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NKGSB Co-Op Bank Personal Loan Details

Nkgsb Co Op Bank 3.75 / 5.04 users
NKGSB Co-Op Bank Personal Loan Details Updated on
Loan Amount Up to Rs. 5 lakhs
Loan Tenure Up to 5 years
Interest Rate 10.00% to 11.00%

NKGSB Co-op Bank Personal Loan can be taken for higher education, thread ceremony, house repairs, marriage, old debts, medical emergencies, and other purposes. The loan amount you can request is up to Rs. 5 lakhs. The loan is offered to salaried individuals, businessmen, and professionals. The bank offers quick approval for the loan application. You will have to submit the KYC documents, along with proof for the loan purpose. The tenure is up to 5 years and the rate is from 10.75%.

In this post, we will discuss NKGSB Co-op Bank Personal Loan features, eligibility criteria, interest rate, documents required, and frequently asked questions.

Features of NKGSB Co-op Bank Personal Loan

Here are the features:

  • Speedy approval of the loan application
  • No prepayment charges if you repay through your funds
  • Minimal documents required
  • Repay easily through Standing Instruction/ECS/Post-dated cheque
  • Provides insurance cover for your assets at a low premium
  • The interest is charged on a daily reducing basis

Eligibility Criteria for NKGSB Bank Personal Loan

Here are the eligibility norms:

  • Salaried individuals
  • Businessmen
  • Professionals

NKGSB Bank Personal Loan Interest Rates

NKGSB Bank Personal Loan Interest Rate is 10.75%. The interest is calculated based on a daily reducing balance. The rate may differ depending on various conditions such as:

  • Loan amount
  • Tenure
  • Age of the applicant
  • Monthly Income
  • Repayment Capacity
  • Purpose of the loan
  • Credit score
  • Employment details
  • And other conditions laid by the bank

NKGSB Co-op Bank Personal Loan Documentation

Here is the required documentation:

  • Duly signed and completed form for loan application
  • PAN Card/Form 60
  • Two recent passport-size photographs (colour)
  • KYC documents (government-recognized proof of address, identity, and age)
  • If it is a minor, then his/her birth certificate

Frequently Asked Questions about NKGSB Bank Personal Loan

Here are the FAQs:

Apart from the documents mentioned above, you may also need an introduction letter from your existing bank for signature verification. Or, you may require an introduction from an existing customer, whose account is of minimum 6 months old.

Apart from an initial cash deposit account, a Trust will have to submit papers such as Trust Deed, Resolution. A HUF will have to provide a Co-parceners letter, HUF Deed. A Society may have to submit By-Laws Registration Receipt, Resolution.

Other than the basic documents, the papers required for a loan will also depend on the purpose it is taken for. Such as for business, you need to provide an audited statement of accounts as well as tax returns of the last 3 years. For medical needs, you have to submit medical bills. For house repairs, you will need estimate papers for repairs or renovations.

For ceremonies, you will need an estimate of expenses and an invitation card. For education, you will require an estimate of expenses and proof of admission. To pay off existing debts, you have to produce acknowledgment of debt.

The rate of interest applicable is 10.75%. But this can differ depending on the individual profile. The bank will take into account the loan amount, tenure, repayment capacity, monthly income, credit history, credit score, and other factors, before deciding on the interest rate to apply.

The charge for CIBIL record check per individual is Rs. 100. The same for corporate is Rs. 100. Rs. 1500 is charged per corporate with MSME.

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