The Mysore Merchants Co-Operative Bank Limited is a trendsetter Bank in Karnataka which serves its customers all the 365 days of the year. The Mysore Merchants Co-operative Bank Limited was converted to a bank on 29-06-1962. The main object of the Bank at that time was to protect the businessman from the exploitation of the private bankers.
The Mysore Merchants Co-Operative Bank offers wide variety of Loans Products to suit the requirements of its customers. Coupled with convenience of networked branches and wide facility in Banking, it offers loans such as home loan, vehicle loan, education loan, personal loan, joint loan, gold loan etc.
Purpose – To offer financial assistance for any personal or business purposes which are not anti-social or illegal
Eligibility – Any individual adult with repaying capacity
Age Group – applicant should be an Indian resident or over 18 years of age and should be a member of the bank
Rate of Interest – 13% per annum; Simple Reducing
Processing Fees – Nil
Prerequisites – National Saving Certificates; Bank’s lien to be noted on the National Saving Certificates with the Post office; similarly, in case of other securities, with the respective issuing authorities wherever necessary.
In case of LIC Policies, the same should be assigned in favour of the Bank and the assignment notice should be issued to the insurance company and noted with them.