Chaitanya Godavari Grameena Bank Personal Loan | Features, Benefits, How To Apply?, Eligibility, Reasons of Rejection

May 11, 2023 / Loan / By

Chaitanya Godavari Grameena Bank Personal Loan: Chaitanya Godavari Grameena Bank is an Indian microfinance institution founded on 01-03-2006. Its headquarters are located in Guntur at Raghu Mansion, 3rd Floor, Brodipet, Guntur – 522 002. It operates 185 branches around the state.

The bank provides a range of smart banking products, including savings accounts, current accounts, fixed deposits, non-resident equivalent fixed deposits, recurring deposits, personal loans, loans against gold, loan against property, two-wheeler loans, microloans, and cash overdrafts, along with Chaitanya Godavari Grameena Bank Home Loan Interest rates.

The article deals with various aspects of the Bank, especially the features about Chaitanya Godavari Grameena Bank Personal loan eligibility, a guide to Chaitanya Godavari Grameena Bank personal loan application online, and much 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.

Chaitanya Godavari Grameena Bank

Chaitanya Godavari Grameena Bank Overview

Chaitanya Godavari Grameena Bank is an Indian microfinance institution founded on 01-03-2006. Its headquarters are in Guntur at Raghu Mansion, 3rd Floor, Brodipet, Guntur – 522 002. It operates 185 branches around the state.

The bank provides a range of smart banking products, including savings accounts, current accounts, fixed deposits, non-resident equivalent fixed deposits, recurring deposits, personal loans, loans against gold, loan against property, two-wheeler loans, microloans, and cash overdrafts.

Chaitanya Godavari Grameena Bank offers various types of financial services to its customers, including savings deposits, fixed deposits, recurring deposits, loans, personal loans, netbanking, RTGS, NEFT, and IMPS, as well as Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, and Pradhan Mantri Suraksha Yojana. Pradhan Mantri Jeevan Jyoti Bima Yojana Bima Yojana, among others.

Chaitanya Godavari Grameena Bank Features

  • Minimum documentation is required by the bank.
  • Applications for personal loans are very easily processed and approved.
  • Interest rates by Chaitanya Godavari Grameena Bank are quite attractive and affordable.
  • Employees from large companies enjoy special privileges and discounts from Chaitanya Godavari Grameena Bank.

How to apply for a Personal Loan in the Chaitanya Godavari Grameena Bank

Applying Online

Go to the official website of Chaitanya Godavari Grameena Bank. You will see an option named “Apply Now.” Select the personal loan application from there. You will be asked to fill a form with your basic personal details like name, email address, contact number, etc. You will state the reason for the personal loan in the feedback option and then submit it. The bank official will then contact you to complete the rest of the application process.

Applying Offline

Visit the nearest branch of Chaitanya Godavari Grameena Bank. The bank official will ask you the purpose of the personal loan and give you an application form. Fill in the application form and properly sign it. Submit it to the bank official with all the required documents. This will start the approval process for your personal loan application.

Chaitanya Godavari Grameena Bank Personal Loan Eligibility Criteria

The eligibility criteria for Chaitanya Godavari Grameena Bank Personal Loan differ on a few aspects of salaried and non-salaried individuals.

  • The applicant must be a minimum of 18 years old.
  • The applicant needs to have a regular monthly income.
  • The applicant should have a CIBIL score above 650.
  • For salaried individuals, the maximum eligibility age depends on the following terms:
    • In the case of pension eligibility, the loan should be terminated when the applicant/co-applicant reaches the age of 75.
    • Non-pensioners’ loans should be terminated at retirement.
  • For self-employed individuals, the maximum eligibility age depends on the following terms:
    • When the applicant/co-applicant reaches the age of 70, the loan should be terminated.
    • Professionals such as doctors, lawyers, engineers, and chartered accountants are eligible, whereas farmers and businessmen are not.
    • Under this scheme, takeover with/without enhancing the applicant’s personal loans from other Banks/FIs is also permitted, subject to eligibility.
  • After deducting all repayment obligations, including personal loan repayment, take-home pay should be greater than or equal to 30% of gross monthly salary for salaried individuals.
  • For self-employed individuals, after deducting all repayment obligations, including personal loan repayment, Net Annual Income should be greater than or equal to 30% of Gross Annual Salary.

Chaitanya Godavari Grameena Bank Personal Loan Documents Required

  • Two Photographs of the applicant for the personal loan.
  • PAN card, Aadhaar card, driving license, Passport, Voter ID card and Government department ID card are all acceptable forms of identification.
  • In terms of salaried individuals, payslips for the previous three months and Income Tax Returns for the last two years, Employee ID, Salary Certificate, and Salary Account Statement are required.
  • In the case of self-employed individuals, applicants have to submit Income Tax Returns for the previous two years.
  • Applicant must submit any of these following forms of evidence for an address: a bank account statement, the most recent power bill, an existing housing lease agreement, the most recent credit card statement, and recent mobile/telephone bill.
  • The applicant’s bank statement or bank passbook with entries from the previous six months.

Reasons for rejection of the loan

The personal loan application may be rejected by the bank if:

  • The applicant already has existing debts with a huge amount.
  • The applicant has a credit score which is lower than 650.
  • there are too many inquiries by the applicant for the personal loan

Chaitanya Godavari Grameena Bank Personal Loan Features

  • The bank provides personal loans of up to a minimum of Rs. 1 lakh for all individuals.
  • The maximum amount of loan for salaried individuals is Rs. 50 lakhs, whereas the maximum loan amount for self-employed individuals is Rs. 25 lakhs.
  • The interest rate for the personal loan depends on the CIBIL score of the applicant and whether they are salaried or self-employed:
    • With a CIBIL score between 650-750, salaried individuals have a 10.50% interest rate, and self-employed individuals have an 11.90% interest rate.
    • With a CIBIL score between 750-800, salaried individuals have a 10.25% interest rate, and self-employed individuals have an 11.65% interest rate.
    • With a CIBIL score between 800 and above, salaried individuals have a 10.00% interest rate, and self-employed individuals have an 11.40% interest rate.
  • The processing charge for personal loans is 0.50% of the loan quantum with GST.
  • The repayment period of EMIs for the loan ranges from a maximum of 10 years.
  • The bank does not require the applicant to provide any security.
  • The personal loan repayment mode is equated monthly installments beginning with the following month of loan disbursement.

Takeaways from the article

Chaitanya Godavari Grameena Bank is a well-reputed bank with excellent banking facilities, from overdrafts to personal loans. When it comes to their personal loans, they offer various privileges to applicants from all fields of work. They have a very pocket-friendly interest rate, and applying for a loan is convenient for individuals. Besides that, they offer a long-term period for the repayment of the loan. If you think of taking a personal loan, Chaitanya Godavari Grameena Bank Personal Loan is a must checkout. Ensure that you meet and satisfy all the eligibility criteria and that the interest rate is s

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