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.
Purpose: This is an education loan (secured Loan) to meet expenses of higher education.
Eligibility: Any individual with fair income for repayment of loan can avail this loan.
Quantum of Loan: Maximum of Rs. 10 lakhs will be granted as loan for studies in India and Maximum of Rs. 20 lakhs for studies abroad.
Repayment: Repayment period is up to 84 months. Interest is applied on daily reducing balance.
Security & Guarantee: This personal loan is granted against mortgage of premises.
Documents Required: Prospectus & Studentship related documents from the institute and original title deeds & NOC from society / builder for mortgage have to be submitted.