New India Co-Operative Bank offers personal loans up to Rs.5 lakh for salaried and self-employed individuals at attractive interest rates
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||Loan Amount||Processing Fee|
|11% p.a. onwards||Up to Rs.5 lakh||As per the lender’s terms and conditions|
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:
|Charge levied for unsuccessful execution or ECS/SI or cheque bounce||Rs.650|
|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||
|Solvency certificate||0.10% of the loan amount|
This loan can be taken by:
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|
*Note: In the above-mentioned example, it is assumed that no processing fee was charged by the lender.
|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.
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.
Yes, applicants are required to have at least 2 guarantors.
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.
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.
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.
Customers can contact the lender on +91 – 22 – 66 58 66 58 or send an email to firstname.lastname@example.org
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