The City Co – operative Bank – Personal Loan (Secured Under Sec.49 of MCS Act 1960)

By Pradeep Yuvaraj | September 16, 2011

The city Co- operative bank is one of the well known banks having almost 8 branches in Mumbai and 2 branches in Thane District. In addition to banking for conveniences of its customers the Bank is also providing insurance and other services. Its loan portfolio includes housing loan, personal loans, educational loans, business loans, mortgage loans etc.

The bank also provides Safe Deposit Lockers at our Borivali (E), Dahisar (W), Mira Road (E), Girgaon and V. P. Road Branches

It also offers RTGS facility – The system is secured and fund can be credited to the RTGS enabled Bank / Branch instantly. The system is instruction based and does away with the cheque & instrument there by reducing the delay in credit of proceeds & bouncing of the cheques.

Purpose: House Repair, Marriage Ceremony, Medical Expenses, Tuition Fees, Tours, Purchase of Household furniture, etc.

Eligibility: Minimum 3 years of permanent service in Public limited Co., Reputed firms & Undertakings. Applicant should have ‘take home’ salary of 25% after deducting EMI of proposed loan.

Rate of Interest: 15% to 17 %

Quantum of Loan: Maximum Rs.2.00 lakhs with 2 Sureties.

Repayment: Maximum 60 consecutive monthly installments.

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Pradeep Yuvaraj

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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