About Vananchal Gramin Bank Personal Loan
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 |
Private | 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.