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 credit facility can be in the form of term loan or cash credit. The loan could be availed for expansion of business, to purchase site for business, to make/renovate furniture, to purchase plant and machinery and for working capital.
Eligibility: Professionals, businessmen, educational trusts, builders and contractors are eligible for this personal loan.
Quantum of Loan: The maximum amount of loan that can be granted to an individual borrower is Rs.7.50 Crores. For a group of borrowers, the maximum loan amount is Rs. 20 Crores.
Documents Required: Residential proof, income proof, bank account statements of salary account, Income Tax Returns of last three years of the Borrower(s) and the sureties, in case of shop, flat etc. society/builder’s NOC is required, all the original documents of main and collateral securities etc. are required to be submitted.