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 and who is contributory to NCPF can avail Medium Term Loan  
     
 

Loan Amount upto Rs 325000/- @ 12.75 and  greater than that upto 1000000/- @ 13% Interest Rate is Applicable

 
 
                                                                                        Maximum Limit

  Member's Basic Pay Plus DA 

10,00,000/-

 
Repayment Period
 
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.10,00,000/-

120 installments

 
     
  Surety Guarantee fund will be recovered from the loan amount as per the following rates.  
     
  Sanction Loan amount upto Rs. 10,00,000/-- Rs.10 for every thousand or the fraction thereof  
  Rs.7 for every thousand or the fraction thereof for  MCGM Employee whose services on or after 05-05-2008 OR They have to provide two guarantors.
       
   This Loan Facility is availed on following Conditions.  
     
  1. Acquiring Bank's Membership and member's taking loan on Guarantor Basis and DC1 Members one Complusory Deposit recovery must be received with the bank. Also Member must possess capacity of recovering 1000000/- amount of loan taken from Bank.   
     
   2. There is no change In case of DC-1 Member's loan rule and guarantor rule.  
  The applicant member must retain ¼th of gross salary in hand after deduction of prospective loan installment with interest. How ever if applicant has availed housing loan from Bank/financial, then 30% of the gross salary should be retained by the applicant.  
     
 

The member has to submit his application for the medium term loan enclosing the original pay slip along with self attested photocopy of payslip of the previous month upto 10th of the current month. After this period current month’s payslip should be enclosed with loan application with self attested Xerox copy. 

 
     
  If the applicant is a member of other co-operative Bank/Credit society then he/she must produce “No objection certificate” from the said co-operative bank/credit society for availing loan from our bank.  
     

 

   
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