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: The loan can be taken for any personal needs.
Eligibility: Any individual with fair income for repayment of this personal loan can avail this loan.
Quantum of Loan: The maximum amount of loan granted to a nominal member is up to Rs. 1,00,000 and the maximum loan amount grated to regular members is Rs. 5,00,000.
Repayment: Maximum repayment period is 60 months. Interest is applied on daily reducing balance.
Security & Guarantee: The gold pledged to the bank serves as the security.