FINANCE TIP OF THE DAY
Can you afford your loan?!
Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Bharat Co-operative Bank (Mumbai) Limited – Personal Loan
Bharat Co-operative Bank (Mumbai) Limited which was established in 1978, now has a customer base of more than 12 lakhs. The Reserve Bank of India has conferred scheduled status to the Bank on 22nd April, 1996 and the Bank subsequently registered as Multi-State Scheduled Co-operative Bank on 26th September, 1997. Today the Bank has 36 Branches which includes 7 branches in Karnataka, four of which are located in Bangalore and one each in Udupi, Mangalore and Suratkal. The Bank has posted a net profit of Rs. 27.55 crores for the financial year ended 31st March 2010 as against Rs. 30.52 crores for the previous year after making necessary provisions in accordance with the extent guidelines of RBI.
Purpose: For Self Marriage, Repayment of Debt, etc. this loan can be obtained.
Eligibility: Personal loan can be obtained by any individual earning fair income for repayment of the loan.
Quantum of Loan: Maximum of Rs.2 lakhs is granted as loan.
Repayment: Interest applied on daily reducing balance. The maximum period within which repayment can be done is 60 months.
Security & Guarantee: Loan is sanctioned against personal surety. Minimum of 2 sureties are required for this loan.