Fee As per the lender’s terms and conditions Up to 2.5% of the loan amount plus GST
    Preclosure/Foreclosure Fee As per the lender’s terms and conditions 5% plus taxes

    Before you apply for a personal loan from GSMahanagarCo-Operative Bank, ensure that you use a personal loan eligibility calculatorand EMI calculator. Make sure to only apply for a loan if you are sure that the monthly payable EMIs are within your repayment capacity.

    About the Bank

    GS Mahanagar Co-Operative Bank,established in the year 1973,?offersa number ofpersonal finance products including a housing loan, personal loan, gold loan, vehicle loan, business loan, etc.The?personal loan from GS Mahanagar Co-Operative Bank?is designed to help borrowers meet obligatory and unavoidable expenses like weddings, international holidays, repairs or renovations totheirhome or place of business, education expenses, etc.

    FAQs

    Am I required to submit any security to apply for a personal loan from the GSMahanagarCo-Operative Bank?

    The lender requiresa minimum of two sureties. Further, fixed deposits, gold, your, LIC policy, your NSC can be submitted to the lender as security.

    How can I contact the lender?

    You can either call the lender’s toll-free number (1800220096) or telephone number (022 24711918, 022 24712535, 022 24711395) or send an email tocorporatecenter@mahanagarbank.com.

    I have recently completed my graduation. Can I apply for a personal loan?

    No, GSMahanagarPersonal Bank will only approve your loan application if you are a salaried employee, a professional, or a business owner.

    Can I apply for a personal loan through the lender’s official website?

    Yes. However, if this option is not available to you for some reason, you can directly visit a branch of the lender.You can locate the nearest branch using the ‘branch locator’ feature on the lender’s website.

    Is there any way to reduce the payable EMI?

    Yes, you can opt for a longer loan term or alowerloan amount to reduce the payable EMI.

        

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    The Karnataka State Co-Operative Apex Bank Installment Loan Reviews

    • review
      "Good bank for personal bank"
      0.5 5.0/5 "Blown Away!"
      I am an existing of the bank, the interest rate is high for the loan amount of Rs. 5 lakhs for the tenure seven years, with the zero processing fee. Customer support is good and they have interest upto 13% and part payment option there is available.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2018
    • review
      review
      "Very Good service"
      0.5 4.0/5 "Great!"
      I am happy with MAHANAGAR CO-OPRATIVE BANK for the personal loan which I had taken recently. The entire loan process was good and I had no issues with them in getting the loan. Interest rate is quite satisfactory 16%. Their response and customer service is good
      Was this review helpful? 2
      , nasik
      Reviewed on Jul 07, 2017
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