Mahanagar Co-Operative Bank brings you a personal loan with an attractive interest rate. Both salaried and self-employed individuals can apply for it. The bank also offers an extended repayment period, competitive processing charges, and easy repayment options. The quick loan processing system ensures you get your money at the earliest.
In the table that is listed below, you will find the interest rate and certain particulars of the personal loan that is offered by GS Mahanagar Co-Operative Bank:
|Interest Rate||Loan Amount||Processing Fee|
|12% p.a. to 15% p.a.||Up to Rs.5 lakh||As per the lender’s terms and conditions|
Salaried individuals and professionals are offered a repayment tenure of up to 84 months. Other individuals applying for this loan are offered a repayment term of up to 60 months. Thus, the lender allows personal loan applicants to assess their repayment capacity and pick a loan repayment term that suits their needs.
Given that this is a personal loan, the lender does not specify any restrictions with regard to how the loan amount can be used. Thus, the applicant can use the disbursed loan amount to renovate their house, for education expenses, for the purchase of a vehicle, etc.
The interest rate that is charged for GS Mahanagar Co-Operative Bank’s personal loan starts from 12% p.a. onwards. The lender charges a comparatively low interest rate, which can help reduce your overall repayment amount.
This loan is available to permanent salaried individuals, professionals, and self-employed businesspersons.
To explain how a personal loan from GS Mahanagar Co-Operative Personal Bank will work, let’s consider a scenario, wherein Ms. Ayesha avails a loan for Rs.2 lakh. She chooses to repay the loan within a tenure of 6 months. The lender charges her an interest rate of 15%.
As per the above-mentioned scenario, Ms. Ayesha will need to pay EMIs or Equated Monthly Installments of Rs.34,807. She will be paying a total interest of Rs.8,841 and will be repaying a total sum of Rs.2,08,841 to the lender. In addition, she may have to pay the processing fee if it is levied by the lender. Her repayment schedule, also known as the amortisation details, are as follows:
|Month?||Principal Paid (A)||Interest Paid (B)||Total Amount Paid (A+B)||Outstanding Loan Amount|
|Particulars||GS Mahanagar Co-Operative Bank||Kotak Mahindra Bank||Bajaj Finserv||ICICI Bank|
|Interest Rate||12% p.a. to 15% p.a.||10.99% p.a. to 24% p.a.||12.99% p.a. onwards?||11.25% p.a. onwards|
|Processing Fee||As per the lender’s terms and conditions||Up to 2.5% of the loan amount plus GST||Up to 3.99% of the loan amount?||Up to 2.25% of the loan amount plus GST|
|Preclosure/Foreclosure Fee||As per the lender’s terms and conditions||5% plus taxes||4% plus applicable taxes?||5% of the outstanding principal plus taxes|
Before you apply for a personal loan from GS Mahanagar Co-Operative Bank, ensure that you use a personal loan eligibility calculator and EMI calculator. Make sure to only apply for a loan if you are sure that the monthly payable EMIs are within your repayment capacity.
GS Mahanagar Co-Operative Bank, established in the year 1973,?offers a number of personal finance products including a housing loan, personal loan, gold loan, vehicle loan, business loan, etc. The?personal loan from GS Mahanagar Co-Operative Bank?is designed to help borrowers meet obligatory and unavoidable expenses like weddings, international holidays, repairs or renovations to their home or place of business, education expenses, etc.
The lender requires a minimum of two sureties. Further, fixed deposits, gold, your, LIC policy, your NSC can be submitted to the lender as security.
You can either call the lender’s toll-free number (1800220096) or telephone number (022 24711918, 022 24712535, 022 24711395) or send an email to email@example.com.
No, GS Mahanagar Personal Bank will only approve your loan application if you are a salaried employee, a professional, or a business owner.
Yes. However, if this option is not available to you for some reason, you can directly visit a branch of the lender. You can locate the nearest branch using the ‘branch locator’ feature on the lender’s website.
Yes, you can opt for a longer loan term or a lower loan amount to reduce the payable EMI.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.