Punjab Gramin Bank Personal Loan | How To Apply?, Purpose, Documents Required, Eligibility Criteria, Types of Loans

Punjab Gramin Bank Personal Loan | How To Apply?, Purpose, Documents Required, Eligibility Criteria, Types of Loans

April 10, 2024 / Loan / By

Punjab Gramin Bank Personal Loan: Punjab Gramin Bank helps rural people so that they can uplift their living standards. The three districts of Punjab have around 264 branches of Punjab Gramin Bank. You’ll be offered different types of deposits and loan schemes from this bank.

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.

Punjab Gramin Bank

Punjab Gramin Bank Personal Loan Purpose

These personal loans are primarily helpful for financially weak people and living in rural areas. The primary purpose of providing personal loans is to help the borrower meet all personal needs. There could be many reasons for a person who’s applying for a loan, like for children’s education expenses, medical expenses, wedding expenses, or even travel (domestic and foreign) expenses.

Punjab Gramin Bank Personal Loan Key Points

  • The minimum age required for this personal loan is 21, and the maximum age required for this personal loan is 58.
  • The one applying for this loan should have a CIBIL score of 750 or greater than that.
  • 9.99% per annum is an approximate interest rate for Punjab Gramin Bank Personal Loan.
  • The repayment period for the loan could be 12 months to 60 months.
  • The Processing fees for Punjab Gramin Bank are around 1% to 2%.
  • The bank decides the prepayment charges for the loan.
  • The bank also decides the part payment charges for the loan.
  • The minimum loan amount provided by this bank is Rs. 5000.
  • The maximum loan amount provided by this bank is Rs. 4 Lakhs or 20 times the salary.

Punjab Gramin Bank Personal Loan Eligibility Criteria

  • The one applying for this loan must have a CIBIL score of 750 or above.
  • The minimum age required for this personal loan is 21, and the maximum age required for this personal loan is 58.
  • One should have a minimum income of around Rs. 15,000 to Rs 25,000, then only eligible for this loan.
  • It would help if you were a Salaried/ Self-Employed/ Pensioner.

Punjab Gramin Bank Personal Loan Documents Required

  • One requires a Copy of Passport, Driving License, Aadhaar Card, Voter ID Card as identity proof.
  • For proof of address, one can submit the documents: Rent Agreement (Min. 1 year of stay), Utility Bills, Proof of permanent residence, Ration card, Bank Account Statement, Latest Credit Card Statement.
  • When applying for a loan, your income proof is a must, and you can submit the following documents like income proof.
  • ITR: Last two financial years( For self-employed), Salary Slip of Last six months for Salaried Employees, Bank Statement of last three months.

Punjab Gramin Bank Personal Loan Processing Time

  • Fast processing
  • It needs less paperwork
  • A processing fee may vary and can be asked by the bank

How to Login in Punjab Gramin Bank Portal?

  • You have to visit the official website of Punjab Gramin Bank.
  • You can see the login button on the top right corner of the page. Click on it.
  • You can now use your mobile number, username, and password for login.

Punjab Gramin Bank Customer Care

There are four ways for contacting the Punjab Gramin Bank customer, and they are as follows:

  • By Phone: You can call Punjab Gramin Bank on 1800-180-7777 (toll-free)
  • Callback Request: You can also request a call back by visiting the bank’s website
  • Online Chatbot: You can also get your queries answered by the iPal chatbot online
  • Branch Visit: You can see the nearby Punjab Gramin Bank branch to get your queries.

How to Apply for Punjab Gramin Bank Personal Loan?

If you are willing to apply for a loan in Punjab Gramin Bank, then kindly visit the website of this bank.

Punjab Gramin Bank Personal Loan Application Status

The points mentioned below must be followed when one is checking their Punjab Gramin Bank Personal Loan

Application Status:

  • Visit the bank branch personally where you had applied for the loan and give the loan officer your loan application details.
  • Visit the website of Punjab Gramin Bank and fill in your loan details.
  • Send your loan details to the bank via email.
  • Through the I-mobile app of the bank
  • These methods enable you to track your loan status easily.

Punjab Gramin Bank: Repayment as Equated Monthly Installments (EMI)

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

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

Different Personal Loan Offers by Punjab Gramin Bank

Home Loan

This bank also offers a home loan. The eligibility criteria are discussed below;

  • The one applying for this loan should have a minimum age of 21 years, and the maximum age should be 60 years.
  • If you have a regular income then only, you should apply for a home loan.
  • Earn more than the required monthly income.

Personal Loan for Government Employees

The Punjab Gramin Bank provides personal loans to all government employees. The amount of personal loans depends on the company you are working in.

Education Loan

  • If you are studying in India, you’ll be offered around 10 lac rupees education loan. And if you are studying abroad, you’ll be offered around 20 lac rupees education loan.
  • Four lakhs rupees is the loan limit for education loans.

Personal Loan for Pensioners

If you are a pensioner, you would be asked for a processing charge.

For Pensioners, the personal loan interest rate is quite affordable.

Personal Loan Balance Transfer

If you are transferring the sum to another institution, it’s known as a Personal Loan balance transfer.

The interest rate for personal loan balance transfer is relatively low.

It also provides the facility of long repayment tenure.

Top 3 Reasons of Rejection of Personal Loan Application in Punjab Gramin Bank

  • Poor Credit Score: When there is a calculation of the creditworthiness of any person, then the credit score is used. Your credibility to repay the loan without mistakes is also determined using a good credit score. The lenders also use a credit score to assess the risk of default. Mainly lenders reject your loan application based on your poor credit score. You should be careful if you have a credit score less than 750 because you can face personal loan rejection problems.
  • Higher Size of Existing Debt: The lender may reject your loan application if you have already taken a lot of loans and the loan to net income ratio is above 40%
  • Higher Loan Enquiries: Inquiry means when you are applying for credit and asking for your credit bureaus’ credit report.

Such inquiries are considered hard inquiries by the credit bureau, and it’s also mentioned in your credit report.

If inquiries are available free of cost, you should not make too many inquiries. Too many inquiries hurt your credit score.

Conclusion on Punjab Gramin Bank Personal Loan

That’s all we can discuss Punjab Gramin Bank Personal Loan in our article. If you are looking for a personal loan in this bank, we hope this article will be helpful and informative. If you found it informative and helpful, then share it with your friends and families too. We would like to see your reviews too.

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