I read that pinging loopback will work if we have TCP/IP suite installed on our computers and don't necessarily have a NIC. So, do we need NIC to ping loopback ip(127.0.0.0) ?
Actually 127.0.0.1 is just the loopback address for TCP/IP protocol stack. It let's you know you have the protocol installed and windows is recognizing it. Has nothing directly to do with a NIC, as you can still do this test with a generic modem in a system without LAN network hardware or access.
Loopback address is a special IP number (127.0.0.1) that is designated for the software loopback interface of a machine. The loopback interface has no hardware associated with it, and it is not physically connected to a network. The loopback interface allows IT professionals to test IP software without worrying about broken or corrupted drivers or hardware.
So that means you do not need a NIC to be able to ping your loopback addresses.