Other Loans

Loan Against NSC *

Loan can be availed against NSC, National Saving Certificate should be in the name of the member.

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

Loan will be sanctioned after noting the charge of the “The Municipal Co-op.Bank Ltd., Mumbai” on National Saving Certificate by concern post office.

Maximum Loan Limit :

Rate of Interest :

10.00% p.a.

Repayment Term :

Maximum Repayment term is of 60 months. Terms of loan depend on Maximum repayment period or maturity date of NSCs whichever is less.

* The terms and condition and charges may vary subject to modifications in Loan Policy as approved by Board of Directors

---

Loan Against LIC Policy *

Loan can be availed against LIC policy, LIC policy should be in the name of the member.

Maximum Loan Limit :

• Maximum loan amount will be 90% of surrender value based on status report of LIC policy and minimum loan amount is Rs. 5,000/-
• The loan will be released only after assigning the LIC policy in favor of “The Municipal co-op. Bank Ltd., Mumbai”.
• If the LIC premium is not deducted through the salary then member have to open a savings Bank account in the Municipal Bank’s branch office and required to give standing instructions for payment of policy premium.

Rate of Interest :

10.00% p.a.

Repayment Term :

Maximum Repayment term is of 60 months. Terms of loan depend on Maximum repayment period or maturity date of LIC Policy whichever is less.

* The above ROI may vary subject to changes in Loan Policy as approved by Board of Directors

---

Loan Against Compulsory Deposit (O.O.C)

Loan can be availed against Compulsory Deposit (O.O.C.)

Member can avail loan upto 85% of Compulsory Deposit amount as O.O.C. loan. At a time member can avail either O.O.C. loan or Emergency loan. O.O.C. loan will be treated as Medium Term Loan and except following rules all rules of Medium Term Loan are applicable for said loan

Rate of interest applicable for this loan is current compulsory deposit’s rate of Interest plus 2% as additional interest.

Member should repay the balance loan amount by cash and can avail O.O.C. loan on next working day.

Member can close the loan by fully repaying the amount to avail new O.O.C. loan on next working day.

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

• Borrower can renew OOC loan after six months from the date of disbursement.
• Branch Manager will sanction the loan at branch
• Member can avail this loan by applying within working hours of the bank i.e. 11.00 a.m. to 4.30 p.m. from Monday to Saturday (excluding bank holiday).