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 loan can be taken for any personal needs by pledging the on a security.
Eligibility: Any one can apply for this personal loan as long as there is security to pledge to the bank.
Margin:
For Gold Loan the margin is 20 % / for Hall Mark gold 15%
For Share/Debentures/mutual fund it is 50 %
For F.D.R. of the bank it is 10 % and for third party FDR of the Bank it is 15 %.
For Trustee Securities it is 25 %
In case of LIC 25 % of Surrender Value
Repayment: Repayment has to be done in 12 months. In case of FDR Loan, the repayment period is 2 to 5 Year or Maturity date of FDR which ever is lower.
Documents Required: Residential proof and sureties.