Ordinary 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 ORDINARY 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 and surety taken, whichever is less.
- > Other than education member Maximum limit is Rs. 21,00,000/- Member can avail the loan upto Rs. 21,00,000/- or as per the repayment capacity of borrower and surety taken, whichever is less.
Rate of Interest :
- > 11.25 % Per Annum (W.E.F. 01st October 2024)
Repayment Term :
| LOAN AMOUNT (SANCTION) | REPAYMENT TERM |
|---|---|
| UPTO Rs. 10,00,000 /- ONE GUARANTOR | 180 INSTALMENTS |
| MORE THAN Rs. 10,00,000 /- UPTO Rs. 25,00,000 /- TWO GUARANTOR | 180 INSTALMENTS |
| FOR MEMBERS OTHER THAN EDUCATION Rs. 21,00,000 /- TWO GUARANTOR | 180 INSTALMENTS |
Maximum Repayment term is of 180 months. Terms of loan depend on Maximum repayment period or remaining service period less than 6 months of Borrower or Guarantors age 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 3 Compulsory Deposit’s Recovery must be received from salary. (For Education Members)
- > Minimum 12 Compulsory Deposit’s Recovery must be received from salary. (For other than education members)
Other Conditions :
- > In case of renewal of loan before 12 Installments, additional renewal fees will be charged 0.25% on the loan amount.
- > KYC’s Official Valid Document’s of borrower and guarantor(s)
- > Latest 6 payslips (will accept previous month payslip till the 10th date of current month) and One year salary bank account statement
- > Member of other co-operative Bank/Credit society must produce “No objection certificate” from the said co-operative bank/credit society for availing loan
- > A loan protection insurance policy is available for education members and compulsory for others.
- > Required share capital 5% and necessary cumulative deposit 10% of the loan amount upto Rs. 20,00,000/- and for above 12.50%.
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