The Greater Bombay Cooperative Bank Personal Loan @ 16% to 22% | Interest Rates, Eligibility Criteria, Documents Required, Features and Benefits

The Greater Bombay Cooperative Bank Personal Loan: The Greater Bombay Co-operative Bank Ltd, better known as the Greater Bank, had a small start 50 years ago on December 10, 1952, when a small group of benefactors came together to form the Bank.

They present attractive deposit and timely loan programs. The Bank has secured a name for itself with high-quality work, which has attracted several bank customers.

The Bank has additionally achieved significant success in the joint banking sector, especially over the past few years, due to its various objectives, strategic planning, continuous monitoring, and effective sharing with stakeholders.

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Good Corporate Governance and dedicated management, and Board of Directors who have a keen interest in the life of the Bank have been instrumental in reaching the top of the Greater Bombay Co-operative Bank.

In this specific article, we have brought some vital information about this Bank. We have defined the Greater Bombay co-operative Bank Ltd share Price, about the Co-operative Bank in Mumbai, and also Self Help Group Loan interest Calculator.

The Greater Bombay Cooperative Bank

The Greater Bombay Cooperative Bank Personal Loan Overview

Greater Bombay Co-operative Bank Limited is solely committed to performing a leading role in the banking sector of society by ensuring high set standards, integrity, and compliance with the latest technology and service development through continuous development.

Business progresses of the Greater Bombay Co-Operative Bank exceeded Rs. 3313 crores for the 2018 financial year, deposits attained Rs. 1944 crores while Allowances were Rs. 1369 crores.

The Greater Bombay Cooperative Bank Features

The Interest Rates as offered to users:

The conditions for Interest The Rates of Interest
For Salaried Individuals 16%
For Non-salaried Individuals 16.50%
For Self-employed Individuals 18% to 22%
  • Product features include an appropriate 36-year-old (self-employed) up to 60-year-old (Individual) loan option as well as simplified and fast documentation.
  • To Get Identity Documents, a person needs to provide their PAN Card, Aadhar Card, Voter ID or Passport, Address Proof, Relationship Proof, Passport Size, Photo, Photo ID Card issued by central government or district government.
  • We have also covered the various Security features, the Eligibility criteria, and the interest rates for personal loans.

How to Apply for a Personal Loan in the Greater Bombay Cooperative Bank?

To apply for a Personal Loan in the Greater Bombay Cooperative Bank, they need to head over to the Grater Bombay Cooperative Bank’s Official website and click on the ‘Personal Loan’ option and press on ‘Apply’.

After filling the application correctly, applicants will be notified about the following proceedings accordingly.

The Greater Bombay Cooperative Bank Personal Loan Eligibility Criteria

The records need to be provided before one can be held as an eligible candidate for the Personal Loan are described below:

  • The ones eligible for opting for the personal loan are State Government employees, Research Institutes and Universities, The Approved and confirmed employees or Limited Companies of reputed PSUs, Lecturers of Colleges or Universities, Central Government employees.
  • All individuals who have a minimum total income of Rupees Ten Thousand on a monthly basis are eligible to apply for the personal loan.
  • The individuals to get their propositions sanctioned need to be at least (minimum age) 25 years old and up to 60 years old (maximum age) which stands for the retirement age (from service).
  • The shareholding percentage for loan amounts should be around 2.5%.

The Greater Bombay Cooperative Bank Personal Loan Documents Required

The records need to be provided before one can be held as an eligible candidate for the Personal Loan are described below:

Mandatory Category

  1. Your Original Aadhar Card
  2. Your Original PAN Card

Your Original Address Proof which can be any of these as listed below:

  1. Voter ID Card
  2. Passport
  3. Driving License
  4. Bank Statement
  5. Electricity Bill
  6. Telephone Bill
  7. Registered Lease Deed or Sales Agreement

Identity Proof which can be any of these as listed below:

  1. Voter ID Card
  2. Driving License
  3. Passport

Non-Mandatory Category

  • Relationship Proof (if you are asked to furnish one/ if applicable)
  • Passport Size Photograph of yourself
  • Any other valid Photo ID card(s) as issued by the state or central government.

The Various Security Features as Provided by the Greater Bombay Cooperative Bank

Personal Guarantors or Surety

  • The bank will provide two Personal Sureties
  • Additional Surety of the spouse (if the applicant is married) OR their father or mother (if the applicant is unmarried).

Security

  • Hypothecation of valuable goods such as the Television, Computer, Car(s), Refrigerator, Stereo System, and so on up to 100% of the loan amount in any case of the salary deduction U/s 49 of the MCS Act of 1960 or Salary credit percentage as per the ECS.
  • In all other cases, there must be 100% by way of Pledge of tangible securities viz. NSC, KVP, LIC, or something else, or the mortgage of immoveable property of the applicant.
  • About 20% of the loan amount and minimum home or monthly salary would be Rs. 15000.

The Greater Bombay Cooperative Bank Personal Loan Features

  1. Available for Any Purpose: Personal loans can be obtained for any purpose. There is no need to disclose the reason for obtaining a loan and spending.
  2. Builds a Credit Score: People who want to develop their credit scores can get this loan for a shorter and repay it on time. Then it will help to create a good foundation for them.
  3. Free Loan Approval Process: Loans are approved quickly and are repaid within 24 to a maximum of 72 hours. Some people also get pre-approval of personal loans up to a certain amount via SMS.
  4. Security is not required: As anyone thinking is an unsecured loan, the personal loan does not require any collateral or mortgage.
  5. Non-negotiable Interest Rates: Interest costs vary from customer to customer and bank to bank. Applicants with good CIBIL scores (preferably over 750) and regular income rates can negotiate interest rates and other terms with lenders.
  6. Flexible Tenure: One can decide the duration of stay according to their need and can get a repayment period of twelve to sixty months.
  7. Competitive Rate: As these loans are very demanding and popular with borrowers, many banks and NBFCs offer these loans at very low-interest rates and negotiable terms.

Takeaways from the Article

The Bank has an excellent name for itself hence attracting a number of bank customers.

After obtaining a position as an organized bank in the year of 1996, the Greater Bombay Co-operative Bank has also been making outstanding gaits in attracting customers from the lower, middle, and upper classes or income segment, which speaks a lot about the loyalty and trust of the Bank through its customers in general. Hence, you should totally go for a personal Loan from the Greater Bombay Co-operative Bank.

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