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  • Varachha Co Operative Bank Personal Loan

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  • Varachha Co Operative Bank offers personal loans with affordable interest rates. The lender required minimal documentation and offers quick disbursal.

    • Interest rates starting at 13% p.a. onwards
    • Lower interest rates of 12.50% p.a. available for doctors
    • Hassle-free application process

    Features and Benefits

    • The financing from the loan can be used for medical emergencies, home renovations, educational expenses, and wedding expenses. 
    • The maximum limit offered is Rs.5 lakh. 
    • The repayment tenures are flexible, with the maximum being up to 60 months. 
    • You need to have two personal guarantors who own residential buildings to apply for this loan. 
    • If you’re a salaried applicant, you need to submit a letter of authority, stating deductions from your income. 

    Loan Details 

    Loan Scheme  Interest Rate  Loan Amount  Processing Fees 
    Personal loan/Surety Loan for Members  13% p.a.  Up to Rs.5 lakh 

    Documents required 

    Listed below are some basic documents you will need to keep handy when you’re applying for this loan: 

    • Identity proof – PAN card, Aadhaar card, Voter’s ID, driving licence, passport 
    • Residence proof – Utility bill, passport, ration card 
    • Residence ownership proof – Electricity bill, property documents, maintenance bill 
    • Income proof – The latest salary slips and Form 16 
    • Passport-size photograph 
    • Office address proof 
    • Office ownership proof 
    • Business existence proof 
    • The latest bank statements 

    Eligibility Criteria 

    • You need to have a current or savings account with Varachha Co-operative Bank. 
    • You need to be a member of the bank. 

    How the EMI calculation for Varachha Co-operative Bank Personal Loan work?

    The best way to understand how this loan works is through an example. So, let’s assume you have a borrowed a personal loan of Rs.80,000 from Varachha Co-operative Bank. The rate of interest on this loan is 13% p.a. with a tenure of 1 year. 

    Your EMIs or monthly repayments will amount to Rs.7,145 and the total interest you will pay during your tenure is Rs.5,745. 

    Listed below is the further breakdown of your loan repayment schedule:

    Month  Principal paid (A) (in Rs.)  Interest paid (B) (in Rs.)  Total amount paid (A+B) (in Rs.)  Outstanding loan amount (in Rs.) 
    6,279  867  7,146  73,721 
    6,347  799  7,146  67,375 
    6,415  730  7,145  60,959 
    6,485  660  7,145  54,474 
    6,555  590  7,145  47,919 
    6,626  519  7,145  41,293 
    6,698  447  7,145  34,595 
    6,771  375  7,146  27,824 
    6,844  301  7,145  20,980 
    10  6,918  227  7,145  14,062 
    11  6,993  152  7,145  7,069 
    12  7,069  77  7,146 

    Compare Varachha Co-operative Bank personal loan  with loans from other lenders 

    Particulars Varachha Co-operative Bank Personal Loan  HDFC Bank Personal Loan  Kotak Mahindra Bank Personal Loan  Citibank Personal Loan 
    Interest rate  13% p.a.  11.75% p.a.  From 10.99% p.a.  From 10.99%p.a 
    Processing fee  Up to 2.50% of the loan amount  Up to 2.5% of the loan amount  Up to 3% of the loan amount 
    Foreclosure charges  13 to 24 months – 4% of the principal outstanding
     25 to 36 months – 3% of the principal outstanding
     After 36 months – 2% of the principal outstanding 
    Nil  Up to 4% of the principal outstanding 

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    Varachha Co Operative Bank Personal Loan Reviews

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