Kerala Gramin Bank Personal Loan

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Why us?

Rates as low as 10.50%*
Loans Up to 30 Lacs
Same Day Disbursal
Doorstep Service
Unbiased Experts Advice

About Kerala Gramin Bank Personal Loan

A personal loan is the financial aid that allows us to borrow money from the banks, but have to pay some amount to the bank as an interest rate. The process is fast and simple. There are many banks and non-banking financial institutions (NBFCs) who provide a personal loan at a very low interest rate. The rate of interest varies according to the banks. Kerala Gramin Bank Personal Loan is an unsecured loan where no security is given to the bank, and Kerala Gramin Bank Personal Loan amount can be used to meet the financial requirements of the people. These funds can be used for any medical emergency, marriage expenses, increasing the infrastructure of the business and other requirements.

Kerala Gramin Bank Personal Loan Eligibility

Kerala Gramin Bank Personal Loan

Kerala Gramin Bank Personal Loan does not apply to everyone, and there are some eligibility criteria on the basis of which bank provides a loan to the applicant. There are two categories of applicants:

  1. Salaried
  2. Self-employed

There are different eligibility criteria for both applicants.

Salaried Applicant:

  1. The minimum age of the applicant should be 21years and maximum up to 60 years.
  2.  If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The applicant should have the work experience of the last three years, and the salary should come in their account only.
  4. The applicant must have a good credit history, and credit score should vary between 650 to 700.
  5. The applicant must have to submit their bank statement of the last three months and the salary slip of the last six months.

Self-employed Applicant:

  1. The minimum age of the applicant should be 25 years and maximum up to 65 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good, and no debt should be left due.
  4. The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
  5. And the applicant has a business than his business should be running from the last three years

Kerala Gramin Bank Personal Loan Documents

  1. Identity proof: (Passport/Id card/voter card/driving license/Aadhar Card) It can be any one of them. Everyone easily has these documents, so there is no problem with the submission.
  2. Residence proof : (Passport/Id card/voter card/driving license/Ration Card/Aadhar Card).  And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity bill which has to be in the name of the applicant and the address of the owner.
  3. The applicant has to submit their PAN card which is an essential document under the KYC formality.
  4. If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
  5. And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
  6. Two passport size colored photos. (Applicant should not be wearing glasses)

Kerela Gramin Bank Personal Loan Interest Rate

The minimum rate of interest that you can get on this loan is 10.70% annually. Also while talking about the interest rate, it is important to mention that once the rate of interest is decided it remains the same throughout the loaning tenure. Speaking of Loaning tenure with this loan you can choose to close your loan in between the mandate. This feature is called foreclosure.  You need to provide the remaining loan amount and the foreclosure penalty to the bank to get the benefit of this feature. Foreclosure charges range from 0-3% of the total loan amount.

Kerela Gramin Bank Personal Loan Advantages

  1. Firstly, you get to avail loan at an affordable interest rate which is most of the times are the deal breaker for the applicant.
  2. Likewise, the documents that the bank requires from the applicant is not much.
  3. Thus, making the personal loan availing process fast.
  4. Also, if you meet all the criteria bank will approve your loan application within 30 minutes.
  5. The loan amount ranges from 50,000Rs to 40 Lacs. Therefore you can full-fill all your big or small needs.
  6. Also,Kerala Gramin Bank Personal Loan is useful for both salaried and self-employed applicant.
  7. For instance, you can use the loan amount for funding your daughter’s college fee, or you can use this loan for the expansion of your business.
  8. As Kerala Gramin Bank Personal Loan applicant, you are not required to specify the reason for taking the loan. Therefore you can use the loan amount in whatever way you like.

FAQs About Kerala Gramin Bank Personal Loan

Q. What is Kerala Gramin Bank Personal Loan?

If you find yourself in need of urgent funds for your personal expenses like wedding, travel, payment of bills, and etc. You can apply for a Personal Loan from Kerala Gramin Bank and fulfill all your needs. Personal Loans come with long tenures for easy repayment with attractive interest rates.


Q. What is Personal Loan rate of interest in Kerala Gramin Bank?

The lowest rate of interest for Personal Loan from Kerala Gramin Bank is 10.75% per annum. The interest rate offered to you may vary according to your credit score and monthly income.


Q. How can I get Kerala Gramin Bank Personal Loan?

Get quick disbursing Personal Loans from Kerala Gramin Bank by visiting the nearest branch with your documents. After verification and approval of your loan application you will get the loan amount in your bank account and can use it for all your financial needs.


Q. How to apply for Personal Loan in Kerala Gramin Bank?

You can apply for Personal Loan from Kerala Gramin Bank by visiting the branch with all the requisite documents and submitting a duly signed application form to the banker. You get the loan amount in your account once your eligibility has been verified and your loan has been approved.


Q. Why apply for Kerala Gramin Bank Personal Loan?

Personal Loans from Kerala Gramin Bank can be used to fulfil a wide array of your financial needs. These loans come with high funding. long tenure, low interest rates, and easy repayment facilities. You are not required to submit any form of security with the bank in exchange for these loans.


Q. How much EMI on Kerala Gramin Bank Personal Loan?

Personal Loan EMI for Kerala Gramin Bank can be calculated using any online EMI calculator using just the three parameters, loan amount, loan tenure, and rate of interest.


Q. How much CIBIL score required for Kerala Gramin Bank Personal Loan?

A CIBIL score in excess of 700 is required for Kerala Gramin Bank Personal Loans. Your CIBIL score helps the bank to estimate your creditworthiness and repayment abilities.


Q. Minimum credit score needed for Kerala Gramin Bank Personal Loan?

You will need to maintain a credit score of at least 700 to avail a Kerala Gramin Bank Personal Loan.


Q. How to calculate Kerala Gramin Bank Personal Loan EMI?

Your Personal Loan EMI can be calculated using any online EMI Calculator. Visit Dialabank to compare offers from different banking and non-banking financial companies and apply for the ones that best suit your needs.


Q. What can I use Kerala Gramin Bank Personal Loan for?

Kerala Gramin Bank Personal Loan can be used for a wide array of personal financial needs. You can meet all your day to day expenses and even the big ones that burden you financially. You can finance your vacations, family events, weddings, and etc. You can also use your Personal Loan to renovate your home.


Q. Can I prepay Kerala Gramin Bank Personal Loan?

Yes, you can prepay your Personal Loan with Kerala Gramin Bank by visiting the branch where your loan was sanctioned and asking the banker for the same. You will have to pay the entire outstanding loan amount with a foreclosure charge as applicable.


Q. How to prepay Kerala Gramin Bank Personal Loan?

Prepay your Kerala Gramin Bank Personal Loan by contacting your loan branch in person. Depending on the case, you might be required to pay a small foreclosure fee along with your outstanding loan amount to close your Personal Loan.


Q. How to repay Kerala Gramin Bank Personal Loan?

Your Kerala Gramin Bank Personal Loan can be repaid in a number of ways, the most common being automatic deduction of EMIs from your bank account. You can also contact your loan branch for further information on your repayment options.


Q. What documents are needed for Kerala Gramin Bank Personal Loan?

You need your address and identity proof(Aadhar Card/Voter ID), PAN Card, Income proof(Salary Slips and Bank statement), and two recent passport-sized photographs for your Kerala Gramin Bank Personal Loan.


Q. How to check Kerala Gramin Bank Personal Loan status?

Status of your Personal Loan with Kerala Gramin Bank can be checked by visiting the branch and contacting your loan officer.

 

 

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