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 attained for any personal needs varying from construction of house, education of children, etc.
Eligibility: Permanent Salaried Persons, Professionals & Business Men can avail the personal loan.
Quantum of Loan: For Salaried persons and Professionals the maximum loan amount is Rs. 2,00,000/- subject to the repaying capacity. For Nominal Members the maximum loan amount is Rs. 1 lakhs.
Repayment: The repayment can be done in84 monthly installments in case of salaried persons/Professionals. In case of consumer durables loan and other loans the repayment has o be done in 60 monthly installments.
Guarantee: Minimum two Sureties out of which one should be an income tax payer.
Documents Required: Residential proof, income proof, bank account statements of salary account, etc. are required to be submitted.