Vananchal Gramin Bank Personal Loan Approval Process

Vananchal Gramin Bank Personal Loan Approval Process

About Vananchal Gramin Bank Personal Loan

Vananchal Gramin Bank Personal Loan Approval Process

A vast number of people use personal loans to pay for their expenses. One of the reasons for Personal Loan’s increasing popularity is that it is an unsecured loan that does not require collateral and has a quick processing time. You can get a Personal Loan from any bank or non-banking financial institution you like.

  • Vananchal Gramin Bank offers a variety of programmes for people of all income levels and occupations.
  • The Vananchal 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 Vananchal Gramin Bank personal loan application in real-time by visiting the bank’s website or calling the customer service centre.
  • Vananchal Gramin Bank also offers low-interest pre-approved personal loans to customers who have a good credit history and already have an account with the bank.

Vananchal 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 Vananchal 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

Vananchal Gramin Bank Personal Loan Approval Process

  • The bank receives the loan application. Following that, the bank will verify the information you supplied on the application form. The bank’s records, such as bank statements, salary deposits, and any or all EMIs deducted from your account, will be reviewed immediately.
  • The bank will then confirm you’re identity based on the information you supplied on the application form. The KYC process will be completed here by the bank. It’s possible that you’ll have to go to the bank with the originals of the documents you submitted with your application form.
  • A bank executive may visit your home or business to verify the address you provided on the application form. Your employer’s details may also be cross-checked by the bank.
  • The bank will check your creditworthiness after the verification process is done. It will examine your credit score first. With your IT return, the bank will determine your loan eligibility.
  • Your loan will be authorised immediately if your credit score is more than 750.
  • The loan amount and term will be determined by your credit score, age, annual income, salary growth prospects, and remaining service years.
  • Once your loan has been approved, you must pay the processing charge.

Steps to Apply for Vananchal Gramin Bank Personal Loan

  • Dialabank’s official website can be found here.
  • Submit the form after filling in the personal, professional, and financial information needed by the lender.
  • Dialabank will verify your eligibility when you submit the application form and inform you of the maximum amount you are eligible to receive.
  • If you agree to have the application processed, you must submit the required documents, which can be uploaded online.
  • Finally, Dialabank will process your paperwork, and if the loan is granted, the monies will be immediately deposited into your bank account.

Vananchal 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 are the documents required to apply for a personal loan?

Because it is a no-collateral loan, a personal loan application often entails determining the applicant’s need for cash, eligibility for funding, and repayment capacity. As a result, to be qualified for a Personal Loan, candidates must be salaried and provide documentation verifying their personal and professional information. This includes, but is not limited to:

  • KYC Documents (proof of the applicant’s age, nationality, etc.)
  • Documents declaring the continued employment for the applicant
  • A duly filled loan application form.

✅ What is the personal loan approval process?