Utkal Grameen Bank Personal Loan 9.99% | Features, Benefits, Eligibility, Types, Documents Required

Utkal Grameen Bank Personal Loan: If you are thinking of taking any loan for renovating your house or are a fresher and need financial help before you join your first workplace, the Utkal Grameen Bank Personal Loan will be perfect for you.

In this article, you will be helped with the details of Utkal Grameen Bank Personal Loan starting from the eligibility criteria to Utkal Grameen Bank interest rate. Please note that this specific article does not cover any details on Utkal Grameen Bank Home Loan or Utkal Grameen Bank Mudra Loan.

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.

Utkal Grameen Bank

About Utkal Grameen Bank

Utkal Grameen Bank (UGB) is a Regional Rural Bank that was formed on November 1, 2012, by the merging of Rushikulya Gramya Bank and Utkal Gramya Bank in accordance with the rules of the Regional Rural Banks Act 1976. State Bank of India sponsors the bank, which is jointly owned by the Government of India, the Government of Odisha, and SBI. It is owned by the Government of India’s Ministry of Finance. In 2015, Utkal Grameen Bank ranked first among all banks in Odisha on Financial Inclusion metrics, with a score of 75 aggregate out of 100, becoming the finest bank in the state to handle government business.

Purpose of the Utkal Grameen Bank Personal Loan

The Utkal Grameen Bank Personal Loan is intended to satisfy any of your financial needs starting from wedding expenses to utility bills, to house renovation expenses, etc. It serves as a low-interest rate loan to help the financially backward class people and individuals who are financially not that well off.

Different Types of Personal Loans

Home Renovation Loan

Utkal Grameen Bank provides home redesign credit to individuals who want to renovate their houses. This personal credit can be used to pay for necessary repairs or to purchase new fittings, installations, and furniture for the candidate’s property. The following are some important features of the Utkal Grameen Bank Home Renovation Loan:

  • The financing cost for Utkal Grameen Bank’s Home Renovation Loan starts at 11.25 percent.
  • People may be eligible for an advance of up to Rs. 20 lakhs to modify their homes.
  • Utkal Grameen Bank’s home renovation credit requires minimal documentation, making the entire advance cycle hassle-free.
  • Once the bank approves your application, the advance amount is usually credited to your account within 72 hours.

Fresher Funding

Utkal Grameen Bank’s Fresher Funding is exceptional. This lending option from Utkal Grameen Bank is aimed to assist fresher, for example, recent alumni seeking for their first job. The following are some important highlights of Utkal Grameen Bank Fresher Funding individual credit:

  • Credit of up to Rs 1.5 lakh is available.
  • The candidate must be at the least of 21 years old.
  • The rate of interest in Fresher Funding is determined by the advanced candidate’s profile, financial record/score, age, and location.

Personal Loan for NRIs

Understanding the needs and desires of NRIs, Utkal Grameen Bank provides an individual advance specifically for NRIs. The primary advanced applicant must be an Indian citizen, and the co-candidate NRI must be a close family member. Individual Loan for NRIs includes the following benefits.

  • Utkal Grameen Bank provides NRIs with individual advances of up to Rs. 10 lakhs with flexible terms.
  • The financing fees for an NRI Personal Loan begin at 15.49 percent per annum.
  • The credit allows for up to three years of residency.

Holiday Loan

The Holiday Loan from Utkal Grameen Bank might help you plan your dream vacation with a minimal issue. This individual advance from Utkal Grameen Bank can support a variety of excursion-related charges, including hotel booking, flight ticket booking, guided tours, and so on. The following are the features of Utkal Grameen Bank’s Holiday Loan:

  • Holiday Loan financing rates begin at 11.25 percent per annum.
  • You can profit a sum of up to Rs 20 Lakh without much of a stretch, so your ideal vacation won’t be ruined by a monetary crunch.
  • Streamlined and minimal documentation ensures that financing your vacation is simple and straightforward.
  • Rapid preparation and disbursement of advance that is directly related to your record.

Features and Benefits of Utkal Grameen Bank Personal Loan

  • There are a variety of loan repayment choices available.
  • The personal loan application is processed quickly and easily, making it more convenient for consumers.
  • The bank does not really require a guarantor for the personal loan.
  • In comparison to the market, the interest rates are relatively appealing and competitive.
  • Employees of large corporations can take advantage of special deals and discounts from the bank.
  • Generally, the bank does not require any security for the loan.
  • Minimal documentations are required to be submitted to the bank.

Eligibility Criteria for Loan

  • Individuals from the age of 21 years to 58 years are eligible for the loan.
  • The individual must be salaried or self-employed with regular monthly income.
  • The minimum income of the individual must be Rs 25,000/month
  • The individual must have completed at least 3 years in the current job or business or profession.
  • The individual must have a CIBIL score of 750 and above.

Applying for Loan

  • Applying Online: If you want to apply for the loan online, visit the Utkal Grameen Bank website and fill in the form with the required details upload any documents required. Submit the form and the bank will call you for other formalities.
  • Applying Offline: Visit the nearest branch of Utkal Grameen bank with all the required documents, fill in the form with all the required information and submit it to the counter to get your loan approval process started.

Documents Required for Applying

For Salaried Applicants

  • As proof of identity, the individual must submit a copy of their Passport, Driving License, Aadhar Card and Voter ID Card.
  • As proof of address, the individual must submit any of the following: Rent Agreement with a minimum of 1 year stay at the address, Utility Bills, Passport as proof of permanent residence, Ration card
  • For proof of income, the individual must have Income Tax Returns for the prior two fiscal years, salary slip of the last six whole months and bank statement of the past 3 months.

For Self-Emoloyed Applicants

  • All financial documents starting from company document to Income Tax Return files are considered.
  • The individual must have a Pan card and Aadhar card as proof of identification.
  • Any of the following forms of evidence for address must be submitted: a bank account statement, the most recent power bill, and the most recent mobile/telephone bill.
  • Two passport size photographs of the individual.

Personal Loan Amount and Interest Rates

The Utkal Grameen Bank Personal Loan Amount will be calculated based on the loaner’s need and repayment capabilities. The bank has an attractive interest rate of 9.99% per annum. However, this is to note that these are subject to changes based on various other factors like the repayment capabilities of the individual or tenure.

Personal Loan Repayment

Individuals can return their loans over a period of 12 EMIs to a maximum of 60 EMIs, according to the Utkal Grameen Bank. The repayment time will be determined by the individual’s credit score. You can repay the loan using any of the following methods:

  • The individual can choose to make an automated payment using the Electronic Clearing Service.
  • The individual can refund the EMIs through Internet Banking.
  • The individual can repay by registering for normal bank regulations.
  • If the bank allows it, the individual can repay the EMIs using the Mobile Banking App.

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