Bharat Co-operative Bank (Mumbai) Limited which was established in 1978, now has a customer base of more than 12 lakhs. The Reserve Bank of India has conferred scheduled status to the Bank on 22nd April, 1996 and the Bank subsequently registered as Multi-State Scheduled Co-operative Bank on 26th September, 1997. Today the Bank has 36 Branches which includes 7 branches in Karnataka, four of which are located in Bangalore and one each in Udupi, Mangalore and Suratkal. The Bank has posted a net profit of Rs. 27.55 crores for the financial year ended 31st March 2010 as against Rs. 30.52 crores for the previous year after making necessary provisions in accordance with the extent guidelines of RBI.
Purpose: This is an unsecured loan that could be taken for personal purposes.
Eligibility: Any salaried married couple with fair income for repayment of loan can avail this loan.
Quantum of Loan: Up to a maximum of Rs. 2 lakhs would be granted as loan.
Rate of Interest: The rate of interest is 15% per annum.
Repayment: Maximum repayment period is 60 months. Interest is applied on daily reducing balance.
Security & Guarantee: No sureties are required unlike the personal loan.