New India Co-Operative Bank Personal Loan

New India Co-Operative Bank star star star star star 4.0 / 5.04 users

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).

New India Co-Operative Bank Personal Loan


Personal Loan
star star star star star 15.0/5
I have a Personal Loan with New India Co-Operative Bank. The loan disbursement was on time and document procedure was quick. I would say it was a satisfactory experience.
Mumbai September 18, 2018
Personal Loan
star star star star star 14.0/5
As I was holding a savings account with New India Co-Operative bank they gave me personal loan for which the entire documentation process was very less. It was a quick disbursement procedure.
Mumbai September 17, 2018
Personal Loan
star star star star star 15.0/5
I had taken a personal loan in Delhi and thankfully the amount I required was completely approved and disbursed. Excellent work.
Mumbai September 16, 2018
Personal Loan
star star star star star 14.0/5
No compromises, best personal loan in Delhi service by New India Co-Operative bank.
Mumbai September 15, 2018

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