Loan Limit : Maximum Limit Rs 12,00,000/- Sanctioned upto loan repayment capacity of a Member.  
  Repayment Period : Maximum Repayment Period is 15 yrs(180 Installments).  
  Loan is sanctioned to members who can Repay this loan within the member's service period (57 yrs) and Maximum Repayment   
  of Loan should be 15 yrs of membership period with interest. Loan installment will be fixed as per remaining service period of   
  member's age upto 57 yrs.ï.e. Upto 57yrs loan should be repaid totaly.  
Interest Rate applicable is 13.00 %  
  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.  

The National Saving Certificate should be in favour of the member or in favour of the member jointly with his/her spouse

National Savings Certificate should be issued by the post offices of Mumbai or by the Post office upto Kalyan, Virar, Panvel.

The loan will be sanctioned only after noting the charge of the The Municipal Co-op.Bank Ltd., Mumbai

on National Saving Certificate by concern post office.

  Loan Limit:  
  National Savings Certificates issued within a year - 60% of the face value. National Savings Certificates issued before one year but not before three years – 75% of the face value.

National Savings Certificates issued more than 3 years – 90% of the face value.

The Loan less than Rs.5000/- will not be sanctioned.

Rate of Interest : 13% p.a.
  Repayment Period:  
  60 months or the maturity date of the National Savings Certificate whichever earlier.

Loan against the pledge of LIC Policies.
  Loan may be sanctioned upto 80% of the surrender value of the Policy (Subject to status report received from LIC) .

The loan amount sanctioned should be minimum Rs.5000/- at Rate of Interest 13% p.a.
  Repayment Period:  

60 months or the maturity date of the LIC policy whichever is earlier.

The loan will be released  only after assigning the LIC policy in favour of the The Municipal co-op.Bank Ltd., Mumbai.

If the LIC premium is not deducted  through the salary the member required to open a savings Bank account in the branch office

and required to give standing instructions for payment of policy premium.




 Loan Limit : 80% of original cost (excluding other taxes)


Rate of Interest  : 10% P.A 


Length of Service & MembershipThree years Municipal continuous service and one year bank’s membership 


SuretiesTwo eligible Guarantors (Bank’s members) minimum 1 year continuous service in M.C.G.M. Members who are already guarantor/surety to housing loan & medium term loan their surety ship is not allowed.

  Repayment Period : 84 month or before retirement from Municipal services.  

The applicant must get ¼ of Gross Salary in hand after deduction of respective loan installment with

interest (No add back facility allowed i.e.  salary saving such as P.F., C.D., insurance premium etc.)


The Members who are appointed in Municipal Service as on 5.5.2008 and onward loanee salary A/C should be in our Bank. 

  Member should have valid driving licence issued by competent authority (R.T.O.)

Documents required 

 a)   True copy of R.C-Book having noted Bank’s charge and insurance policy with Bank clause and car key after purchasing vehicle.

 b)  Photograph, residence proof and identity proof of the applicant and guarantors.


 Two Wheeler Vehicle Loan


 Loan Limit : 80% of original cost (excluding other taxes)

   Rate of Interest  : 10% P.A  
   Length of Service & Membership : 3 years continuous service in M.C.G.M & I year Bank membership  
  Sureties :  2 eligible guarantors (Bank Member) having 3 years continuous service in Municipal Corporation of Greater Mumbai and 1 year Bank Memebrship. Member who is already guarantors/surety to Medium Term Loan, Housing Loan, Education Loan, Four Wheeler Vehicle Loan  may not be eligible as a guarantor/surety.  
  Repayment Period :  60 months or before 3 months retirement from Municipal Service. The applicant must get ¼ of Gross Salary in hand after deduction of respective loan installment with interest (No Add Back facility i.e. salary saving such as P.F., Compulsory Deposit, Insurance Premium etc) Member should have valid Driving License issued by competent authority (RTO). The Members appointed in Municipal Service as on 5.5.2008 and onwards, Loanee's salary A/c should be inour bank)  

Documents required :  

a) True copy of R.C.Book having noted Bank’s charge & Insurance Policy with Bank clause & Key after purchasing vehicle. 

b) Photograph, residence prrof & Identity proof of the applicant & guarantors are required.




1) 85% of the Member's Compulsory Deposit amount will be sanctioned as O.O.C loan

  2) If the member avails O.O.C loan than the member cannot avail Emergency loan      

3) This loan is treated as Medium Term Loan and except following rules all rules of Medium Term Loan are applicable.

  • Member can avail Medium Term or Loan against Compulsory Deposit any one at a time.
  • Rate of interest applicable for this loan is current compulsory deposit rate plus 20% additional interest.

  • At the time of renewal O.O.C. loan or Medium Term Loan member should  repay the balance loan by cash (The facility may be given for deducting loan balance from sanction loan).


4) Renewal period of the O.O.C. loan is as under :-

  •   The Loanee can  renewed his loan after six months from the date of disbursement of his previous loan.
  •   Or if the current loan  is having half balance which is  repaid through  monthly instalments.
  •   Or if loan balance is fully paid by cash then  loan may be sanctioned after one month from the date of repayment.
  •   Sanctioning authority would be the Branch Manager of the branch.
  •   If loan application is submitted within working hours of the bank i.e. 11.00 a.m. to 3.30 p.m. from Monday to Friday and on Saturday 11.00 a.m. to 1.30 p.m. Loan will be sanctioned during the working hours prescribed above.


  • Purpose of loan : Mortgage loan can be availed by any member for the following purposes-  House repair, Children Education, Medical Treatment and for repayment of any other loans as per RBI norms.
  • Maximum Limit :  Rs. 20 Lacs or 60% of property Cost (Valuation to be done by Government valuer). If property is 25 years older(from date of occupation) structural stability certificate required . Expenses to be borne by the applicant.
  • Rate of Interest :  13%
  • Eligibility : 3 years continious service in M.C.G.M and 1 year bank's membership
  • Guarantor : 2 Guarantors who are Bank's Member
  • Repayment term : 84 months or retirement period
  • Other Expenses:   1) Legal Fees Rs. 1500/- with search report

                                                2) Cersai Fees - Rs 100/-

                                                3) Registration of equitable mortgage stamp duty to be borne by the applicant.
















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