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Malwa Gramin Bank Personal Loan @ 16.40% | Features, Benefits, Eligibility Criteria, Documents Required, How To Apply?

Malwa Gramin Bank Personal Loan: The money is borrowed for a certain amount of time, and borrowers pay back the borrowed amount plus interest in regular, monthly installments over the “term” of the loan.

Personal loans come to one’s rescue when one is short of money. The Malwa Gramin Bank Car Loan interest rates are very competitive. They also provide other loan options such as Malwa Gramin Bank Gold Loan.

It is very easy to access Malwa Gramin Bank Personal Loans, and they are granted so fast that many people take personal loans often to meet expenses allowing them to meet their urgent expenses. This article helps the reader better understand details related to Loan applications 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.

Malwa Gramin Bank

Malwa Gramin Bank Overview

Malwa Gramin Bank is one of the leading Regional Rural Banks in India having Punjab National Bank, one of the premier banks in India as its Sponsor bank. The Central Government of India, vide its notification dated 21-12-2018, amalgamated

Malwa Gramin Bank has 81.28% of its branches in areas that are not urbanised thus helping in the growth of rural regions of Punjab by offering various attractive loan and deposit schemes. Punjab Gramin bank has a very strong base of foundation with a total business of more than Rs.18,400 Crores.

The Malwa Gramin Bank is a Cooperative bank that has its foundations in India. The bank has its headquarters in Sangrur. The Malwa Gramin Bank was founded on 27-02-1986.

The bank currently has a total of 74 branches spread all across the state. It provides various financial services to its customers, including saving deposits, recurring deposits, savings deposits, PPF accounts, home loans, personal loans, car loans, education loans, gold loans, PPF accounts, lockers, net banking, and mobile banking, RTGS, NEFT etc.

Malwa Gramin Bank Features

  • The maximum loan application is available for all applicants that match the criterias
  • The loan can be paid off in various methods, like with other mortgages and in various other methods
  • Loans can be paid off in installments, EMI method of payment is very helpful in rural areas where poorer people cannot pay huge amounts at a single time.

Malwa Gramin Bank Personal Loan Features

  • Maximum loan amount: The borrower can avail of the full amount of loan allowed by the bank. This helps a lot in crises when someone requires a substantial amount of money and wants to avail of a Personal loan.
  • The bank does not insist upon a guarantor: The approval of the personal loan does not need another person as guarantor to be present and to be held accountable if the borrower fails to pay for the money.
  • Attractive & competitive interest rates: A personal loan of a certain amount of money borrowed for a particular time will charge the borrower an interest rate of 16.40 per cent. However, this interest rate changes with the amount of money borrowed and the time that it is borrowed for.
  • The bank offers special schemes and discounts for employees of large companies: Malwa Gramin Bank offers special schemes with a more extended time for a personal loan to employees of big MNC companies.
  • Usually, no security is required for availing the personal Loan: No security payment or mortgages for a sense of security for the personal loan is asked of by the bank for the Personal loan.

Malwa Gramin Bank Personal Loan Eligibility Criteria

  • Age: 21 to 58 years.
  • The borrower needs to be a permanent employee of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
  • Salaried / Self – Employed with regular income.
  • The borrower has to be employed for a minimum period of three years to be eligible for the loan.

Malwa Gramin Bank Personal Loan Documents Required

  • The signed and filled up personal loan application form with the necessary details. One must also make sure that the details the borrower has filled in are accurate.
  • Photographs of the passport size need to be submitted to the bank branch along with the signed loan application. Mostly the bank requires more than one copy of the current photograph.
  • Proof of identity for the person who is asking for the loan. Viable proofs of identity include Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card.
  • The borrower has to provide a proof of his income, i.e. his salary certificate along with the latest salary slip.
  • Proof of income- Income Tax Returns of 2 previous financial years (for other than salaried individuals)
  • Proof of Address – Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass a copy of the PassBook of the bank one has an account in having entries of the last six months.

How to Apply for Malwa Gramin Bank Personal Loan?

Online Method

One can apply for Malwa Gramin Bank Personal Loan by following these easy steps detailed below.

  • Step 1: Visit the bank website, find the personal loan option, and select the option for Malwa Gramin Bank Personal Loan. Click on apply, and a new screen will open.
  • Step 2: A new screen will open, which is essentially a form. The form needs to be filled up with essential details like name, address and other personal information.
  • Step 3: After putting in the personal details, one has to click on apply for a loan. After this, a new window opens where one has to put in other essential information like account numbers and the documents needed for loan approval. Finally, after double-checking the information, click on submit to submit your loan demand.

Offline Method

It is not just the online method via which one can apply for a loan. For the offline method, the borrower needs to visit any Bank branch, fill out the form with all the essential required details, and submit it with whatever documents are required.

Reasons for Malwa Gramin Bank Personal Loan Rejection

  • Poor Credit Score: Credit Score defines the borrower’s credibility to repay the loan, and thus a low credit score will lead to cancellation of loan proposal.
  • Higher size of existing debt: A borrower’s loan application can be rejected by the bank if the borrower already has a big existing debt.

Types of Personal Loans Offered by Malwa Gramin Bank

  • Crop Loan
  • Four-Wheeler Loan
  • Two-Wheeler Loan
  • House Loan
  • Education Loan

Myths about the Malwa Gramin Bank Personal Loan

  • Prepayment of a private mortgage always draws Penalty: It is a myth that if one pays the price of a private mortgage in advance it extracts a penalty. It depends absolutely upon lenders to be able to charge any penalty on prepayment.
  • Lengthy Private Loan Reimbursement Term is favorable: It is not true that the longer reimbursement term the greater the rate of interest.
  • Your loan application is denied if you do not have a regular income: It is a myth that if one does not have a steady source of income, the loan might not get approved. Loan permission can be granted if one adds a joint owner that has a steady source of income.
  • Interest Rates are not flexible: The rate of interest charged for private loans differs from client to client. Clients with good credit counts and a decent portfolio can negotiate interest rates and can get comparatively poorer rates of interest in loans.
  • Decent Credit value ensures acceptance of a personal loan: Holding a favorable credit total does not assure private loan authorization as it is not the only criteria one has to fulfill to get a personal loan. There are various other condition that is assessed during the loan authorization procedure

Conclusion on Malwa Gramin Bank Personal Loan

Thus, this concludes the article detailing personal loans and, in particular, Malwa Gramin Bank Personal Loan. It is very integral to understand the basics and intricacies of the methods to apply for personal loans. This article details a few of the important things to know and understand in order to apply for a personal loan.

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