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  • New India Co-Operative Bank Personal Loan

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  • New India Co-Operative Bank offers personal loans up to Rs.5 lakh for salaried and self-employed individuals at attractive interest rates

    • Only 2 guarantors required
    • Long repayment term
    • Maximum loan amount subject to up to 30 times the monthly salary of the individual or a maximum of Rs.5 lakh.
    • Interest calculated on a daily reducing balance basis
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    Features and Benefits

    • Customisable Loan Amount: Individuals can avail any loan amount up to Rs.5 lakh. 
    • Flexible Repayment Term: Based on your EMI repayment capacity, you can opt for a loan tenure when applying for this loan.
    • Interest Calculation: The lender calculates the interest for this loan on a daily reducing balance basis. 
    • Pre-Payments are Permitted: Borrowers are allowed to prepay their loans. Also, New India Co-Operative Bank does not charge a pre-payment fee or commitment fee even if the borrower makes pre-payments, unless the loan has been taken over by another bank or financial institution. 

    Headquartered in Mumbai, New India Co-Operative Bank is a leading lender that offers its banking and loan services in a number of states across the country. The lender offers a personal loan to both self-employed and salaried individuals while charging an attractive rate of interest. Read on to know more about New India Co-Operative Bank’s personal loan.  

    Interest Rate

    Interest Rate  Loan Amount  Processing Fee 
    11% p.a. onwards  Up to Rs.5 lakh  As per the lender’s terms and conditions 

    Fees and Charges 

    In addition to the interest rate and the processing fee, lenders may also charge certain other fees during the repayment tenure. The various fees that are commonly charged by New India Co-Operative Bank are as follows: 

    Fee Type  Amount 
    Charge levied for unsuccessful execution or ECS/SI or cheque bounce  Rs.650 
    Duplicate statements  Rs.140 
    1st Loan notice charge  Rs.220 
    2nd Loan notice charge  Rs.650 
    Legal notice charge  Rs.1,010 or actual fee payable to the advocate 
    Pre-payment charges (in case the loan is taken over by another lender)  2% of the outstanding loan balance plus taxes 
    Charge for visiting defaulters 
    • Within Mumbai: Rs.1,010 plus actual conveyance 
    • Beyond Mumbai: Rs.2,000 plus actual conveyance 
    Recovery charges  Rs.1,530/Rs.2,550 
    Stock/security inspection 
    • Within Mumbai: Rs.1,010 plus actual conveyance 
    • Beyond Mumbai: Rs.2,000 plus actual conveyance 
    Solvency certificate  0.10% of the loan amount 

    Who Can Avail a Personal Loan from New India Co-Operative Bank? 

    This loan can be taken by: 

    • Salaried individuals and salaried professionals who have been employed for the past three years. 
    • Self-employed persons and professionals who have been running profitable businesses for at least 2 consecutive years prior to applying for the loan. 

    How the EMI calculation for New India Co-Operative bank personal loan works? 

    To understand how a personal loan that is taken from New India Co-operative Bank will work, let’s consider an illustration. Ram borrows a sum of Rs.4 lakh from New India Co-Operative Bank. He chooses a loan tenure of 1 year and is charged an interest of 13% p.a.  

    As per the scenario given above, Ram will need to pay a monthly EMI of Rs.35,727. Over the course of the loan term, the total interest paid will amount to Rs.28,723. He will, thus, be repaying a total sum of Rs.4,28,723. The repayment details are as follows: 

    Month  Principal Paid (A)  Interest Paid (B)  Total Payment (A+B)  Outstanding Loan Balance 
    1st Month  Rs.31,394  Rs.4,333  Rs.35,727  Rs.3,68,606 
    2nd Month  Rs.31,734  Rs.3,993  Rs.35,727  Rs.3,36,873 
    3rd Month  Rs.32,077  Rs.3,649  Rs.35,726  Rs.3,04,795 
    4th Month  Rs.32,425  Rs.3,302  Rs.35,727  Rs.2,72,370 
    5th Month  Rs.32,776  Rs.2,951  Rs.35,727  Rs.2,39,594 
    6th Month  Rs.33,131  Rs.2,596  Rs.35,727  Rs.2,06,463 
    7th Month  Rs.33,490  Rs.2,237  Rs.35,727  Rs.1,72,973 
    8th Month  Rs.33,853  Rs.1,874  Rs.35,727  Rs.1,39,120 
    9th Month  Rs.34,220  Rs.1,507  Rs.35,727  Rs.1,04,900 
    10th Month  Rs.34,590  Rs.1,136  Rs.35,726  Rs.70,309 
    11th Month  Rs.34,965  Rs.762  Rs.35,727  Rs.35,344 
    12th Month  Rs.35,344  Rs.383  Rs.35,727  Rs.0 

    *Note: In the above-mentioned example, it is assumed that no processing fee was charged by the lender.  

    Compare New India Co-Operative Bank personal loan  with loans from other lenders 

    Particulars  New India Co-Operative Bank Personal Loan  HDFC Bank Personal Loan  ICICI Bank Personal Loan  Kalyan Janata Sahakari Bank Personal Loan 
    Interest Rate  11% p.a. onwards  15.50% p.a. to 21.50% p.a. 11.25% p.a. onwards?  13.10% for salary account holders and 13.5% for others? 
    Processing Fee  As per the lender’s terms and conditions  Up to 2.50% of the loan amount Up?to 2.25% of the loan amount plus GST 0.75% of the loan amount 
    Pre-closure/Foreclosure Fee  Nil  2% to 4% of the outstanding principal 5% of the outstanding principal plus taxes Nil 

    A personal loan can help individuals obtain the required funds in the event of an emergency, in a hassle-free manner. That said, you should ensure that you check your eligibility, familiarise yourself with the various features and benefits of the loan, and read through the fine print before applying for the loan.

    About the Bank

    When you borrow a personal loan from a bank, the lender will charge a certain interest on the borrowed sum. The interest rate directly affects the cost of your loan. For this reason, it is advisable to compare the interest rates levied by various lenders before applying for a loan to a particular lender.

    FAQs on New India Co-Operative Bank personal loan

    Does New India Co-Operative Bank require applicants to have guarantors? 

    Yes, applicants are required to have at least 2 guarantors.  

    What is the daily reducing balance method of interest calculation? 

    Since your interest is calculated on a daily reducing balance basis, the lender will calculate the outstanding principal on a daily basis and calculate the interest only on the sum that is outstanding.  

    Is there a difference in the interest that is charged on personal loans for salaried employees and personal loans for self-employed individuals? 

    Yes, if you are a salaried employee, you will be charged an interest of 11% p.a. Business owners and self-employed individuals will be charged an interest of 15% p.a. 

    I am a self-employed individual. What is the maximum loan amount that I can avail? 

    Self-employed individuals and professionals can avail a loan of up to 2 times their net taxable income, subject to a maximum amount of Rs.5 lakh, while salaried individuals can avail a loan amount of up to 30 times their net salary, subject to a maximum loan amount of Rs.5 lakh. 

    What are the customer care channels through which New India Co-Operative Bank can be contacted? 

    Customers can contact the lender on +91 – 22 – 66 58 66 58 or send an email to customercare@newindiabank.in 

        

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    New India Co-Operative Bank Personal Loan Reviews

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