Pallavan Grama Bank Personal Loan Approval Process

About Pallavan Grama Bank Personal Loan

Are you looking for Personal Loans? Then, you have reached the right place. Pallavan Grama Bank provides customers with Pallavan Grama Bank Personal Loan Approval Processnumerous benefits, offers and deals with low-interest rates. To know more about the procedure of personal loans, visit the official site of Dialabank. Dialabank is a financial service helpline that assists you in getting the best deals and helps you with details and the complete documentation process as well.

Pallavan Grama 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 Pallavan Grama Bank Personal Loan

Pallavan Grama Bank Personal Loan Approval Process

Once you filled your loan application and submitted it to the lender or bank, there is a certain approval process that needs to be fulfilled in order to approve your personal loan which is as follows:

  • The bank will check your salary deposits, bank statements and all financial documents provided by you.
  • The verification regarding your identity proofs will be checked by the bank based on your application.
  • Then the lender will check your CIBIL for credit score to check creditworthiness.
  • If your credit score is low, it can lead your loan application to rejection, so the Credit score should be higher than 750.
  • Your Credit Score needs to be high because it determines your eligibility and a good score increases your chances of getting a loan.
  • A tenure or loan amount will be decided based on your credit score, annual income, age and more.
  • On the basis of all these criteria, your loan and the amount will be approved.

Steps to Apply for Pallavan Grama Bank Personal Loan

To Apply for Personal Loan in Pallavan Grama Bank. These are the steps that need to be followed:

  • There are two ways to apply for personal loans, Online and in person. For the online method, visit the official website of Pallavan Grama Bank. If you can’t apply online, then visit the nearest branch of the bank.
  • After reaching the nearest branch, the representative will explain the loan rates, eligibility, terms, processing fees and other clauses.
  • Now you need to fill in all the personal, professional and financial details the lender has asked for and then you need to submit the form.
  • Once you have submitted the form, the bank will check your provided information, including your eligibility and the available amount.
  • If the bank has accepted the application, then you will be asked to submit the necessary documents. You can also upload it online.
  • Then your documents will be processed by the bank. Now with the successful approval of the loan, your bank account will receive the funds immediately.

Pallavan Grama Bank Personal Loan Approval Process FAQs

✅ What is the age limit of an applicant to apply for a Personal loan in Pallavan Grama Bank? 

The age limit of an applicant to apply for a personal loan should be from 21 to 58 years old in Pallavan Grama Bank.

✅ What can a personal loan be used for?

An individual can use a personal loan for debt consolidation, appliance purchases, home renovations and others. In some sectors, loans can also be helpful for business investments, down payments of house, medical bills and more.

✅ Why is Credit Score important in the approval process of Personal loans?

A credit score determines an applicants creditworthiness and based on it, and the bank decides whether the loan will be approved or not, due to which Credit Score is critical.