NKGSB Co-Operative Bank Personal Loan

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NKGSB is one of the banks which have its branches in many states of India. This bank is performing so well in terms of quantity and quality. It provides various financial services and products to its customer. Number of personal expenses can be fulfilled through the bank’s personal loan.

Loanbaba.com provides all information about NKGSB Co-Operative Bank Personal Loan.

Motive of the Loan:

• Clear medical debts
• Pay for house renovations or repairs
• Clear marriage expenses
• Paying off old debts
• Finance for higher education

Below given are eligibility criteria to avail the loan:

Individual should be businessman or salaried.

Benefits & Features of the Loan

• The maximum loan amount that one can get is two lakh rupees.
• Reducing balance method is base of calculation of interest rate.
• Documentation is simple
• Processing fee is low
• Rate of interest is attractive
• Loan approval process is quick & fast
• There is simple payment options – post-dated cheque/ ECS/standing instruction
• If repayment is being done via own source then there will not be any pre-payment fees.
• One can cover all his assets through insurance available at attractive premium
• Two to three guarantors are required as security.
• Applicant gets the time of 5 years to pay the loan.

Below given is the list of documents required to avail the loan:

• Form for account opening
• Address proof
• Identification proof
• Bank statement of last one year
• Two passport size photographs
• Track records of previous loans if any.
• If the individual is salaried then income proof such as salary slip for past 3 months with form Sixteen & income tax return, if the individual is businessmen then income tax returns and profit and loss statement with balance sheet of last 3 years.
• If one is using the personal loan amount for house renovation then he or she has to show the estimate of repairs and renovation.
• If loan is for educational purpose then in such case individual have to provide proof of admission & estimate of expenses.
• If applicant is applying loan for business then he/she have to provide audited statement of accounts of last 3 years with tax returns.
• In case a person is applying loan for medical reason then all medical bills should be provided to bank.
• If someone is applying loan to meet marriage expenses then he or she has to give an estimate of expenses along with invitation to the bank.
• If individual is taking loan to pay back the old debts then he/she has to show an acknowledgement of debt to the bank.

From 01 July, 2017, on all banking products and services, a rate of 18 % (GST) is applicable.