Saurashtra Gramin Bank Personal Loan: Saurashtra Gramin Bank is a Gramin bank that was established in India in 1978. It has around 300 branches all over India. And its headquarter is situated in Rajkot, Gujarat.
It provides all sorts of financial services to its customers like saving deposits, fixed deposits, loans, personal loans, net banking, RTGS, NEFT, IMPS, Atal Pension, Pradhan Mantri Jeevan Jyoti Bima Yojana, etc.
Want to compare Saurashtra Gramin Bank Personal Loan with other bank personal loans for the 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.
Saurashtra Gramin Bank
- What is a Saurashtra Gramin Bank Personal Loan?
- Procedures to Apply for a Personal Loan in Saurashtra Gramin Bank
- What is the Purpose Of Taking This Personal Loan?
- Saurashtra Gramin Bank Personal Loan Eligibility Criteria
- Saurashtra Gramin Bank Personal Loan Documents Required
- Saurashtra Gramin Bank Personal Loan Benefits
- Repayment Criteria of Saurashtra Gramin Bank for Personal Loan
- Saurashtra Gramin Bank Personal Loan Methods
- Saurashtra Gramin Bank Personal Loan Factors
- What are the KYC Documents Required for a Personal Loan?
- What are the Risks Associated with Personal Loan?
A personal loan is usually an unsecured loan that banks offer without collateral, such as your property or a flat. Personal loans are mostly offered at fixed interest rates in which interest rates are based on one’s credit score.
The more improved your credit score is, the less is your rate of interest and vice-versa.
Personal loans aren’t cheap; rather, they are expensive ones. The best fact about personal loans is that they are easily available and get processed very quickly compared to other sorts of loans provided by different banks. It may include home loans, education, gold loan, etc.
A personal loan is usually offered at a higher rate of interest as compared to a secured loan. This is because a higher risk is involved as the borrower is not asked for any collateral to ensure repayment. Also, you can easily repay the loan in the duration of 12 to 60 months. Banks generally use your credit score to help them determine the quantum of loan, your repayment tenure, and your interest rate. Also, the credit score gives the bank the option to decide whether to offer you a personal loan or not.
- Apply Online: One can apply for a personal loan through the website of Bank, and one can fill up the information required and upload the necessary documents. One should also check for your loan eligibility before applying for the loan.
- Apply Offline: One can easily apply for a personal loan by visiting your nearest bank branch. All you need to do is fill-up the form and get your loan process started. You also need to carry all sorts of documents required for it.
The purpose of taking a personal loan may be different for different people. It may include household shifting, fulfilling some personal needs, any medical emergency, a marriage in the family, and many more.
- The age limit required to take a personal loan is 21 to 58 years of age.
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies, and reputed establishments.
- People who are Salaried / Self – Employed with regular income.
- The loan can also be given by calculating the number of years in the current job/ business/ profession is up to three years.
- One needs to bring a duly filled up and signed personal loan application form.
- Your Photographs
- One needs to carry identity proof like a passport, driving license, PAN card, Aadhar card, Voter Id card, etc.
- Proof of income is also required, and it includes the latest salary slip showing all deductions or Forms 16 along with a recent salary certificate (for salaried individuals)
- Proof of income can also be presented in the form of Income Tax Returns of 2 previous financial years if you are not a salaried person.
- It can even be in the form of a bank account statement, electricity bill, mobile or telephone bill, house lease agreement, etc.
- Even one can use a bank passbook which should have at least six entries of the previous month.
- One can easily get a maximum loan amount
- This bank offers multiple loan repayment options
- It even provides you with fast & easy processing of personal loan application
- The best feature of these banks is that they provide a quick loan approval
- The bank does not insist upon a guarantor
- These banks offer quite attractive & competitive interest rates
- These banks offer special schemes and discounts for employees of large companies
- Such banks even offer taking no security for availing personal loan
- The banks allow a maximum of 60 EMIs for the repayment of personal loans. It starts from 12 EMIs. The repayment period also depends upon your credit score.
- Standing instruction registration at your bank
- Through Internet Banking solution provided by your bank
- Automated Payment through ECS (Electronic Clearing Service)
- Through Mobile Banking App, if offered by your bank
Some major factors that the bank looks into before approving the personal loan:
- Your employment: Lenders pay attention to your employment position. i.e., whether you have it or not or you are a salaried person or self-employed. If you are a salaried employee, the banks check the following things:
- What is the duration of time you have been working from?
- Who is your employer or recruiter?
- Duration of time since when you have been working with your current or existing employer.
- Your Income is also one of the most important factors: One needs to have some regular income for attaining a personal loan. Even banks have minimum income criteria for the extension of personal loans.
- Your Credit Score: If you require instant loan approval, you need to have at least a credit score of 750 and above. A credit score of 750 is considered an average credit score, and one can easily get the loan based on it as it denotes that you have a good loan repaying history.
- EMI to Income Ratio: Lenders or the banks calculate the proportion of your existing loans to your salary while your loan approval process continues. The chances of getting a loan reduce if your total EMI’s exceed your monthly salary by 40%.
- Your Repayment History: Lenders or the bank even go through your repayment history of the loans you took in the past as well as your existing loans. Also, banks keep a check on if you have made any delay in making your payments in time.
- Your Proof of Identity is required, it may include – Passport / Voters ID card/ Driving License/PAN Card
- One’s Address Proof is required such as-Ration card Tel/ Electricity Bill/ Lease agreement/ Passport
- Copy of your PAN Card
- Latest Passport size photo of the applicant (2 copies)
- One of the major risks associated with a personal loan is that if the borrower cannot repay it, the lender has the right to sue you and take you to court.
- Most people get involved in a fake loan agreement. Therefore you need to keep in mind not to be lured by false advertising and enter into a fake loan agreement.
- Also, if at any point in time you feel like you can pay off your loan too early, that is before a certain period, it may lead to a huge penalty.