Odisha Gramya Bank Personal Loan: Odisha gramya bank is a community development bank and microfinance organisation in India. Odisha Gramya Bank was established on 07-01-2013. The headquarter of Odisha Gramya Bank is in Bhubaneshwar, and the address of Odisha gram bank is Gandamunda, PO Khandagiri, Bhubaneshwar – 751 030. Bank has 955 branches all over India.
The bank facilitates its users by providing every service like saving deposit, fixed deposit, recurring deposit, loans, personal loan, net banking, RTGS, NEFT, IMPS.
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There are many schemes available for its bank users –
- Atal Pension Yojana,
- Pradhan Mantri Jandhan Yojana,
- Pradhan Mantri Suraksha Bima Yojana,
- Pradhan Mantri Jeevan Jyoti Bima Yojana, and many more.
You can take a personal loan from the bank at an interest rate of 13.75%. But for taking a loan, you must be eligible for a loan and also, there is some requirement for documents. It was last updated on 21st Nov. 2021.
Odisha Gramya Bank
- Benefits of Odisha Gramya Bank Personal Loan
- Method of Applying for a Personal Loan in Odisha Grama Bank
- Personal Loan Purpose of Odisha Gramya Bank
- Eligibility Criteria for Personal loan from Odisha Gramya Bank
- Document Required for a Personal Loan from Odisha Gramya Bank
- Personal Loan Amount of Odisha Gramya Bank
- Repayment process of Personal Loan from Odisha Gramya Bank
- Most Common Reasons of Rejection of Personal Loan Application
- Personal Loan Myths of Odisha Gramya Bank Personal Loan
Odisha grama bank provides various benefits to its account holders. Some are mentioned below-
- Amount of the maximum loan
- Repayment options for loans
- Personal loan applications are processed quickly and easily
- Loan approvals within 24 hours
- Banks do not insist on guarantors
- Rates that are competitive & attractive
- Employees of large companies are offered special schemes and discounts
- A personal loan usually does not require security
You can apply for a personal loan in Odisha Grama bank in 2 ways –
- Apply Online
- Apply Offline
Apply Online- you can apply online just by going to the bank, and now you can search the form and fill the form, don’t forget to upload the necessary documents. In the form, you have to fill in personal information and some information related to work.
Apply Offline- you have to simply reach any of the branch offices of the bank. Get along with the related information related to you and your work. You have to submit all the information there, and you can start the process of your loan.
The purpose of personal loans is to provide the public with a short-term loan for their small use like – marriage in the family, holidays trips, buying a small car, medical emergencies and many more.
- An individual should be of groupage between 21 to 58 years to get a personal loan from Odisha Gramya Bank.
- Should be a permanent employee of any of these corporations, i.e. state government, central government, Public Sector Undertakings, Reputed establishments, or Private Sector Companies.
- To get eligible for a Personal loan from Odisha Gramya Bank, the person should be working for the past three years for a reputed organisation.
- Should be receiving regular income
Here is a list of things you need to do for getting a personal loan from Odisha Gramya Bank
- First of all, the Odisha Gramya Bank Personal Loan Duly personal loan application form must be filled cautiously and signed.
- You would require a few photographs for the form.
- Proper identification proof cards – Voter ID card, Aadhar Card, PAN card, Driving license, Passport, and Government department ID card.
- You would also require proper documentation of the latest salary receipt describing all deductions and Proof of income.
- For individuals other than those who receive a regular salary, you would require Income Tax Returns of 2 previous financial years for the income proof.
- For address proof, you would require the Latest credit card statement or Bank Pass Book describing entries of the last six months, Existing house lease agreement, Bank Statement, Latest electricity bill, Latest mobile bill or telephone bill.
The maximum limit of the amount you can loan from Odisha Gramya Bank is Rs. 10.00 lakh.
Applicants can repay the Personal Loan from Odisha Gramya Bank in Equated Monthly Installments (EMI). For repaying the Personal Loan from Odisha Gramya Bank, a maximum of 60 EMIs are allowed, starting from 12 EMIs. However, the repayment period can be altered depending upon your credit score.
Here is the list of methods you can opt for repaying the Personal Loan from Odisha Gramya Bank.
- Through Internet Banking solution
- Through Mobile Banking App(if provided by the bank)
- Automated Payment through Electronic Clearing Service (ECS).
- Standing instruction registration at the regular bank
- Automated Payment through ECS (Electronic Clearing Service)
Here is the list of the top 3 Reasons due to which Personal Loan application gets rejected.
Poor Credit Score
If your credit score is poor, your application might get rejected as from Credit score, and one can measure the creditworthiness of any individual. It determines whether you can repay the loan or not. A good credit card score makes a good impression as it determines the credibility to repay the loan without any delay or default. Assessing the risk of default credit score is mandatory for the lenders. A poor credit card score can prohibit you from getting a loan, and it could get your application rejected by the lenders. The minimum score is 750. If your credit card score is below 750, your application might get rejected or face some issues. So if you are thinking of getting a personal loan, you should start maintaining your credit card score.
Higher Size of Existing Debt
Suppose you already have the records of much Existing Debt. In that case, it might be not good for you, as if you have taken a loan several times and your net income ratio to loan is above 40%, then it’s a red light for you because the lenders will find it unreasonable and might reject your loan application. So if you have already taken too many loans and your net income ratio doesn’t fit with your loan, then you might face disappointment as your application might not proceed.
Higher Loan Enquiries
There is a thing called a credit card report, and it describes all the information about the inquiries you’ve made before applying for the loan. So whenever you apply for a loan, the lenders will look at your credit card report provided by the credit bureaus. Inquiring about your credit card is legal for the lenders as the lenders are risking their money. Whenever you enquire about the loan, the credit card bureau takes such inquiries as hard enquiries and lists them all in your credit card report for further observations. So if you are thinking of taking a Personal Loan from Odisha Gramya Bank, you must not make too many inquiries about the loan even if you are getting it free of cost, as it makes a very bad impression on your credit card report. Making too many inquiries will make a bad impression on the lender’s head as he will assume that you don’t trust their organisation and services provided by them.
Here is the list of myths one might hear during researching about getting a personal loan.
- Personal Loan at Lowest Interest Rate is perfect.
- Upgrade in Interest Rate increases EMIs of Personal Loan
- The one not receiving the regular income might face rejection of loan application.
- Interest Rates are non Negotiable.