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.
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Utkal Grameen Bank
- Utkal Grameen Bank Overview
- Utkal Grameen Bank Features
- How to Apply for a Personal Loan in the Utkal Grameen Bank?
- Utkal Grameen Bank Personal Loan Eligibility Criteria
- Utkal Grameen Bank Personal Loan Documents Required
- Types of Personal Loan Offered by Utkal Grameen Bank
- Takeaways from the Article
Utkal Grameen Bank Overview
Utkal Grameen Bank (UGB) is a Regional Rural Bank formed on November 1, 2012, by merging Rushikulya Gramya Bank and Utkal Gramya Bank following the Regional Rural Banks Act 1976. State Bank of India sponsors the bank, 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 most acceptable bank in the state to handle government business.
The Utkal Grameen Bank Personal Loan is intended to satisfy your financial needs, starting from wedding expenses to utility bills, 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.
Utkal Grameen Bank Features
- There are a variety of loan repayment choices available.
- The personal loan application is processed quickly and easily, making it convenient for consumers.
- The bank does not require a guarantor for the personal loan.
- The interest rates are relatively appealing and competitive compared to the market.
- 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 documentation is required to be submitted to the bank.
- The Utkal Grameen Bank Personal Loan Amount is 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.
- Individuals can return their loans over a period of 12 EMIs to a maximum of 60 EMIs, according to the Utkal Grameen Bank. The individual’s credit score will determine the repayment time. You can repay the loan using any of the following methods:
- The individual can 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 standard bank regulations.
- If the bank allows it, the individual can repay the EMIs using the Mobile Banking App.
How to Apply for a Personal Loan in the Utkal Grameen Bank?
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 all the documents that are required.
- Submit the form, and the bank will call you for other formalities.
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.
Utkal Grameen Bank Personal Loan Eligibility Criteria
- Individuals aged 21 years to 58 years are eligible for the loan.
- The individual must be salaried or self-employed with a regular monthly income.
- The minimum income of the individual must be Rs 25,000/month.
- The individual must have completed at least three years in the current job, business, or profession.
- The individual must have a CIBIL score of 750 and above.
Utkal Grameen Bank Personal Loan Documents Required
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 slips of the last six whole months, and a bank statement of the past three months.
For Self-Employed Applicants
- All financial documents, from company documents to income tax returns, are considered.
- The individual must have a Pan card and Aadhar card as proof of identification.
- You can submit any of the following forms of evidence for address: a bank account statement, the most recent power bill, and the most recent mobile/telephone bill.
- Two passport size photographs of the individual will be required.
Types of Personal Loan Offered by Utkal Grameen Bank
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 essential 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. Twenty 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.
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 their first job. The following are some important highlights of Utkal Grameen Bank Fresher Funding individual credit:
- A credit of up to Rs 1.5 lakh is available.
- The candidate must be at least 21 years old.
- The interest rate 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 advanced primary applicant must be an Indian citizen, and the co-candidate NRI must be a close family member. Personal 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.
The Holiday Loan from Utkal Grameen Bank might help you plan your dream vacation with minimal issues. 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.
- Rapid preparation and disbursement of advance that is directly related to your record.
Takeaways from the Article
In this particular article, we have given you information about the Utkal Grameen Bank Personal Loan, about the Utkal Grameen Bank Personal Loan interest rate, and about what a Utkal Grameen Bank Personal Loan is.