Puduvai Bharathiar Grama Bank Personal Loan @ 17% to 17.50% | Interest Rates, Documents Required, Eligibility Criteria, Types of Loans and Myths

Puduvai Bharathiar Grama Bank Personal Loan: We know that there will be many of you who are planning to go abroad for a long time, but due to financial constraints, you cannot make this plan successful. Apart from that, there will be some of you also who want to renovate your house. Still, due to some financial constraints and not being able to do so, there is nothing to worry about because Puduvai Bharathiar Grama bank will help you fulfil all your desires regarding home renovation, going abroad for trips/studies or personal expenses as well.

Puduvai Bharathiar Grama Bank offers their customers the best financial services: saving deposit, recurring deposit, personal loan, RTGS, IMPS, Atal Pension Yojana, net banking, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Jeevan, Jyoti Bima Yojana etc.

Want to compare Puduvai Bharathiar Grama 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.

Puduvai Bharathiar Grama Bank Personal Loan

This is a Gramin bank of India, sponsored by Indian Bank and has 39 branches. Puduvai Bharathiar Grama Bank was established in 2008 by GOI, and its headquarter is in Puducherry.

Address of the Bank– 441, M.G. Road, Muthialpet- 605 003.

Interest Rate and EMIs of Puduvai Bharathiar Grama Bank

Puduvai Bharathiar Grama Bank Personal offers personal loans at an interest rate of 17% to 17.50%. These rates are written here according to updates of November 2021. So if you are also trying to apply for personal loans, then you should go for it.

This bank has a loan tenure of 12 to 60 months which starts from 12 EMIs, and there are a total of 60 EMIs, which is the maximum. For taking a loan from this bank, your credit score plays a significant role.

Documents Required for A Personal Loan

As an identity proof

  • Passport
  • Aadhar Card
  • Voter ID card
  • PAN card
  • Driving license
  • Government department I.D. card

As an address proof

  • Latest credit card statement.
  • Bank account statement.
  • Electricity bill.
  • Recent mobile/telephone bill.
  • The Lease agreement of borrowers’ existing house.

As an income proof

  • Current salary slips with all deductions, and as an alternative, you should have form 16.
  • Two previous years’ income tax returns for those who are not salaried employees.
  • You must have proof of running the business for five consecutive years.
  • Borrowers should have a total of 6 months Bank statements.
  • Also, the name of the office where you work and the correct address should be there (for salaried individuals).
  • Salary certificate of where you work currently if you are a salaried individual or salaried applicant.
  • Financial papers that are audited (self-employed).

If a borrower lives on rent, should have these below documents –

  • Rent agreement as a residential proof
  • Three months water bills

Photographs and passbook

  • Bring two recent colour passport-sized photos

KYC/ know your customers

  • if you are a self-employed individual, then you’ll need KYC documents, and those documents are:
    • I.D. proof
    • Residence proof
    • Previous three years’ ITR/ income tax returns.
    • Proof of DOB.

Puduvai Bharathiar Grama Bank Advantages

There are many benefits of taking a loan from Puduvai Bharathiar Grama Bank. We have shown some of the benefits below, so read it thoroughly and understand its benefits.

  • Applying for a personal loan in this bank is very simple. You can fill the form either offline or online.
  • This bank also provides you with the service of flexible repayment. That is, you are not going to have any problem related to EMIs for a personal loan.
  • Minimal documentation is required to avail of the loan.
  • Loan approval at a suitable time.
  • This bank’s interest rates are competitive. The bank also provides its borrowers with affordable EMIs.

Eligibility Criteria of Puduvai Bharathiar Grama Bank

See below the eligibility for taking a loan from Puduvai Bharathiar Grama Bank.

Minimum Income should be

To avail personal loan, a salaried applicant should have a minimum income of Rs. 20000 monthly and Rs. 15 lakhs yearly. This is a must-point to be taken care of because, for a lender, it’s a sign of credibility.

Work experience for the personal loan 

To take a loan from this bank, you have to keep in mind that if you are self-employed, you should have five years of work experience, and if you are a salaried employee, you should have two years of work experience. If you fulfil this condition, you’ll get a personal loan quickly within 2 or 3 days.

The minimum CIBIL score is 750

If you have a perfect credit score, you are considered eligible for this loan, and your loan gets cleared soon. If we talk about the score, then it is 750, which is the minimum. If you have a low credit score, it is not considered a good sign to avail loan.

Age criteria for Puduvai Bharathiar Grama Bank Personal loan 

If you are a salaried applicant, you must be between 21 to 58 years, and if you are a self-employed applicant, you must be between 28 to 65 years old.

Types of Loans Offered by Puduvai Bharathiar Grama Bank

Here we will know the types of loans that the bank provides.

Home renovation 

After buying a house, repairing it is also a huge task, that is why if you want to take a personal loan to rebuild your home, you must contact this bank. From this bank, borrowers can get a loan of two to five hundred lakh rupees. Besides this, borrowers should be Indians only, and the minimum age for this loan is 18 years, and the maximum period is 75 years.

Fresher funding 

You can get the loan even if you are a fresher or a new employee. Well, your eligibility will be determined by checking your monthly income.

Holiday Loan 

So now make your dreams come true with the Puduvai Bharathiar Grama Bank personal loan fund and never face any issue related to money. No one can stop you from going to the city of your dreams because this bank provides excellent loan services with very little interest. So take a holiday loan and have a lot of fun while visiting the place you want.

NRI Personal loan 

The bank knows all the necessities of NRIs and gives the best for their development too. So if you need an NRI personal loan, you must visit its official website for more details and schemes as well.

Top 2 Myths Related To Personal Loan

While taking a personal loan from the bank, some myths are prevalent among all the customers, so let’s see whether these myths are true or not. We will cover only the top two myths here.

A personal loan’s prepayment causes a borrower penalty

Well, it’s not entirely true. Taking a prepayment penalty depends on the lender. If he wants, he can take it, and if he does not, he will not. In simple words, it depends upon them.

Good Credit Score means fast Personal Loan approval

Many people believe that having a good credit score makes getting a loan very easy. But this happens very rarely because, along with having a good credit score, you have to keep some other factors in mind, such as your regular income, work experience, employment type, etc.

Final Words on Puduvai Bharathiar Grama Bank Personal Loan

Puduvai Bharathiar Grama Bank provides the borrowers with many facilities such as 24-hours availability, low-interest rates, less paperwork, affordable EMIs and flexibility in repayment of the loan. Along with this, you are also given the entire facility to take the maximum loan amount from Puduvai Bharathiar Grama Bank. So if you are also thinking of taking a personal loan, you must contact this bank. Fill the form offline or online, and it’s up to you.

Well, considering so many facilities and benefits of Puduvai Bharathiar Grama Bank, we can guess that this bank will be very suitable for taking personal loans for all types of individual needs.

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