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Mahanagar Co-Operative Bank Personal Loan Details

Mahanagar Co-Operative Bank 3.75 / 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. 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.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Mahanagar Co-Operative Bank.

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