The Mumbai District Central Co-operative Bank Limited is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK” and is registered under MCS Act in the year 1974 and started its functioning on 12th Feb.1975.
Since there is no agriculture production in this District, MUMBAI BANK is catering to the financial needs of non agricultural co-operative societies such as urban co-op. banks, urban co-op. credit societies, Employees co-op. credit societies, Housing co-op. societies, Co-op. consumers stores, Industrial, fisheries and labour co-op. societies etc. It also offers home loan, personal loans, vehicle loan, gold loan, education loan etc. to individuals.
In India, an integral part of the policies formed by the Co-operative movement is focused on the development of the country, upliftment of poor and propagation of principle which represents the very socio-cultural ethos of the country.
Purpose: To offer financial assistance to customers to meet their personal needs
Eligibility: Salaried/ professional/ self employed are eligible
Quantum of Loan: Short Term Loan Up to Rs.10.00 lakh 70% to 90% of Valuation (By observing repayment capacity and credibility of Borrower)
Repayment Period: 18 Months
Rate of Interest: 12.50%