• Varachha Co Operative Bank Personal Loan

    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
    More

    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.)
    1 6,279 867 7,146 73,721
    2 6,347 799 7,146 67,375
    3 6,415 730 7,145 60,959
    4 6,485 660 7,145 54,474
    5 6,555 590 7,145 47,919
    6 6,626 519 7,145 41,293
    7 6,698 447 7,145 34,595
    8 6,771 375 7,146 27,824
    9 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 0

    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. 10.5% p.a. onwards 10.5% p.a. onwards Between 9.99%p.a. - 16.49% 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
    Between 2%-4% Up to 4% of the principal outstanding

    FAQs on Varachha Co Operative Bank Personal loan

    1. What is the personal loan interest in Varachha Co Operative Bank?
    2. Interest rates starting at 13% p.a. onwards in varachha bank.

    3. What is the tenure repayment period of varachha bank personal loan?
    4. Maximum 60 months is tenure to repay your loan payment.

    5. What is the toll free number of Varachha Co Operative Bank?
    6. For any queries related to banking in Varachha use Toll Free Number 1800 258 7750

        

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    Varachha Co Operative Bank Personal Loan Reviews

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