THE MAHANAGAR CO-OP BANK LTD

Personal loan

Who can apply

· Permanent Salaried Persons

· Professionals & Business Men

Purpose

· Consumption Purpose

· House Repairs / Renovations / Consumer Durables

· Vehicles

· Education of Children

· Any Valid reason which is not illegal/immoral

Maximum Limit

· For Salaried persons and Professionals Rs. 2,00,000/- subject to the repaying capacity.

· In case of Consumer Durable( T.V., Refrigerators, Computers, Scooters, Motorcycles Etc.) 90% of the Computer value subject to the repaying capacity

· For Nominal Members Limit up to Rs. 1 Lacks

Repayment

· 84 monthly installments-EMI in case of salaried persons/Professionals

· 60 monthly installments-reducing balance in case of Consumer Durable Purchase

· 60 monthly installments-reducing balance for others.

Securities

· Minimum two Sureties out of which one should be an income tax payer

· The Borrower and all the sureties should be Regular/Nominal members of the Bank.

· For Professional, they must be an income tax payers.

· Collateral security if any.

· NSC/LIC/FD/Gold can be taken as Security and repaying capacity.

Documents Required

· Loan application with photographs of borrower and Sureties

· Residential proof of Applicant and sureties

· Income proof of Applicant and surety

· Bank Account statement for 6 months showing credit of salary.

· In case of consumption purpose then quotation is required.

· In case of house repairs/renovations estimate of total expenditure is required.

· Undertaking from the employer to remit loan installments /salary directly to the bank.

· Any other document required by bank.