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.
Financial assistance in the shape of overdraft facilities and loans are extended to Government Gazetted Officers and regular constituents of the Bank against adequate securities. Government approved Whole-sellers dealing in Fair Price Commodities are also provided cash credit facilities in a limited scale.
Purpose – The home loan is offered for the purpose of construction of their residential houses in District, Sub-Divisional & CD Block Head Quarters and other selected areas against adequate securities
Eligibility – Salaried Persons are offered the loan against adequate securities, they must have the capacity to repay the loan
Rate of Interest – The rate if interest depends on the amount of loan
| S.no | Loan Amount | Interest Rates |
| 1 | Loans up to Rs.1.00 lakhs Loans over Rs.1.00 lakhs to Rs.2.00 lakhs |
8.50 % |
| 2 | Loans over Rs.2.00 lakhs to Rs.5.00 lakhs | 9.50 % |
| 3 | Loan over Rs.5.00 lakhs | 10.00 % |