Telangana Grameena Bank Personal Loan @ 12.50% to 13.50% | Benefits, Features, Eligibility Criteria, How To Apply? Interest Rates

May 11, 2023 / Loan / By

Telangana Grameena Bank Personal Loan: Telangana Grameena Bank is a Grameen Bank in India established in 2006. The bank has its headquarters in Hyderabad, and the address is 2-1-520, 2nd floor, Vijaya Sri Sai Celestia, Street No.9, Shankar Mutt Road, Nallakunta, Hyderabad -500044. It has 385 branches across the state. The Grameen Bank provides financial services to its customers like saving deposit, fixed deposit, personal loan, PPF account, lockers, net banking, E-Wallet, NEFT, RTGS, Mobile banking.

The bank offers various government schemes like Atal pension yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Jeevan Jyoti Yojana, and many more to support the customer. It can make the life of people convenient.

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.

Telangana Grameena Bank Personal Loan Benefits and Features

  • The loan approval is quite quick.
  • There is no need for any security for loan approval.
  • The application is easily processed and approved.
  • There are multiple loan repayment options.
  • There are many discounts for employees of large companies.
  • There is an option of the maximum loan amount.

Telangana Grameena Bank Personal Loan Eligibility Criteria

The eligibility for applying for a personal loan at Telangana Grameena Bank:

  • Age-21 to 58yrs
  • The number of years in present business/job or profession: should be up to 3 years.
  • Self-employed or Salaried -employed with regular income.
  • Permanent employees of the state, central government, corporation, private sector companies, and reputed establishments.

Telangana Grameena Bank Personal Loan Documents Required

  • Photographs
  • Proof of identity: Passport, Voter ID, Driving License, PAN card, Aadhar Card, Government department Id card.
  • Duly filled up the loan application form with correct information.
  • Bank statement or bank passbook having entries of last six months
  • Proof of income (If self-employed) – Income Tax Returns of 2 previous financial years.
  • Proof of income (if an employee) – Latest salary slip showing all deductions or form 16 with recent salary certificate ( for salaried individuals.
  • Proof of Address – This includes the latest electricity bill /telephone bill / mobile bill, existing house lease agreement, latest credit card statement, etc

Mode Of Application for Applying for A Personal Loan

Online mode – Personal loans can be easily applied from the website of bank by filling up all the necessary information and uploading all documents. The eligibility should be checked before applying for a loan.

Offline Mode – The loan can be applied by visiting any bank branch, along with all the required documents. After filling up the form available at the branch, the approval process can be started. One should check the eligibility before applying or can talk to the bank employees regarding the same.

Security Deposit for Applying for A Personal Loan

There has been no need for security at Telangana Grameena Bank.

Telangana Grameena Bank Personal Loan Amount

When it comes to the loan amount that is generally decided by the bank based on your credit score and other various factors such as the age of the applicant, employer type, business etc

Loan Repayment Methods Available At Telangana Grameena Bank

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

  • Mobile banking is provided by the bank.
  • Through an internet banking solution.
  • Standing instruction registration at the respective bank
  • Automated Payment through ECS (Electronic Clearing Service)

Loan Repayment Options

The loan repayment generally starts from 12 EMI and can be done up to 60 EMI’S. The repayment period also differs from one person to another depending upon their CIBIL score.

Myths Regarding Personal Loans

  • There Is A Need for Regular Income for Personal Loans: There are chances where you can get your loan approved even if you don’t have a regular income. Loan approval can be easily given to you if you are a joint holder with a regular income source. There is only a need for a member who can support you financially and pay off the debt if you fail too.
  • Prepayment Of A Personal Loan Attracts A Penalty: It depends from one lender to another to charge a penalty on prepayment. It has been generally observed that many lenders do not charge any penalty on prepayment.
  • Longer Loan Repayment Tenure Is Better: It is generally believed that longer loan repayment tenure is better, but it’s not true. Longer repayment tenure brings higher interest. This will make you pay interest for a longer period and result in a poor credit score for future loans.
  • Hike In Interest Rate Increase EMI of Personal Loan: When there is a hike in interest rate, loans generally obtained at fixed rate are not affected, but the loans obtained at the floating rate then there is an increase in interest rates.
  • Interest Rates Are Not Negotiable: There is a general misconception that we cannot negotiate interest rates, but people with good income and good credit scores can negotiate interest rates with the lenders and get comparatively lower interest rate loans.
  • A Good Credit Score Can Easily approve a Personal Loan: Only a good credit score does not confirm a personal loan. There are many more factors, such as regularity of income, employer, employment type, etc., which the lender considers before loan approval.
  • Personal Loans Cannot Be Approved With A Poor Credit Score: If the credit score is poor, you can get a personal loan but is generally approved on higher interest rates, the loan also depends on other factors such as borrower, age of the applicant, income of the applicant, etc. If major banks do not approve your loan, you may approve a loan from cooperative banks and NBFCs.

Various Reasons Why Personal Loan Is Rejected

  • Higher Loan Enquiries: The credit report asked by the credit bureau is called inquiry. The person should not make many queries even if it is free of cost. Too many queries lead to an effect on your credit score. The credit bureau considers such inquiries as hard inquiries and mentions in your credit report, which can lead to difficulty in your loan approval.
  • The Size Of Existing Debt: If the loan is already taken and the loan to net income ratio is above 40%, lenders can reject your loan application. The risk involved in providing a loan when you already have an existing debt is quite high. It becomes difficult for the lenders to trust you.
  • Poor Credit Score: A credit score defines the worth of any person. A credit score helps in determining the risk of default. Due to poor credit scores, personal loans can get rejected. Usually, a person with a credit score of less than 750 may face personal loan rejection. A credit score is generally seen by the lender while approving any loan.

Telangana Grameena Bank Personal Loan Interest Rates at 12.50% to 13.50%

  • Interest rate: The interest rate starts from 12.50% to 13.50%
  • Loan Amount: The bank generally decides the loan amount.
  • Loan Tenure: The loan tenure generally lies between 12 to 60 months.
  • Processing fee: The bank decides the processing fee from time to time.
  • Prepayment Charges: The bank decides the charges from time to time.
  • Requirement of Guarantor: The bank generally decides the requirement of a guarantor.

Telangana Grameena Bank Contact Details

Bank Official Website – www.tgbhyd.in

Contact Numbers – 040-27602091,27600821

Email ID – tgbho@tgbhyd.in

Customer Care No. – 18004251191, 180030000620

Total Branches – 385

Headquarter – Hyderabad

Bank Address – 2-1-520, 2nd Floor, Vijaya Sri Sai Celestia, Street No.9, Shankarmutt Road, Nallakunta, Hyderabad – 500 044

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