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 had started its functioning on 12th Feb.1975.
Mumbai bank is involved in facilitating 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: The loan is offered for construction purposes
Eligibility: Housing cooperative Societies
Quantum of Loan: 90% of the project value Per member ceiling Rs.30.00 lakhs
Repayment Period: Up to 15 years
Rate of Interest: 12.50%