Kerala Gramin Bank Personal Loan | Features, Advantages, Documents Required, Purpose, How To Apply?, Eligibility Criteria

Kerala Gramin Bank Personal Loan: Kerala Gramin Bank is one of India’s largest Regional Rural Banks, founded on 8th July 2013. This bank is under the ownership of the Central and State Government, and Canara Bank gives sponsorship. It is handled by the Ministry of Finance, Government of India. Its headquarter is situated at Malappuram in Kerala. This bank was formed by combining two Regional Rural Banks of Kerala named South Malabar Gramin Bank and North Malabar Gramin Bank through a notification by the Government of India. It has a dominant presence in all fourteen districts of Kerala. This Bank provides banking facilities to rural and semi-urban areas in Kerala. This bank offers banking facilities to rural and semi-urban regions of Kerala. Not only that but also

Kerala Gramin Bank has the potential capacity to operate with resources from market sources. For the past 38 years, this Bank has successfully built a warm relationship with its customers. Kerala Gramin Bank ensures to protect the interest of the depositors and borrowers. Now, this bank has a total of 501 branches all over Kerala state.

Kerala Gramin Bank offers personal loans schemes to give you the best that suits you. It provides different types of applicable interest rates. Now, you need to read on and find every detail of Kerala Gramin Bank’s loan.

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.

Kerala Gramin Bank

Kerala Gramin Bank Personal Loan Features and Advantages

  • You can lend the maximum amount of money.
  • Options to repay multiple loans are available here.
  • It provides high-speed and easy processing of personal loan applications.
  • Loans are approved quickly.
  • There is no guarantor needed for a loan application.
  • You can find an applicable interest rate as you want.
  • A personal loan doesn’t require any security.

How to apply for Kerala Gramin Bank Personal Loan?

  • Online mode: If you want to apply for a personal loan from Kerala Gramin Bank in online mode, you have to check out the website of this Bank and then fill it up with your pieces of information and then upload the necessary documents.
  • Offline mode: On the other hand, you can apply offline to get a personal loan. For that, you need to visit personally any nearby branch of Kerala Gramin Bank along with all the required documents such as identity proofs, and then you have to fill the form to get the loan approval.

Kerala Gramin Bank Personal Loan Purpose

To get a personal loan from Kerala Gramin Bank, you must show the purpose.

  • Debt consolidation: You can take a personal loan to repay various issues.
  • Emergency purpose: You can apply for your loan for any emergency cost or something else that needs immediate action.
  • Moving cost: When you move out of your location, you need extra money to cover the expenses. That’s why you need to take a personal loan.
  • Wedding expenses: To pay for any expenses used for the wedding, you can apply for a personal loan.
  • Vehicle financing: If you want to buy a vehicle, personal loans are also available.

There are also many different purposes such as vacation costs, appliance purchases, home remodeling, etc.

Kerala Gramin Bank Personal Loan Eligibility Criteria

  • Age should be from 21to 58 years.
  • Permanent employees of Central or State Govt., Public sector undertakings, corporations, Private Sector Companies, and reputed establishments can apply for the personal loan.
  • Applier must be self-employed with a decent salary.
  • Up to three years of experience is needed in the current job/business/profession.

Kerala Gramin Bank Personal Loan Documents Required

  1. The personal loan form must be filled out and signed correctly.
  2. Photographs
  3. Any identity proofs such as Aadhar card, driving license, PAN card, Voter ID card, etc.
  4. Proof of income like the latest salary slip, which shows all deductions.
  5. Address proof like Bank account statement, lastest electricity bill, latest mobile or telephone bills, latest credit card statement, etc., along with the existing house lease agreement.
  6. Bank statement or the Bank Passbook with the entries of the last six months.

Reasons for the Rejections of Personal loan

  1. If the credit score is inferior: A credit score is a number that represents a person’s financial and credit standing and ability to obtain the economic condition. A good credit score refers to one’s credibility to repay the loan without default. Their lenders need to understand the risk of default. A person with a credit score of 750 may face an issue to be rejected from getting a personal loan.
  2. If the size of the existing Debt is large: If you have already taken a lot of loans and the loan net income ratio is above 40%, then your loan application may be rejected by the leaders.
  3. If the Loan inquiries are high in numbers: Whenever you apply for credit, you are asked for your credit report from the credit bureaus by the lenders, which is called an inquiry. The credit bureau considers such inquiries, called hard inquiries, and it is mentioned in your credit report. You should not make too many inquiries even if they are available free of cost. It will impact a negative effect on your credit score.

Some Personal Loan Myths

  • Prepayment of personal loan always attract the penalty:It is baseless when someone says that prepayment of a personal loan always attracts a penalty. It depends upon the lenders for the charges of any prepayment penalty. Many lenders don’t charge any prepayment penalty.
  • Personal Loan, which has the lowest interest rate, is the best: It is wrong that a personal loan at the lowest interest rate is best. You can find many other essential components that matter when you select the best lender for your loan. These components include processing fee, eligible amount, tenure of loan repayment, etc.
  • If you don’t have a regular income, then your Loan application gets rejected: You can get a chance personal loan application approved even if you don’t have a regular source of income. You have to add a joint holder having a steady income, and then your loan approval will be given.
  • Longer Personal Loan Repayment tenure is better than any others: It is not true that longer personal loan repayment tenure is better as the borrower will need to pay lower EMIs comfortably. Higher interest outgo is brought by longer repayment tenure. One has to pay interest for an extended period.
  • Interest rates are impassible: The interest rates on personal loans vary from the customers to the customers. A person with a decent credit score and a good income can negotiate the interest rates with the lenders and get comparatively some lower interest rate loans.
  • Personal loan approval is guaranteed by a good credit score: If you carry a good credit score, it doesn’t mean that you can get Personal Loan approval very quickly. There are also so many factors like income, regularity of income, employer, employment type, etc. by which the lender considered during the loan approval process.
  • If you have a poor credit score, you can’t get a personal loan: A credit score is one of the factors considered to get your loan approval. Your application to get Personal Loan can be rejected with a good credit score because of the other factors which are not up to the mark. A home loan is sanctioned depending on other factors like the borrower’s age, the applicant’s income, etc. When the significant banks don’t provide home loans with poor credit scores, the cooperative banks give Personal loans.

Conclusion on Kerala Gramin Bank Personal Loan

So basically, Personal Loan is a suitable financing option for consolidating existing debts. Most lenders will check your credit score and other factors for the interest rate. So, You have to balance all the elements to get your loan approval. On the other hand, it is a kind of unsecured credit provided by the Bank based on your purposes and eligibility.

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