Varachha Co Operative Bank Ltd has designed personal loans for its customers in an effort to help meet their financial requirements. The funds can be used to meet emergency expenses, purchase new vehicles, renovate or refurbish homes, pay for medical treatments, meet educational expenses of children, etc.
Purpose of Varachha Co Operative Bank Ltd Personal Loan
Customers can take out a personal loan from Varachha Co Operative Bank for the following reasons:
- Members’ social ceremonies
- The customer or his/her family member’s medical treatment
- To meet the educational expenses of the customer’s children
- To repair or refurbish the borrower’s residential property
Eligibility criteria for Varachha Co Operative Bank Ltd Personal Loan
If you wish to take out a personal loan from Varachha Co Operative Bank Ltd, you must meet the following eligibility criteria:
Have a savings or current account with Varachha Co Operative Bank Ltd.
Must be a member of Varachha Co Operative Bank Ltd.
Features of Varachha Co Operative Bank Ltd Personal Loan
- The maximum amount of money that can be borrowed by a customer is Rs.5 lacs, depending upon the repaying ability of the customer.
- The repayment period for a personal loan taken out from Varachha Co Operative Bank Ltd is a maximum of 60 months.
- The borrower must provide two personal guarantors who possess their own residential properties.
- If the borrower is an employee, he/she must have the ability to furnish authority letter of deduction from salary.
- The customer should have at least 2.5% of the total loan amount as shareholding in the bank.
Benefits of Varachha Co Operative Bank Ltd Personal Loan
- No prepayment charges
- Low processing fee
- Minimal documentation
- Hassle-free application procedure
- Dedicated team for customer service
- Flexible repayment period
Interest Rate of Varachha Co Operative Bank Ltd Personal Loan
The rate of interest applicable on a personal loan from Varachha Co Operative Bank Ltd is 14% per annum.