Bangiya Gramin Vikash Bank Personal Loan @ 13% | How To Open Bangiya Gramin Vikash Bank Account? Personal Loan and Mudra Loan

Bangiya Gramin Vikash Bank Personal Loan: The Bangiya Gramin Vikash Personal Loan is a scheme by the Bangiya Gramin Vikash Bank which is owned by the Government of India. The Bangiya Gramin Vikash Bank is an indigenous Indian rural bank that was established as a Gramin Bank in terms of the provisions of Regional Rural Banks Act 1976.

Bangiya Gramin Vikash is sponsored by Punjab National Bank and is also owned by Government of India, Government of the Indian state of West Bengal and Punjab National Bank all which has 50%, 15% and 35% of Share Capital Deposit respectively. It has its head office in Behrampur, Murshidabad district of West Bengal. It is also quite known for Bangiya Gramin Vikash Bank Gold Loan Interest Rate

Here in this article we would look into 2 main things – Bangiya Gramin Vikash Bank Mudra Loan, and Bangiya Gramin Vikash Bank Account Opening Online.

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.

Bangiya Gramin Vikash Bank

Bangiya Gramin Vikash Personal Loan

  1. This scheme helps one in meeting all financial expenditures of myriad forms like social and personal obligations as well as medical emergencies, etc. This scheme is open to both professional and self-employed people.
  2. Also, permanent employees of the State and Central government of India, esteemed corporate firms and houses, educational institutions can also avail this scheme.
  3. Regarding the eligibility of remunerated people, a person must work in an organisation or an institution for at least 2 years. Secondly, the person’s salary should be paid out through the bank branch where the loan is applied for.
  4. Thirdly, if there is a co-borrower (say a partner or a spouse), that person’s salary could be required as eligibility criteria or requirements.
  5. Regarding the eligibility of self-employed people, the person should have been running a business or his/her self-occupation for a minimum period of two years. Secondly, that person should have an account in the branch where the loan is applied for, with a low minimum amount of Rs. 2 lakh per annum is mandatory for that person.
  6. Thirdly if there is a co-borrower (say a partner or a spouse), that person’s salary can be required as eligibility criteria or requirements and the bank relaxes the annual earning requirement of the co-borrower by Rs. 1.50 lakh.
  7. The rate of interest for this loan is MCLR + 4.00%, that is, 13% p.a. at present chargeable at monthly rest interest will be subject to change as per the directives of the bank or Reserve Bank of India (RBI) or NABARD or every change in MCLR.
  8. The loan shall be repaid back within a period that must not exceed 60 months, i.e, 5 years by all EMI so that net take home salary of the person who applied after all deductions, that includes instalment of proposed loan and loans granted by the person’s employer, is not less than 40% of the gross income of the applicant.
  9. An adequate length of service must be ensured so as to cover the proposed repayment schedule.
  10. If a spouse is the co-borrower (say in this case, a wife), then the loan repayment is extended upto 72 months at the consent of the net take home salary of the applicant after all deductions, including instalment of proposed personal loan or loans granted by the employer as stated above, is not less than 40% of the gross income of the husband (or the couple if the spouse say either the co borrower wife or husband is a working person).
  11. An adequate length of service must be ensured so as to cover the proposed repayment schedule.

Bangiya Gramin Vikash Mudra Loan

Among different types of loans offered by the banks operated by the Government of India, Mudra Loan refers to Micro Units Development and Refinance Agency Ltd. actually comes under the Pradhan Mantri Mudra Yojana scheme (PMMY) initiated by the Government of India.

The PMMY was launched in the year of 2015 by the Prime Minister of India Narendra Modi.

Note: This Bank is one of the leading banks under rural government banks and hence it proudly offers Mudra loan among other services.

The loan facilitates micro-credit to small and micro scale industries ranging from Rs. 50,000 to Rs. 10 lakhs. Bangiya Gramin Vikash Bank PMMY Mudra Loan is offered at a very low-interest rate when compared to other private banks, since this Bank is operated by the Government of India.

Bangiya Gramin Vikash Bank PMMY Mudra Loan helps applicants and micro-enterprises to cover up the following expenses as stated below:

  1. Starting a new business
  2. Business/enterprise expansion
  3. To purchase new machinery or a plant related to micro industry
  4. Business capital
  5. To purchase equipments related to business or commercial interests
  6. To hire human resource and to train them

Bangiya Gramin Vikash Bank PMMY Mudra Loan is offered to applicants who are:

  1. Start-up business owners
  2. Shopkeepers
  3. Small Industrialists
  4. Business vendors
  5. Manufacturers
  6. Agriculturalists

After clearing all the eligibility criterions, the applicant has to go through the documentation process for which he/she will need the following documents:

  1. Identity Proof: Aadhaar Card, Passport, Voter I-Card, Driving License, etc, and 2 Passport-sized photographs of the applicant (must).
  2. Residential Proof: Aadhaar Card, Passport, Bank statements, telephone or electricity bill, or Address of the enterprise (if any).
  3. Income Proof: Latest ITR documents, Income Certificate, Last 6 months’ bank statement.
  4. Quotation Proof: Items to be purchased for business use which is mainly required to show as an authentic proof what will be the loan be used for (if any).
  5. the license of the enterprise (if any).

How To Open Bangiya Gramin Vikash Bank Online Account

If one wants to open an online savings bank account in Bangiya Gramin Vikash Bank, that person or applicant needs to first check whether his/her bank allows an option to open savings account online for that person. If the bank allows, then one must follow the steps stated below:

  1. Firstly, to open an account online, the foremost step is to visit the bank’s Official Portal where one wants to open his/her account.
  2. Secondly, then that person should fill the Savings Account Opening Form (SAOF) where one has to fill up all these necessary details such as his/her information and other information given in the different sections of the online form like name, address, email id, contact number, Aadhaar number, PAN number, nominee’s name, etc.
  3. Thirdly, that person has to upload all the required documents (including the mandatory ones) for example KYC documents like PAN, Proof of Address, photocopy of Adhaar Card and Voter ID Card & Proof of Identity, etc.
  4. Fourthly, over a video call one has to get verified where documents will be shown by the applicant to the person who is in charge of opening the applicant’s account.
  5. Fifthly, after going through the aforementioned steps, the applicant’s account will be opened and he or she will be given an account number Customer ID by the bank.
  6. Lastly, the applicant has to obtain his/her Cheque Book, Debit Card, Passbook & Other Documents from the bank sent though courier.

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