Assam Gramin Vikash Bank Personal Loan | Purpose. Benefits, Features, Eligibility, Mode, Documents Required and Myths

Assam Gramin Vikash Bank Personal Loan: Assam Gramin Vikash Bank is a bank in India established in 2006. The bank has its headquarter in Guwahati, and the address is G.S. Road, Bhangargarh, Guwahati -781005. The bank has almost 814 branches across the state. The bank provides all financial services to its customers like saving deposits, fixed deposits, recurring deposits, loans, personal loans, net banking, RTGS, NEFT, IMPS E-wallet, RTGS, Car loan, bank loan, etc. The bank supports all the schemes like Jan Dhan Yojna, Atal Pension Yojana, Pradhan Mantri Suraksha Bima Yojana, and many more.

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.

Assam Gramin Vikash Bank

Purpose of Providing Personal Loan by Assam Gramin Vikash Bank

As the bank provides loans without keeping any collateral or property, it makes it easier for the customer to take loans in all sought of emergencies like payment of credit card bill, repayment of an existing loan, marriage in the family, household shifting, or any other business emergency trip. The bank provides Personal Loan Interest Rates, Personal Loans at -14% to 14.25%, which are very flexible.

Benefits and Features of Assam Gramin Vikash Bank Personal Loan

  • The process of personal loan application is fast and easy.
  • The loan approval process is quick.
  • No security is required for availing of a personal loan.
  • The maximum loan amount can be approved.
  • There are many discounts and special schemes for employees of large companies.
  • There are attractive and competitive interest rates.
  • There are various loan repayment options.

Eligibility To Apply for Assam Gramin Vikash Bank Personal Loan

  • Age: 21-58 years
  • Salaried /Self Employed with regular income.
  • Number of years in present job/business/profession: up to 3 years
  • Permanent employees of State /Central Government, Public sector undertakings, private sector companies, and reputed establishments.

Mode Of Application for Applying for A Personal Loan

Online mode: Personal loans can be easily applied from the website of bank by filling up all the necessary information and uploading all documents. The eligibility should be checked before applying for a loan.

Offline Mode: The loan can be applied by visiting any bank branch, along with all the required documents. After filling up the form available at the branch, the approval process can be started.

Documents Required for Personal Loan Approval At Assam Gramin Vikash Bank

  • Proof of identity: Passport, Voter ID, Driving License, PAN card, Aadhar Card, Government department Id card.
  • Duly filled up the loan application form with correct information.
  • Bank statement or bank passbook having entries of last six months
  • Proof of income – Income Tax Returns of 2 previous financial years.
  • Proof of income – Latest salary slip showing all deductions or Form 16 with recent salary certificate ( for salaried individuals)
  • Proof of Address – This includes the latest electricity bill /telephone bill / mobile bill, existing house lease agreement, latest credit card statement, etc
  • Photographs

Security Deposit for Applying for a Personal Loan

When it comes to security, cooperative banks are one of the banks that require no security deposit for issuing any kind of personal loan.

Loan Repayment Methods Available at Assam Gramin Vikash Bank

Any one of the following methods can be used to repay the loan.

  1. Mobile banking is provided by the bank.
  2. Through an internet banking solution.
  3. Standing instruction registration at the respective bank
  4. Automated Payment through ECS (Electronic Clearing Service )

Loan Repayment Options

The loan repayment generally starts from 12 EMI and can be done up to 60 EMI’S. The repayment period also differs from one person to another depending upon their credit score.

Myths Regarding Personal Loans

There Is A Need For Regular Income For Personal Loans

There are chances where you can get your loan approved even if you don’t have a regular income. Loan approval can be easily given to you if you are a joint holder with a regular income source.

Prepayment Of A Personal Loan Attracts A Penalty

It depends from one lender to another to charge a penalty on prepayment, and it has been generally observed that many lenders do not charge any penalty on prepayment.

Longer Loan Repayment Tenure Is Better

It is generally believed that longer loan repayment tenure is better, but it’s not true. Longer repayment tenure brings higher interest. This will make pay you interest for a longer period.

Hike In Interest Rate Increase Emi Of Personal Loan

When there is a hike in interest rate, loans generally obtained at fixed rate are not affected, but the loans obtained at the floating rate, then there is an increase in interest rates.

Interest Rates Are Not Negotiable

There is a general misconception that we cannot negotiate interest rates. Still, people with good income and good credit scores can negotiate interest rates with the lenders and get comparatively lower interest rate loans.

A Good Credit Score Can Easily approve a Personal Loan

Only a good credit score does not confirm a personal loan. There are many more factors, such as regularity of income, employer, employment type, etc., which the lender considers before loan approval.

Personal Loans Cannot Be Approved With A Poor Credit Score

If the credit score is poor, you can get a personal loan but is generally approved on higher interest rates. The loan also depends on other factors such as the borrower, age of the applicant, income of the applicant, etc. If major banks do not approve your loan, you may approve a loan from cooperative banks and NBFCs.

Various Reasons Why Personal Loan Is Rejected

  • Higher Loan Enquiries: The credit report asked by the credit bureau is called inquiry. The person should not make many queries even if it is free of cost. Too many queries lead to an effect on your credit score. The credit bureau considers such inquiries as hard inquiries and mentions in your credit report, which can lead to difficulty in your loan approval.
  • The Size Of Existing Debt: If the loan is already taken and the loan to net income ratio is above 40%, lenders can reject your loan application.
  • Poor Credit Score: A credit score defines the worth of any person. A credit score helps in determining the risk of default. Due to poor credit scores, personal loans can get rejected. Usually, a person with a credit score of less than 750 may face personal loan rejection. A credit score is generally seen by the lender while approving any loan.

Assam Gramin Vikash Bank Contact Details

  • Bank Official Website – Www.agvbank.co.in
  • Contact Numbers – 0361 – 2464107, 2131604/605/606, 9957183638, 9957183637, 9957183639
  • Email Id – Agvbank@yahoo.co.in
  • Total Branches – 814
  • Headquarter – Guwahati
  • Bank Address – G.s.road, Bhangagarh, Guwahati – 781 005

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