The Karad Urban Cooperative Bank Personal Loan @ 7% to 15% | Features, Benefits, How To Apply?, Documents Required and Interest Rates

The Karad Urban Cooperative Bank Personal Loan: You might be thinking of renovating your old house into a perfectly new one or maybe you want to have your dream destination wedding, but you do not have the money and are thinking of taking a loan. Well, in that case, the Karad Urban Cooperative Bank Personal Loan might be perfect for you.

In this specific article, we’ll be looking into the various details starting from the Karad Urban Bank Interest Rates to the various Karad Urban Co-op bank ltd., branches that you can visit avail these loans. Something to be noted, the interest rates in the article are not applicable in the case of Karad Urban Bank Home Loan Interest Rates.

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.

The Karad Urban Cooperative Bank

The Karad Urban Cooperative Bank Overview

Karad Urban Co-Operative Bank Limited is presently a well-known name in the urban banking sector. The bank was founded in 1917 as a cooperative urban credit society, and later they turned it into a bank. Until 1993, the bank had only eight branches in the Satara District. Since then, its presence has expanded to other significant Maharashtran districts like Sangil, Solapur, Kolhapur, Ratnagiri, Pune, and Mumbai. The bank has made considerable headway in all of these districts and, in response to the need and demand, has revised its by-laws to include other Maharashtra districts such as Raigad and Ahamadnagar as plans to go multi-state.

Along with banking activities, Karad Urban Co-operative Bank has also made efforts toward their social obligation. They established a public trust named Karad Urban Samajik Kriyadnyata Nyas, which provides financial aid to members suffering from chronic diseases and severe ailments like neurological disorders, heart attacks, kidney failures, etc. The bank also gives financial assistance for higher studies abroad. Any significant achievement in particular fields by a bank member also gets financial aid from the bank.

The Karad Urban Cooperative Bank Features

  • The bank requires minimal documentation from an applicant.
  • Personal loan applications are quickly processed.
  • The bank’s interest rates are pretty attractive and competitive compared to the market.
  • Employees from big firms enjoy special privileges and special offers from the bank.

How to apply for a Personal Loan in Karad Urban Cooperative Bank?

Unlike other banks, Karad Urban Cooperative Bank does not provide a facility to apply for loans online. To apply for a loan, an individual has to visit the nearest branch and discuss the needs and problems with the banking official.

The official will hand over an application form which needs to be filled with all the information about the individual and their present job. The application has to be signed by the applicant and submitted to the bank as suggested by the banking official and the documents required by the bank. This gets the approval process for the personal loan application started.

Eligibility Criteria for Karad Urban Cooperative Bank Personal Loan

  • The applicant should be a member or nominal member of the bank.
  • The applicant must be within 21 to 60 years of age.
  • The applicant must have banking relationships as a: salaried individual or self-employed individual or trader or industrialist or professional or transport operators, etc.
  • The applicant needs to have a regular monthly income.
  • The applicant should have an excellent CIBIL score.

The Karad Urban Cooperative Bank Personal Loan Documents Required

  • The individual must thoroughly fill out and sign the loan application form.
  • Two Photographs of the person.
  • PAN card, Aadhaar card, Passport, Voter ID card, driving license, and Government department ID card are all acceptable forms of identification.
  • In terms of salaried individuals, the most current salary slip with all deductions, or Form 16, along with the most recent salary slip, must be given as proof of income.
  • In self-employed individuals, applicants must submit Income Tax Returns for the prior two fiscal years.
  • Applicant must submit any of these following forms of evidence for an address: a bank account statement, an existing housing lease agreement, the most recent power bill, the most recent credit card statement, and the most recent mobile/telephone bill.
  • The applicant’s bank statement or bank passbook with entries from the previous six months.

The Karad Urban Cooperative Bank Personal Loan Features

  • The bank provides personal loans of up to a maximum of 50 lakhs.
  • The interest rate for personal loan is around 13% to 15% per annum.
  • The processing charge for personal loans is very low.
  • There are no commitment charges involved.
  • The repayment period of EMIs for the loan ranges from 12 months to a maximum of 60 months.
  • The bank does not require the applicant to provide any security; however, it depends on the amount of loan taken and certain other factors.

Types of Personal Loan offered by the Karad Urban Cooperative Bank

  • Gold Loan
  • Home Loan
  • Vehicle Loan
  • Loan for consumer durable
  • Education Loan
  • Ware Housing Loan
  • Working Capital Limits Loan
  • Laptop Loan

Takeaways from the article

Karad Urban Cooperative Bank is one of Maharashtra’s most trustworthy regional banks. They provide excellent facilities and services to their customers. As you can see, in terms of the personal loan, they provide very low-interest rates along with low processing charges and no commitment charges at all.

Not only that, their repayment methods are easily accessible by the applicants. It is one of the best banks to provide personal loans in the current market.

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