Baroda Gujarat Gramin Bank Personal Loan Approval Process

About Baroda Gujarat Gramin Bank Personal Loan 

Baroda Gujarat Gramin Bank is a government-owned regional rural bank founded under the RRB act.Baroda Gujarat Gramin Bank Personal Loan Approval Process Baroda Gujarat Gramin Bank provides Personal loans that help people to fulfil their business as well as personal financing needs. It is an unsecured loan and anyone between 21 to 60 years of age can apply for this loan. Both salaried, as well as self-employed, are eligible for this loan. Salaried people in both government, as well as the private sector, can apply for this loan. Also, women borrowers are eligible to get special offers on personal loans.

Baroda Gujarat Gramin Bank Personal Loan Eligibility

Particulars Salaried Self-Employed
Age 21 - 60 years 21 - 65 years
Minimum Income Rs.15,000* Rs.5 Lakh p.a.
Co-applicant Not mandatory Not mandatory
Loan Tenure 12 – 60 months 12 – 60 months
Maximum Loan Amount Rs.40 Lakh Rs.40 Lakh
Employment Type Employees of private limited companies and public sector undertakings
Self-employed individuals
Employment/Business Continuity At least 2 years; minimum 1 year with current employer
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score 750 and above 750 and above
Residential Status
Resident Indian staying in own house or a rented house

 

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

Click here to know more about - Salaried Applicant
Click here to know more about - Self-employed Applicant

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank Age Limit Minimum Work Experience
Minimum Income (Per Month)
SBI Up to 76 years NA** Rs.15,000
HDFC 21 to 60 years 2 years Rs. 20,000
ICICI 23 to 58 years 2 to 5 years Rs.17,500
Axis 21 to 60 years NA** Rs.15,000
Kotak Mahindra 22 to 55 years 1 year Rs.25,000
Tata Capital 21 to 58 years 1 year Rs.15,000
IndusInd 21 to 60 years 2 to 5 years Rs.25,000
Ujjivan Small Finance 22 to 58 years NA**
Above the minimum wage limit
India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
HDBFS 21 to 65 years 1 year to 3 years
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed
Indian Overseas Bank Up to 58 years NA* Rs.5,000
IDFC First Bank 23 to 68 years 3 years NA*
Federal Bank 21 - 55 Years 3 years Rs.25,000
Punjab National Bank 21 – 58 years 2 years for doctors Rs.15,000
Andhra Bank 21 - 55 years NA** NA*
Canara Bank NA** NA**
Salaried: Rs.6,000 & above
Self-employed - Rs. 1.5 lakh
IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
Bank of Baroda 21 to 60 years 1 year to 2 years
60% of gross monthly income
Deutsche Bank 25 to 60 years NA** Rs.25,000
Karnataka Bank NA** 3 years NA*
United Bank of India up to 75 Years 2 years NA*
UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000

 

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

Documents Required for Baroda Gujarat Gramin Bank Personal Loan

Baroda Gujarat Gramin Bank Personal Loan Approval Process

  • The first step for the approval of the loan is filling out the application form. You can either fill the form through the website or in person.
  • The second step is to collect and submit documents needed for the loan like identity proof, address proof, income proof, employment proof, and passport size photographs.
  • The third step is for approval is documents verification.
  • The last step of loan approval is loan disbursement. Also, you can not cancel a loan after its disbursement.

Steps to Apply for Baroda Gujarat Gramin Bank Personal Loan 

  • The first step is to visit the website of the bank you want to apply to and get all the details you need.
  • Fill out all the necessary details required like personal and financial details.
  • After the submission of the form, the lender will match your eligibility with the amount you want to avail of the loan.
  • After agreeing for processing of form, you need to submit the documents needed.
  • Then after the processing of documents, your loan will get disbursed if approved.

Baroda Gujarat Gramin Bank Personal Loan Approval Process FAQs

✅ What are mandatory documents required for a personal loan?

The mandatory documents for a personal loan are address proof, identity proof, salary slips for the last 3 months, and bank statements for the last 3 months.

✅ What is the minimum amount of personal loans I can get?

The minimum amount of personal loan you can get is Rs. 50,000.

✅ Can I get a personal loan if I don’t have a good credit score?

It is difficult to get a personal loan if you do not have a good credit score because personal loans are unsecured loans.