Cosmos Bank Personal Loan – Interest Rates 2024
Cosmos bank offers personal loans for Higher Education, Repayment of unsecured loans, Foreign Business Visit expenses, Purchase of Residential Plot, Construction on plot where some Title Deeds/link documents are not available & Business promotion.
Maximum loan amount: In deserving cases maximum amount of loan shall be 50 to 60 % of the property value or Rs.100.00 lacs whichever is less.
TYPE OF FACILITYLimit can be sanctioned / operated as Term Loan or Overdraft or as per the convenience & Repayment capacity of the applicant.
Cosmos Bank Personal Loan Interest Rates
Interest Rates = 10.75% – 11.00% p.a
Maximum Loan amount = Upto 5 Lakh
Time of Disbursement = 3 Days
Documents Requirement = KYC Documents
SECURITYa) a constructed property, in case of plot, if it is made N.A. by collector and duly fenced with bank’s board of mortgage, it can be accepted in exceptional meritorious cases.
b) Age of the property should not be more than 30 yrs.in case of commercial properties & 25 yrs. in case of residential property. It shall be confirmed through valuation report and visit that the construction is of RCC and residual life of the property is longer than loan tenure.
c) Property should be in the form of constructed residential or commercial property with completion certificate from the competent authority.
d) Property can be mortgaged by way of registered mortgage if all original title deeds as per legal opinion are available.
e) PDCs for interest EMI shall be taken.
PERIODFor Term Loan – 5 to 7 years., For Overdraft – review within 15 months.
REPAYMENT CAPACITYIncome of Borrower/co-borrower can be considered for assessing the DSCR/repayment capacity. Repayment burden of other prevailing loans will also have to be considered while assessing the repayment capacity.
GUARANTORSTwo guarantors acceptable to the Bank will have to be provided. One guarantor can be accepted considering the merit of the proposal.
END USE OF FUNDSDocument showing end use of the funds disbursed must be submitted in addition to undertaking, confirming that loan amount will be utilized only for the purpose applied for.
Other available products of Cosmos Bank:
✓ Cosmos bank personal loan
✓ Cosmos bank home loan
✓ Cosmos bank Car Loan
