Rajkot Nagrik Sahakari Bank Personal Loan | Features, Advantages, Purpose, Required Documents and Eligibility Criteria

Rajkot Nagrik Sahakari Bank Personal Loan | Features, Advantages, Purpose, Required Documents and Eligibility Criteria

May 11, 2023 / Loan / By

Rajkot Nagrik Sahakari Bank Personal Loan: It is one of the most trusted cooperative banks in India. It has its headquarters at Rajkot city of Gujarat state in India. This Bank was established on 5th October 1953, and it was founded by late Shri Keshavlal Amrutlal Parekh(chairman) and late Shri Janmashankar Antani (Managing Director) with a small capital amount of approximately five thousand which was contributed by the fifty-nine members. It was the first cooperative institution which has started to function in the erstwhile state of Saurashtra.

This Bank has grown up in different ways over the years. Not only that but also, this Bank recorded by inching its membership towards 3 lacs mark which is really a massive movement in the financial system. The Bank received Scheduled Bank status in 1988. And in 2001, this Bank was registered under the Multi-State Co-operative Society Act. By 1995 all the branches of Rajkot Nagarik Sahakari Bank were computerized. During some past years this bank has played a vital role to develop the industries, economy and business in Rajkot city. Nowadays, it is one of the most valued Multi-State Co-operative Banks in India.

Rajkot Nagarik Sahakari Bank offers personal loans schemes to give you the best that suits your need. It provides different types of suitable interest rates. Now you need to read on and find out every detail of the personal loan offered by Rajkot Nagarik Sahakari Bank.

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.

Rajkot Nagrik Sahakari Bank Personal Loan Features and Advantages

  • You can lend the maximum amount of money.
  • Options to repay multiple loans are available here.
  • This Bank provides very fast and easy processing of personal loan applications.
  • Loans are approved quickly.
  • There is no guarantor needed for a loan application.
  • You can find the suitable interest rate as you want.
  • Personal loan doesn’t require any type of security.

How to apply for Rajkot Nagrik Sahakari Bank Personal Loan?

In online mode: If you want to apply for a personal loan from Rajkot Nagarik Sahakari Bank in online mode, you have to check out the website of Bank and then fill it up with your personal information and then upload the necessary documents.

In offline mode: On the other hand, you can apply in offline mode to get a personal loan. For that, you need to personally visit any of Bank branches along with all the required documents such as identity proofs, and then you have to fill the form to get the loan approval.

Rajkot Nagrik Sahakari Bank Personal Loan Purpose

To get a personal loan from Rajkot Nagrik Sahakari Bank, you have to show the purpose.

  • Debt consolidation: You can take a personal loan to repay various issues.
  • Emergency purpose: For any emergency cost or something else which needs immediate action, you can apply for your personal loan.
  • Moving cost: When you are moving out of your location you need extra money to cover the expenses. That’s why you need to take a personal loan.
  • Wedding expenses: To pay for any kind of expenses used for the wedding, you can apply for a personal loan.
  • Vehicle financing: If you want to buy a vehicle, personal loans are also available.

There are also many different purposes such as

  • Vacation costs
  • Appliance purchases
  • Home remodeling

Personal Loan Eligibility at Rajkot Nagrik Sahakari Bank

  • Age should be from 21 to 58 years
  • Permanent employees of Central or State Govt., Public sector undertakings, corporations, Private Sector Companies, and reputed establishments are allowed to apply for a personal loans.
  • Applier must be self-employed with a proper salary.
  • Up to three years of experience is needed in the present job/business/profession.

Rajkot Nagrik Sahakari Bank Personal Loan Required Documents

  • The personal loan form must be filled out and signed properly.
  • Photographs
  • Any kind of identity proofs such as Aadhar card, driving licence, PAN card, Voter ID card etc.
  • Proof of income like the latest salary slip which shows all deductions.
  • Address proof like Bank account statement, latest electricity bill, latest mobile or telephone bills, latest credit card statement etc along with the existing house lease agreement.
  • Bank statement or the Bank Passbook with the entries of the last six months.

Rajkot Nagrik Sahakari Bank Personal Loan Repayment

In case of personal loan repayment, a maximum of sixty EMIs are allowed in Rajkot Nagrik Sahakari Bank which starts from twelve EMIs.Your credit score will decide the repayment period.

Repayment as Equated Monthly Installments(EMI)at Rajkot Nagrik Sahakari Bank

Here you can find different methods to repay the Personal Loan.

  • You can get standing instruction registration at your bank.
  • An Internet banking solution is also available.
  • Through ECS(Electronic Clearing Service) you can repay automatically.
  • Nowadays Mobile banking apps are also available.

Reasons of Rejections of Personal loan

  • If the credit score is very poor: A credit score is a number that represents a person’s financial and credit standing and ability to obtain the financial condition. A good credit score refers to one’s credibility to repay the loan without any defaults. It is very important for their lenders to understand the risk of default. A person with a credit score of 750 may face an issue to be rejected from getting a personal loan.
  • If the size of existing Debt is high: If you have already taken a lot of loans and the loan net income ratio is above 40%, then your loan application may be rejected by the leaders.
  • If the Loan enquiries are high in numbers: Whenever you apply for credit, you are asked for your credit report from the credit bureaus by the lenders which is called an enquiry. The credit bureau considers such enquiries which are called hard enquiries and it is mentioned in your credit report. You should not make too many enquiries even if it is available free of cost. It will have a negative effect on your credit score.

Conclusion on Rajkot Nagrik Sahakari Bank Personal Loan

So basically, Personal Loan is a suitable financing option for the consolidation of existing debts. Most lenders will check your credit score and other factors for the interest rate. So, You have to balance all the factors to get your personal loan approval. On the other hand, it is a kind of unsecured credit which is provided by the Bank based on your purposes and eligibility.

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