Ordinary Special Term Loan

With effective form 01 May 2022, 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 ORDINARY Term Loan can be repaid by EMI and reducing interest rate facility.

Maximum Loan Limit :

• > Maximum Loan Limit is Rs. 5,00,000/-. Member can avail the loan upto Rs. 5,00,000/- or as per the repayment capacity of borrower and surety taken, whichever is less.

Rate of Interest :

• > 10.50 % Per Annum (W.E.F. 01 Feb 2023)

Repayment Term :

• > 60 Months (EMI)

Guarantor :

• > 1 Guarantor

Eligibility :

• > Minimum 3 months and maximum 5 years of service as a member of the bank.

Other Conditions :

• > No other loan should be in the name of member.
• > The loan will not be renewed.
• > The loan application will be approved at the meeting of the loan sub-committee.
• > Processing fee will be charged at 0.25% of the loan amount.
• > Required share capital 5% and necessary cumulative deposit 10% of the loan amount.