Mahanagar Co-operative Bank Ltd. was established by the people in Ahmednagar District in the name of “The Ahmednagar Sahakari Bank Ltd.” on 6th October 1973. The bank changed its name from “The Ahmednagar Sahakari Bank Ltd.” to “The Mahanagar Co-operative Bank Ltd” and the new name came into force with effect from 21st January, 1998. The Reserve Bank of India awarded scheduled status to the Bank on 30th January 1998.
Purpose: This personal loan finances higher education.
Eligibility: Permanent salaried employees or professional can avail this loan for themselves or their dependents. The student must be minimum 18 years of age.
Quantum of Loan: The maximum amount of the loan depends on the repayment capacity of the loan and the course selected by the candidate.
Repayment: Repayment can be done in 84 months through equated monthly installments (EMI). This period also includes the moratorium period.
Guarantee: Minimum two sureties are required out of which one should be an income tax payer. The borrower and all the sureties should be Regular/Nominal members of the bank.
Documents Required: Proof of further studies, residential proof, income proof, etc are to be submitted for approval of the loan.