Credit Municipal De Paris functions as a full fledged bank and is approved by the Banking Act of 1984. This unique bank started off as Mont-de-Piete Paris in 1777 and subsequently renamed as Credit Municipal De Paris in 1918. The social mission of Credit Municipal De Paris is to free the poor from the clutches of the greedy moneylenders.
History of Credit Municipal De Paris
The idea of setting up Credit Municipal De Paris has been borrowed from Italy. To eradicate the system of lending money with an exorbitant rate of interest, Barnabas Terni set up the first Monte di Pieta, in Perugia, Italy. The principle function was pawn broking, facilitating loans at low interest or even for free. These establishments became very popular and expanded rapidly. By the end of the fifteenth century there were in total 80 pawnbrokers in Italy. Inspired by its huge success Theophraste Renaudot opened the first Mont-de-Peite in 1637. He was greatly moved by the plight of the poor gentry. Money lenders greatly exploited the poor by charging 120% annual interest rates, whereas, Credit Municipal De Paris charged as low as 10%.
Bank Credits of Credit Municipal De Paris
Credit Municipal De Paris offers different types of credit facilities suiting the individual needs and preferences
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of the client. Different functions of Credit Municipal De Paris are:
- Pawnbroking to help the needy and the poor in times of acute crisis
- Redemption of various loans and debts
- Special loans are offered to the youth to help them get started and established in life
- Personal loans satisfying individual requirements are offered
- Loans for senior citizens
- Loans against mortgages
- Offers loan guarantee
Agencies and Branches of Credit Municipal De Paris
Credit Municipal De Paris operates through its various branches spread across the city. People can get easy loans at low rates of interest from any of these agencies. Various agencies are located in areas like Gambetta, Buttes Chaumont, Marcadet, La Fourche, Alesia, Place d'Italie, Lyon, Voltaire, Garu du Nord, Montparnasse, Chartres and many more.
Credit Municipal De Paris is a bank with a difference solely functioning to serve the noble social cause of facilitating interest free or low interest loans to the very poor and the needy people of the country.
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