Chhattisgarh Rajya Gramin Bank Personal Loan | Features, Benefits, Myths, Eligibility, How To Apply

Chhattisgarh Rajya Gramin Bank Personal Loan: The Chhattisgarh Rajya Gramin Bank is a well-established bank offering personal loans to various people across the country. The Chhattisgarh Rajya Gramin Bank personal loan interest rate is low, which facilitates its clients.

In this article, we talk about the Crgb Personal Loan EMI Calculator and how one can calculate the EMI on their personal loan. The Chhattisgarh Rajya Gramin Bank personal loan eligibility, documents needed, Chhattisgarh Rajya Gramin Bank balance check number have all been discussed in this article.

Want to compare Chhattisgarh Rajya Gramin Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

Chhattisgarh Rajya Gramin Bank Personal Loan

Let’s talk about the Chhattisgarh Rajya Gramin Bank

The Chhattisgarh Rajya Gramin Bank is a Gramin Bank in India founded on 02-09-2013. It has its headquarters in Raipur. The bank has 605 branches all over the state.

The Chhattisgarh Rajya Gramin Bank provides all the financial services to its clients such as fixed deposit, saving deposit, loans, personal loan, recurring deposit, net-banking, RTGS, Pradhan Mantri Jandhan Yojana, IMPS, Atal Pension Yojana, NEFT, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and several more.

The Interest Rates of Personal Loans by Chhattisgarh Rajya Gramin Bank were updated on 14th November 2021. You can choose to apply for Personal Loans online or offline. This article will learn about Chhattisgarh Rajya Gramin Bank Personal loan purpose, Eligibility, Margin, Repayment of Personal Loan, Security, and Document Required for Personal Loan.

Features and Benefits of Chhattisgarh Rajya Gramin Bank Personal Loan

  • Maximum loan amount
  • Multiple loan repayment options
  • Fast & easy processing of personal loan application
  • Quick loan approval
  • The bank does not insist upon a guarantor.
  • Competitive and attractive interest rates
  • Offers unique schemes and discounts for the employees of prominent companies
  • Usually, when availing of a personal loan, no security is required.

How can you apply for a Personal loan at Chhattisgarh Rajya Gramin Bank?

Apply Online: One can apply online via the official website of Bank and fill up their personal information and work information and finally upload necessary documents. One can use it after checking their loan eligibility.

Apply Offline: One can personally visit any Bank branches and all the needed documents, fill-up the form, and start the loan approval process.

Personal Loan Eligibility at Chhattisgarh Rajya Gramin Bank

  • Age limit from 21 to 58 years.
  • The individual must be a permanent employee of any Public Sector Undertakings, State/Central Govt., Private Sector Companies, Corporations, and reputed establishments.
  • The individual must be Salaried or Self – Employed having a regular income.
  • Number of years at the current job or business or profession: up to 3 years
  • Documents Needed For Chhattisgarh Rajya Gramin Bank Personal Loan
  • Properly filled up and signed personal loan application form.
  • Passport-sized photographs.
  • Identity Proof – Passport, Driving license, Voter ID card, PAN card, Government department ID card, Aadhar Card.
  • Income proof – Latest salary slip showcasing all deductions or Form 16 attached with the current salary certificates applicable for salaried individuals.
  • Income proof – Income Tax Returns of the previous two financial years – applicable for other than salaried individuals.
  • Address proof – Bank account statement, Latest mobile/telephone bill, Latest electricity bill, Existing house lease agreement, Latest credit card statement
  • Bank Pass Book or bank statement of having entries of the last six months

How to repay Chhattisgarh Rajya Gramin Bank Personal Loan

Maximum 60 EMIs are permitted for the repayment of personal loans. It starts from 12 EMIs. The repayment period also depends upon one’s credit score.

Personal Loan Myths

Pre-payment of Personal Loan always attracts Penalty

It is a myth that pre-payment of a Personal Loan will cause a penalty. It depends upon lenders to charge any pre-payment penalty. It has been seen that many lenders do not capture any type of prepayment penalty.

The personal Loan at Lowest Interest Rate is the Best

It is not correct that a Personal Loan at the lowest interest rate is the best. Other essential components also matter a lot while selecting the best lender for a personal loan. These components are processing fee, eligible amount, loan repayment tenure, service issues, other terms of the loan, etc. One needs to keep in mind all these components in addition to the lowest interest rate.

A Hike in Interest Rate increases EMIs of Personal Loan

When there is a hike in interest rate, loans obtained at a fixed interest rate will not affect. If one does not want EMIs to go up in the case of floating rate loans, you can increase tenure.

Your Loan Application Gets Rejected if you do not have Regular Income

If you do not have a regular source of income, there are chances when you can get a personal loan application approved and can avail a personal loan. Loan approval can be given to an individual if they add a joint holder with a regular income or borrow from peer-to-peer lenders.

Longer Personal Loan Repayment Tenure is Better

It is assumed that longer personal loan repayment tenure is better as the borrower will need to pay lower EMIs, which they can spend easily. However, it is not so. More extended repayment periods brings higher interest outgo also. One will have to pay interest for a more extended period.

Interest Rates are not Negotiable

Interest rates on the personal loan vary from customer to customer. Customers with high credit scores and a good income can negotiate interest rates with the lenders and get comparatively lower interest rate loans.

Good Credit Score Guarantees Personal Loan Approval

Having a good credit score will not guarantee personal loan approval. Other factors such as income, regularity of income, employer, employment type, etc., are other factors that the lender considers during the loan approval process apart from a good credit score.

You cannot Get a Personal Loan with a Poor Credit Score

Credit Score is only one of the few factors considered during the home loan approval process to decide whether the loan application is going to be approved or rejected. In some cases, one’s home loan application might be rejected despite having a good credit score in case other factors are not up to the mark. You can get a home loan with a bad credit score but probably at a higher interest rate. The sanction of a home loan also depends on other factors like the borrower’s age, the applicant’s income, etc.

If central banks are not providing home loans with poor credit scores, you may avail of the loan from many other cooperative banks and NBFCs.

Types of Personal Loans by Chhattisgarh Rajya Gramin Bank

  • Home renovation loan
  • Holiday Loan
  • Fresher Funding
  • NRI Personal Loan

Top 3 Reasons for the Rejection of Applications of Personal Loan

  • Bad Credit Score: A credit score is taken into consideration as a measure of the creditworthiness of an individual. A good Credit Score determines one’s credibility in repaying the loan without defaulting it. A credit score is essential for the lender to evaluate the default risk. Due to poor credit scores, several of the personal loan applications are rejected by the banks. An individual whose credit score is less than 750 might face an issue of personal loan rejection.
  • Greater Size of Existing Debt: If one has already taken a considerable amount of loan and the loan to net income ratio is greater than 40%, then the bank might reject their loan application.
  • Greater Loan Enquiries: Whenever one applies for credit, the lender asks for their credit report from the credit bureaus that is known as an enquiry. The credit bureau contemplates these enquiries as hard enquiries and mentions them in that individual’s credit report. One themselves should not make too many loan enquiries even if it is free of cost. One’s credit score can be affected negatively because of this.

Chhattisgarh Rajya Gramin Bank: Repayment as Equated Monthly Installments (EMI)

Any one of the following ways can be used to repay the loan:

  • Standing instruction registration at one’s bank
  • Via Internet Banking solution
  • Automated Payment through ECS (Electronic Clearing Service)
  • Through Mobile Banking App, if provided by the bank.

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