Mahanagar Co-Operative Bank Personal Loan

Mahanagar Co-Operative Bank star star star star star 4.0 / 5.04 users

The Mahanagar Co-Operative Bank is growing rapidly in Maharashtra. This bank has also introduced the facility of modern banking such as NEFT, Demat, RTGS, etc. This bank not only covers almost whole part of Maharashtra, India but also has automated its financial services completely. Mahanagar Co-Operative bank also offers the facility of personal loan to its customer in order to meet their need of credit & liquidity.

Loanbaba.com provides all the information about Mahanagar Co-Operative Bank Personal Loan.

Aim of the Loan:

The Mahanagar Co-Operative Bank personal loan is meant to meet unavoidable and mandatory expenses like wedding, renovation or repairs of place of business or home, education expenses, international holidays, etc. Customer can also apply this loan for emergency situation such as legal fees, hospitalization, meeting capital requirements, etc.

Eligibility Required to Avail the Loan:

Both self-employed businesspersons and salaried persons can take this loan.

Benefits and Features

  • If customer wish to buy consumer durable product such as vehicles, TVs, refrigerators etc. from loan then he or she will get the 90% of the cost of the product based on their capacity of repaying the loan.
  • For nominal members limit is INR 1, 00,000.
  • Customer can pay back the loan in sixty monthly which reduces balance if loan was for purchase of consumer durables.
  • Customer can get maximum of two lakh as loan but it is dependent on customer’s income and his repayment history.
  • Minimum loan amount is Ten Thousand rupees.
  • Self-employed or salaried individual can pay the loan in 84 months via EMIs.
  • Others can pay in Sixty EMIs-reducing balance.

Required Security-

  • Two guarantors are required and out of that one must be a citizen who pays income-tax.
  • The borrower and guarantors must be either nominal or regular bank members.
  • In case the asset value matches the loan amount, subject to the bank’s discretion then collateral security can be placed against the loan.
  • As an indicator of repaying capacity and as security, LIC (Life Insurance Corporation) policies, NSC (National Stock Certificate), gold and FD (Fixed Deposit), can be kept.

Rates of interest can be 15 or 16 percent but depends on the bank’s discretion, applicant and loan amount.

Mahanagar Co-Operative Bank Personal Loan


Personal Loan
star star star star star 15.0/5
I have a Personal Loan with Mahanagar Co-Operative Bank. The loan disbursement was on time and document procedure was quick. I would say it was a satisfactory experience.
Mumbai September 18, 2018
Personal Loan
star star star star star 14.0/5
As I was holding a savings account with Mahanagar Co-Operative bank they gave me personal loan for which the entire documentation process was very less. It was a quick disbursement procedure.
Mumbai September 17, 2018
Personal Loan
star star star star star 15.0/5
I had taken a personal loan in Delhi and thankfully the amount I required was completely approved and disbursed. Excellent work.
Mumbai September 16, 2018
Personal Loan
star star star star star 14.0/5
No compromises, best personal loan in Delhi service by Mahanagar Co-Operative bank.
Mumbai September 15, 2018

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