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For Any Query!Medium Term Loan
An employee of the Municipal Corporation of Greater Mumbai who is in a continuous service of the Municipal Corporation of Greater Mumbai and who has been admitted as the member by the Board of Directors of the Bank can avail Medium Term Loan
Maximum Loan Limit :
- Maximum Loan Limit is Rs. 16,00,000/-. Member can avail the loan upto Rs. 16,00,000/- or as per the repayment capacity of borrower, whichever is less.
Rate of Interest :
- 11.50% p.a.
Repayment Term:
| Loan amount (sanction) | Repayment period |
|---|---|
| Up to Rs.50,000/- | 60 installments |
| More than Rs.50,000/- upto Rs.80,000/- | 80 installments |
| More than Rs.80,000/- upto Rs.2,00,000/- | 100 installments |
| More than Rs.2,00,000/- upto Rs.16,00,000/- | 160 installments |
Maximum Repayment term is of 160 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get ¼ of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.
Eligibility :
- Minimum one Compulsory Deposit’s Recovery must be received from salary.
Other Conditions:
- Surety Guarantee fund will be Rs. 5 for every thousand or the fraction thereof. In case of renewal of loan SGF will be Rs.5 for every thousand on loan sanctioned amount less earlier outstanding balance of Medium Term Loan.
- KYC’s Official Valid Document’s of borrower and guarantor(s)
- Latest payslip (will accept previous month payslip till the 10th date of current month)
- Member of other co-operative Bank/Credit society must produce “No objection certificate” from the said co-operative bank/credit society for availing loan
Privileged Term Loan
Maximum Loan Limit :
- Maximum Loan Limit is Rs. 25,00,000/-. Member can avail the loan upto Rs. 25,00,000/- or as per the repayment capacity of borrower, whichever is less.
Repayment Term :
- Maximum Repayment term is of 180 months. Terms of loan depend on Maximum repayment period or remaining service period less 3 months whichever is less. Applicant must get 40% of gross salary in their hand after deduction of loan installment with interest thereon. Remaining service of borrower and guarantor(s) should be equivalent.
Rate of Interest :
- 11.50% P.A.
Other Conditions:
- A Member Availing loan should not be defaulter (NPA) in previous 3 years.
- If he is not a loanee then recovery of his Compulsory Deposit Amount should be regular for previous 3 years.
- For details visit your nearest Branch.
