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 a loan to existing borrowers who have availed home loan or consumer loan earlier from the bank.
Eligibility: Any Individual with fair income to repay the loan is eligible for this personal loan.
Quantum of Loan: Maximum amount of loan that could be granted is Rs.1 lakh.
Repayment: Interest is applied on daily reducing balance. Repayment period of the loan is a maximum of 60 months.
Documents Required: Quotation for consumer durables has to given to get the loan.