Varachha Co Operative Bank offers personal loans with affordable interest rates. The lender required minimal documentation and offers quick disbursal.
|Loan Scheme||Interest Rate||Loan Amount||Processing Fees|
|Personal loan/Surety Loan for Members||13% p.a.||Up to Rs.5 lakh||-|
Listed below are some basic documents you will need to keep handy when you’re applying for this loan:
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.)|
|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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