Gramin Bank of Aryavart Personal Loan Approval Process

Gramin Bank of Aryavart Personal Loan Approval Process

About Gramin Bank of Aryavart Personal Loan

A personal loan is a loan without security and paid with instalment for the life of the loan, which may be till five years of the loan being issued. Gramin Bank of Aryavart Personal Loan Approval ProcessPersonal Loans may have high interest rates, but the tenure is quite long to pay the instalments making it possible to complete repaying all the financiers. A personal loan is a kind of instalment where you borrow a fixed amount of money and pay it back with interest in monthly payments over one year to 7 years. The personal loan provided by Gramin Bank of Aryavart Personal Loan is an unsecured type of loan and needs minimum documentation.

Benefits of Personal Loan:

  • A loan can be taken up to Rs. 25 lakh or, for more, the borrower is likely to take a loan that is 30 times the monthly income. However, this differs from lender to lender that gives personal loan assistance.
  • Large tenure payment up to 5-7 years. Also, the borrower can choose the loan period duration.
  • Quick preparing of loans: Rapid disbursal of credits can be helpful in this irregular lifestyle. In addition, a Personal loan might be helpful for medical or any other emergencies.
  • No collateral is required.
  • Documentation like KYC documents such as driving license, Aadhaar card, and voter ID card is needed, Last three months’ salary slips (for salaried) or income proof (for self-employed), Last six months’ bank account statements from your bank of salary account (for salaried) or current account (for self-employed) should have a remark.

Gramin Bank of Aryavart Personal Loan Eligibility

The eligibility criterion for a personal loan for Gramin Bank of Aryavart are:

 

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

*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 Gramin Bank of Aryavart Personal Loan

The documents required for Gramin Bank of Aryavart include:

 

List of Documents Required for Salaried Applicants

Salaried individuals must submit the following documents in addition to a completed personal loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhar Card
Driving License
Address Proof (Any one)
Passport
Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Aadhaar Card
Driving License
Ration Card
Income Proof
Salary slips (Last 3 months)
Bank statements for the last 3 to 6 months (showing salary credit)
Tax Paid (Any one
IT returns (for 2 years)
Form 16
Residence Ownership Proof (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Job Continuity (Any one)
Current employment certificate
Current job appointment letter (if more than 2 years have been spent in the same organisation)
Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
Proof of Investment (if any)
Fixed assets, fixed deposit, shares, etc.
Existing Loans (if any)
Payment Track Record & Sanction letter
Photograph
One coloured passport size photograph

 

List of Documents Required for Self-employed Applicants

Self-employed personal loan applicants must submit the following documents in addition to a fully completed loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhaar Card
Driving License
Address Proof (Any one)
Passport
Aadhaar Card
Driving License
Utility Bill (telephone, water, electricity, gas) – less than 2 months old
Ration Card
Proof of Residence Ownership (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Office Address and Ownership (Any one)
Maintenance bill
Property documents
Electricity bill
Proof of Business Existence (Any one)
Copy of GST registration
Company registration license
Shop establishment proof
Income Proof
Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Bank statement
Savings/current account bank statement/ bank passbook for the past one year
Proof of Investment (in case any)
Investments such as fixed deposit, fixed assets, shares, etc.
Existing Loans (in case any)
Payment Track Record and sanction letter
Professional Degree Certificate
In case of professionals
Photograph
One coloured passport size photograph

 

List of Documents Required for NRI Applicants

When applying for a personal loan, NRI candidates are typically required to submit the following documents:

Identity Proof Copy of the passport
Copy of the visa
Employment Proof Letter of Appointment
Job contract
Labour/ Identity card (if applicable)
Official email ID or the HR’s email ID
Income Proof Last 6 months’ bank statements
Last 6 months’ salary slips or salary certificate
Photograph Passport size photographs

 

List of Documents Required for Pensioners

When applying for a personal loan, a pensioner must submit the following documents:

Identity/Age Proof (Any one)
Ration card
Passport
PAN card
Aadhar card
Voter ID card
Driving licence
Birth certificate
School leaving certificate
Address Proof (Any one) Passport
Aadhaar card
Utility bills
Ration card
Driving licence
Income Proof (Any one)
Last 6 months’ bank statements/salary slips
Bank passbook
Form 16
Copy of pension payment order
Income tax returns
Photographs
Passport size photographs

 

Know More About: Personal Loan Eligibility Criteria

 

Gramin Bank of Aryavart Personal Loan Approval Process

  • When the bank accepts the personal loan application, the bank will confirm the information you gave in the application form by visiting your workplace and home. Details such as salary deposits, bank statements, and any other activity such as deduction of EMI from your account will be noted.
  • Then comes the verification stage, where the data provided by you to the bank is confirmed. The KYC process is achieved here. For example, the bank officials may contact you for the bank applications and documents required. The bank here cross verifies records provided and inquires in the workplace or visits your home to dodge the chances of fraud.
  • Here’s when the credit score of 750 or more is valued, and your loan is immediately approved. Next, the bank reviews your credit score and looks at the transition history so far. Then, IT returns are inspected for the last round, that is, the approval of the loan.
  • The loan amount for the personal loan and tenure will be determined by the bank based on the following: annual salary, credit score maintained, age of the individual, increment in salary and years left in service.
  • Once your loan is approved, pay the processing expense, i.e. processing fees is charged. The money is now ready to be used.

Steps to Apply for Gramin Bank of Aryavart Personal Loan

  • Visit the approved website of Dialabank or reach us on 9878981166, or even mail us at booking@dialabank.com.
  • Fill in the data demanded by Dialabank to acquire the loan and submit the form to the lender.
  • With this, Dialabank would inform you of the amount of money you are qualified for a loan.
  • Lastly, Dialabank will process your records and review them, and if the bank approves the loan, the funds will be immediately transferred into the provided bank account.

Gramin Bank of Aryavart Personal Loan Approval Process FAQs

 What is the processing fees for a Personal Loan?

 Loan processing charges: Charges you incur on a Personal Loan. Gramin Bank of Aryavart has to bear some organisational expenses while processing and approving the loan. This is usually a tiny amount, which differs from bank to bank and can cost about 0.5% to 2.50% of the total amount of the loan applied for.

 How can I apply for Gramin Bank of Aryavart Personal Loan?

Through both offline and online, an individual can apply for a personal loan. For offline, you can visit the nearest Gramin Bank of Aryavart for Personal Loan and online, visit DialaBank for more data.

 How can I contact Gramin Bank of Aryavart?

Contact Numbers of Headquarter
Phone: +91-7388800794 Email: ChairmanSecretariat.gba@gba-rrb.com