Punjab Gramin Bank Personal Loan Approval Process

Punjab Gramin Bank Personal Loan Approval Process

About Punjab Gramin Bank Personal Loan

Are you interested in applying for a personal loan? Then we’ve got you covered because Punjab Gramin Bank Personal Loan Approval Process currently offers customers personal loans with the best discounts and offers, which will be quite advantageous to them. Personal loans can also be found on the Dialabank Personal Loan webpage. Other sorts of loans can be found on Dialabank’s official website. Returning to the Kerela Gramin Bank, the following are the best selling factors of the Punjab Gramin Bank Personal Loans Approval Process:-

  • Gramin Bank offers low-interest pre-approved personal loans to customers who have a good credit history and already have an account with the bank.
  • The Gramin Bank also provides an online application where you can complete your KYC and submit your documents digitally.
  • You can also monitor the status of your Punjab Gramin Bank personal loan application in real-time by visiting the bank’s website or calling the customer service centre.
  • Gramin bank also includes diverse income and occupation groups, as well as specific plans.

Punjab 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

*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 Punjab Gramin Bank Personal Loan

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

Punjab Gramin Bank Personal Loan Approval Process

You are required to bring the following documents to avail personal loan from Gramin Bank:-

  • Filled up a loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following documents: a driver’s licence, a PAN card, a passport, a voter ID card, or an Aadhaar card
  • Residential Address Proof – One of the following documents: a registered rent agreement, a passport, a leave and licence application, or a utility bill from the previous three months.
  • Income Documents – Copy of the last two years form 16, three months payslips, and three months bank statement showing salary credit and any EMI debit.

Steps to Apply for Punjab Gramin Bank Personal Loan

If you wish to apply for a Punjab Gramin Bank Personal Loan, you can do it either online or in person. We will inform you about the procedure both online and in-person at the branch. If you want to apply, you must first complete the steps listed below: –

  • Visit the Punjab Gramin Bank’s website or get in touch with a Gramin Bank branch.
  • Fill in the bank’s personal, professional, and financial information, then submit the form.
  • After you complete the form online, the bank will verify your eligibility and inform you of the amount that you are qualified for.
  • You must submit the required documents, which can be uploaded online, once you agree to complete the application.
  • Finally, the Gramin Bank will process your documentation, and the funds will be released to your Gramin Bank account as soon as the loan is approved.

If you want to get straight to the branch, you must complete the steps outlined below:-

  • Fill out the application form with the relevant personal information, occupation information, and contact information at any Gramin Bank branch.
  • The Gramin Bank representative will go over the loan’s eligibility, terms, processing fees, prepayment, and foreclosure provisions with you.
  • You will be given an application reference number after submitting the application form and relevant documents. This number can be used to check on the progress of your Gramin Bank Personal Loan application.
  • After successful verification, the loan can be disbursed as soon as the loan is approved and the agreement is signed.

Punjab Gramin Bank Personal Loan Approval Process FAQs

✅  How does a personal loan work?

When you submit a personal loan application to a lender, the lender evaluates and accepts it based on the standards of the institution. The loan amount is promptly disbursed into your bank account following this. As part of your loan repayment, you will be expected to pay the EMIs on a monthly basis.

✅ What is an EMI?

The amount of money that a borrower must pay every month in order to pay off the loan within a specified time frame is referred to as the Equal Monthly Installment or EMI. The principal and interest on the loan are included in the EMI.

✅ What is a credit score? Why is it important?

A credit score, often known as a CIBIL score, is a numerical representation of your payback history. The requirements differ depending on the lending institution.