New India Co-Operative Bank Personal Loan

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New India Co-Operative Bank’s headquarter is in Mumbai and it is a fastest growing bank in India. It offers almost all types of banking service and facilities to the customers. The aim of bank is to fulfil the need of medium & small sized businesses, corporate and individuals via large variety of trade services, loan products and forex.

The New India Co-operative Bank Personal Loan helps customer in meeting their requirements related to liquidity and credit.

Loanbaba.com provides all the information about New India Co-Operative Bank Personal Loan:

New India Co-operative Bank Personal Loan Purpose

Individual takes the loan to complete his obligatory and large expenses which is unavoidable i.e. purchase of consumer durables, capital requirements for business, emergency expenses such as medical charges, legal fees, etc.

New India Co-operative Bank Personal Loan Eligibility criteria

• Salaried persons should be employed for past 3 years and should be working in same organisation for One year at least.
• In case the person is self- employed then he or she should be working in profitable situation for last two consecutive years before applying for loan.

Benefits and Features of the loan:-

• Salaried Individual can get Thirty times of their net salary as loan, however maximum loan amount is two lakh rupees.
• Self- employed can get 2 times of their net taxable income as loan, however maximum loan amount is two lakh rupees.
• Applicant can pay back the loan in EMI in 60 months.
• Rate of interest is charged by bank on day by day reducing balance method.
• Individual can get shares of the bank by just paying 5% of loan amount and guarantors have to pay 100 rupees for becoming nominal members.
• If applicant takes all liability on himself then bank won’t take commitment or prepayment charge.
• There will be charge if liability is taken by other financial institution.

Requirement of guarantor for salaried applicants:

• For any loan amount bank requires 2 guarantors (should be confirmed employee from 3 years.)

Requirement of guarantor for professional/ self-employed applicants:

• If loan amount is up to 50,000 then bank requires one guarantor (minimum taxable income of 1lakh for 2 consecutive years).
• If loan amount is above 50,000 then bank requires 2 guarantors (minimum taxable income of 1.5 lakh for 2 consecutive years).