The Meghalaya Cooperative Apex Bank Ltd. was incorporated on 16th February, 1971 under the provisions of Meghalaya Cooperative Societies Act and on obtaining the required license from the Reserve Bank of India under the Banking Regulation Act, 1949 (as applicable to Cooperative Societies) it commenced banking business on and from 1st July, 1971.
The Meghalaya Cooperative Apex Bank is the first State Cooperative Bank in the country to open Women Branches – one at Mawkhar, Shillong and the other at Chandmari, Tura and has now also set up a Women Development Cell (WDC) supported by NABARD.
Purpose – To offer loan for the purchase of consumer durables
Eligibility – Salaried persons for purchase of consumer durables loans for purchase of T.V. Set, Radio, Refrigerator, Two-Wheelers, Musical Instruments, Cooking Gas, Furniture and various other approved items
Rate of Interest – The interest rate for consumer loans is similar to the other personal and non agricultural loans offered by the bank.
| S.no | Details | Interest Rates |
| 1 | For loans up to & inclusive of Rs. 50,000/ | 11.00 % |
| 2 | For loans over Rs.50,000/- to Rs. 1.00 lakhs | 11.50 % |
| 3 | For loans over Rs. 1.00 lakhs to Rs. 2.00 lakhs | 12.50 % |
| 4 | For loans over Rs. 2.00 lakhs | 13.50 % |