Headquartered in Mumbai, the New India Cooperative Bank is one of the fastest growing banks, offering a wide range of banking facilities and services from a fully automated office with a well-trained and dedicated staff. The bank aims to serve the needs of individuals, small & medium sized businesses, and even corporates through its wide array of loan products, forex, and trade services.
The personal loan from New India Cooperative bank is aimed at helping customers meet their credit and liquidity requirements as and when they arise.
Purpose of New India Co-operative Bank Personal Loan
The loan can be taken for the purpose of meeting large and obligatory expenses that are usually unavoidable, like marriage expenses, expenses that arise when purchasing expensive consumer durables, travel expenses, working capital requirements of business, etc. The loan can also be used to meet emergency expenses like medical charges and legal fees.
Eligibility criteria for New India Co-operative Bank Personal Loan
This loan can be taken by:
- Salaried individuals and salaried professionals who have been employed for the past three years, with at least one year of service at their current place of employment.
- Self-employed persons who have been running profitable businesses for at least 2 consecutive years prior to applying for the loan.
Features and Benefits of New India Co-operative Bank Personal Loan
- The maximum loan amount for salaried applicants is 30 times their net salary, subject to a maximum of Rs.2,00,000.
- The maximum loan amount for self-employed persons and professionals is 2 times their net taxable income, subject to a maximum of Rs.2,00,000.
- The maximum repayment period is 60 months, in EMIs.
- Interest is charged on a daily reducing balance method.
- Share linkage is at 5% of the loan amount. Guarantors can pay Rs.100 and become nominal members.
- There is no prepayment or commitment charge payable if the borrower takes the entire liability upon him / herself.
- There is a prepayment / commitment charge applicable if the liability is absorbed by another financial institution.
Guarantor requirement for salaried applicants:
- 2 personal guarantors with a minimum confirmed service period of 3 years for any loan amount.
Guarantor requirement for self-employed / professional applicants:
- 1 personal guarantor with a minimum taxable income of Rs.1,00,000 for the last 2 consecutive years for personal loan amounts up to Rs.50,000.
- 2 personal guarantors with a minimum taxable income of Rs.1,50,000 (each) for the last 2 consecutive years for personal loan amounts over Rs.50,000.
Documents required for New India Co-operative Bank Personal Loan
In order to apply for a loan through Madhya Bihar Gramin Bank, you will need to submit the following documents:
- Identity Proof: A proof of identity issued by a competent and legitimate government authority. Could be driving license, passport, Aadhaar card, PAN card, etc. This is required for the applicant as well as the guarantor/s.
- Address Proof: A proof of identity issued by a competent and legitimate government authority, or any proof of address that contains the borrower’s name. Could be driving license, passport, telephone / electricity bill (attested), etc. This is required for the applicant as well as the guarantor/s.
- Income Proof: A document confirming the earning of the borrower. Could be salary slips, bank records, etc. This is required for the applicant as well as the guarantor/s.
- Income tax certificates for self-employed individuals and professionals. This is required for the applicant as well as the guarantor/s.
- Other documents as may be required on an individual basis from the bank after assessment of candidate will be declared on the bank’s discretion.