The Varachha Cooperative Bank Ltd. came into existence on 16th October 1995 and Inauguration ceremony was done by on the hand of Shree Swami Sacchidanand. Consumer loan is for purchase all consumer items. This loan is available for anyone (like businessman, employed, Self employed, Profession). It offers home loan, business loan, personal loan, vehicle loan etc.
Purpose – Purpose for any consumer item. (TV, Washing Machine, Refrigerator, Ac. etc.)
Features – The special feature of the bank include
- Long term loan up to 60 months(5 years)
- Easy Process
- Interest charge on actual reducing balance
- No Hidden Charges for administrative work.
- Nominal Processing Charge
- No Prepayment Penalty
- Interest will be charged on daily product bases.
Eligibility – Salaried Individuals, Professionals, Self Employed Individuals, businessman
Margins – 30 % Margin
Rate of Interest – The rate of interest is 14.00%
Repayment – Repayment in easy installments spread up to 5 years, based on your age and capacity. The borrower can prepay at will with no penalty, or pay more than his/her stipulated monthly installment at any time, depending upon the availability of funds. This would enable the borrower to pay off the loan faster and reduce his interest burden. No Prepayment Penalty.