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 Bank has also recently enrolled itself as a Self Help Promotional Institution (SHPI) for taking up a time bound program for formation & credit linkage of SHGs with support and guidance from NABARD, Meghalaya R.O. and Shillong.
Purpose – The loan is offered for any bonafide need of non-speculative nature in the shape of overdraft facilities
Eligibility – Salaried persons are provided Personal Loans against adequate securities.
Rate of Interest – The interest rate for the personal loan is as follows
| S.no | Details | Interest Rates |
| 1 | For loans upto & inclusive of Rs. 50,000/ | 11.00 % |
| 2 | For loans over Rs.50,000/- to Rs. 1.00 lakh | 11.50 % |
| 3 | For loans over Rs. 1.00 lakh to Rs. 2.00 lakh | 12.50 % |
| 4 | For loans over Rs. 2.00 lakh | 13.50 % |