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Loans


Personal Loans

New India Bank offers personal loans to salaried persons and self employed professionals. Financing your personal expenditure has never been as easy as it is today.

Eligibility :

  1. Salaried people should be in permanent employment for the past three years, with minimum 3 years of service.
  2. Professional/Self employed Persons who have been working for a minimum period of two years are eligible for personal loans.

Loan amount eligible :

  1. Salaried person 30 times of net salary, subject to maximum of Rs 500,000
  2. Self Employed /Professional 2 times the net taxable income, subject to maximum of Rs 500,000

Guarantors

2 Guarantors of Good means

Repayment Period :

  • Not more than 60 EMI's

Interest :

  • On reducing balance method.

Share Linkage :

  • Applicant to be Regular member and Guarantors to become nominal members by paying Rs.100/- only.

Special Features :

  • Interest calculated on daily reducing balance.
  • No prepayment/commitment charge levied unless the Liability is taken over by another financial institution.

Rate Of Interest :

  • 11% p.a. for salaried person
  • 15% p.a. for Businessman / Self employed

 

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