New India Cooperative Bank Personal Loan @ 11% | Eligibility Criteria, Loan Amount, Interest Rates, How To Apply?

March 5, 2024 / Loan / By

New India Cooperative Bank Personal Loan: New Indian Bank offers personal loans to people who are salaried and self-employed. This bank is a cooperative bank in India. Its headquarter is in Mumbai. This bank has 30 branches all over, and it was founded in the year 1968.

This bank offers all sorts of services like fixed deposit, Savings deposit, car loan, educational loan, home loans, mobile banking option, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, and many more things.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

New India Cooperative Bank

Eligibility Criteria for New India Cooperative Bank Personal Loan

  • Self-employed people or people who have been working in companies or are professionals, and if they have been working for a minimum period of two years, they are eligible for the loan.
  • People who receive salaries should be in permanent employment for at least three years are eligible for the loan.

New India Cooperative Bank Personal Loan Amount

  • A salaried person with 30 times of net salary is subjected to a maximum of Rs. 5 lakh.
  • People who are self-employed or are professionals with two times the net taxable salary, subject to a maximum amount of Rs. 5 lakh.

Guarantors Required for this Loan

A person who is applying for a loan should have at least two guarantors of good means.

Repayment method for this loan: The repayment method for this personal loan is not more than sixty EMI’s.

Procedure to Apply for a New India Cooperative Bank Personal Loan

There are two methods to apply for a personal loan in this bank. These are

  • online modes- One can apply online through the website of Bank and can quickly fill their personal and work or professional information and upload the required documents. Also, one needs to check their loan eligibility while applying.
  • offline mode– One can go to their nearby bank branch and can carry all the required documents with them, then fill up the form and get your loan approval process started.

Documents Required to Apply for a Personal Loan in New India Cooperative Bank Limited

  • Duly filled and signed personal loan application form.
  • Photographs of the borrower
  • Bank statement or bank passbook which have entries of at least last six months.
  • Proof of income- One needs to show income returns of the past two years.
  • Address Proof- any documents, including electricity bill, mobile or telephone bill, bank account statement, etc., can be used as address proof.
  • Identify proof – any documents, including Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card, can be used as identity proof.

New India Cooperative Bank Personal Loan Conditions Required

The condition to share linkage in this bank is that the applicant should be a regular member, and the guarantors should become a nominal member by paying just an amount of Rs. 100.

Benefits and Features of New India Cooperative Bank Personal Loan

  • Customizable amount one can avail –Individuals can avail of Rs 5 lakh on the personal loan.
  • Interest Calculation system- The loan interest is calculated on reducing balance daily.
  • The repayment term is quite flexible- Based on one’s loan paying capacity or EMI repaying capacity, one can opt for a loan tenure while applying for this loan.
  • Pre-payments are usually permitted- Prepayment of the loan is allowed by the borrowers. Also, this bank does not charge a prepayment fee by the borrower even if the borrower makes prepayments, only if the loan has been taken over by another bank or financial organization, or institution.

Interest Rates for New India Cooperative Bank Personal Loan

The interest rate calculates up to 11% per annum onwards on the loan amount of up to Rs.5 lakh. The processing for this is calculated as per the lender’s terms and conditions.

A personal loan is usually beneficial for people who can help individuals get the desired amount of funds during an emergency without any chaos or hassle.

One should never forget to check your eligibility before applying for the loan, getting yourself familiar with the features and benefits of the loan. Also, one should go through the conditions mentioned in a fine print before applying for the loan.

Certain information one should be aware of about the bank is:

When a person borrows a certain amount from the bank, the lender charges a certain interest on it. The interest rate affects the cost of the loan one wishes to take. This is why it is usually advised to calculate the interest rate and compare it with various other banks to make it easier to borrow the loan.

Reasons of Rejection of New India Cooperative Bank Personal Loan

  • High existing debt- If a person has already taken a lot of amount from the bank in the form of a loan, and if the loan and net income ratio is 40%, then the lender usually rejects your loan application.
  • Too many loan enquiries- whenever a person applies for credit, the lender usually asks for your credit report from the credit bureau, known as enquiry. The credit bureau mainly considers such enquiries as hard enquiries and mentions them in your credit report. One should try to avoid making too many enquiries even if it is available free of cost. Too many questions lead to a negative impact on your credit score.

FAQ’s on New India Cooperative Bank Personal Loan

Customer care channels through which the bank can be contacted are – Customers can contact the bank by dialling 022 665 86658, or one can even send an email at the customer care customercare@newindiabank.in.

Question 1.
What is the maximum loan amount a self-employed person can avail?

Answer:
Self-employed people, businessmen or people who have been working in companies or are professionals: if they have been working for a minimum of two years, they are eligible for the loan.

Question 2.
Does this bank require the guarantors to avail of the loan?

Answer:
Yes, the borrower needs to have at least two guarantors for availing of the loan.

Question 3.
What is the difference in the interest charged on personal loans for salaried employees and personal loans for self-employed individuals or a businessman?

Answer:
The salaried employee is usually charged an interest rate of 11% per annum, whereas self-employed individuals will be charged 15% per annum.

Question 4.
What is the daily reducing balance method of interest calculation?

Answer:
The interest is calculated on a daily reducing balance basis. The lender calculates the outstanding principal daily and calculates the interest on the due balance.

Question 5.
Does a hike in interest rate also increase the EMI of personal loans?

Answer:
Whenever there is a hike in the interest rate, loans obtained at a fixed interest rate do not get affected by it. Also, if you do not prefer your EMI amount to go up in the case of floating rate loans, you can even opt for an increase in the tenure.

Leave a Comment

Your email address will not be published. Required fields are marked *