Bangiya Gramin Vikash Bank Personal Loan

Eligibility conditions for salaried individuals are:

To be eligible for the loan, the applicant must meet certain criteria related to their employment and salary disbursement. Here are the key points:

General Employees: The applicant must have at least 2 years of service. Additionally, their salary must either be disbursed through the branch where they apply for the loan, or their employer (including government establishments, PSUs, and other reputable organizations acceptable to the bank) must ensure repayment of installments through monthly deductions from the applicant's salary.

Teachers:

1. For teachers receiving their salary through the bank's branches, they must have at least 1 year of service, with their full salary for the preceding 12 months credited to the branch salary account, or the employer must ensure repayment through monthly salary deductions.

1. Teachers at Sishu Siksha Kendra (SSK), Madyamic Siksha Kendra (MSK), and Para Teachers in high schools, whose consolidated pay is disbursed through the bank's branches, must have completed at least 1 year of service, or their employer must ensure installment repayments through monthly salary deductions.

Accredited Social Health Activists (ASHA): Engaged by the Government of West Bengal's Health and Family Welfare Department under the National Rural Health Mission, these workers must receive their consolidated pay through the bank's branches and have completed at least 1 year of service, or their employer must ensure installment repayments through monthly salary deductions.

Anganwadi Workers and Helpers: Under the Integrated Child Development Scheme (ICDS), they must have at least 5 years of engagement, be no older than 55 years at the date of application, receive their salary from the financing branch of BGVB, or have their employer ensure installment repayments through monthly salary deductions and terminal benefits.

Joint Application with Spouse: If the wife is a co-borrower and is employed or a professional, her annual income can be added to the husband’s income to determine eligibility and calculate the permissible loan amount.

Eligibility conditions for self-employed/ professional individuals are:

• The applicant should have been in business or practicing his/her profession for at least 2 years
• The applicant should have an account in the branch where the loan is applied, and have a minimum income of Rs.2 lakh per annum
• If the applicant has a co-borrower such as his wife, then the annual income can be relaxed up to Rs.1.50 lakh, and her income can be added for the purpose of eligibility

What are the maximum amount of loan I can avail?

In case of salaried persons:

Here are the details for the maximum loan amounts available to various applicants based on their employment and salary disbursement through BGVB branches:

General Employees

Eligibility: Completed 2 years of service in government establishments, PSUs, or other reputable organizations acceptable to the bank.

Salary Disbursement: Through BGVB branches.

Maximum Loan Amount: Rs.7 lakh (increased from Rs.5 lakh).

Conditions:

1. Does not exceed 18 months' gross salary.

1. Total deductions do not exceed 60% of gross salary.

Teachers

Eligibility: Completed at least 1 year of service.

Salary Disbursement: Through BGVB branches.

Maximum Loan Amount: ₹1,50,000.

Conditions:

1. Does not exceed 12 months' gross salary.

1. Total deductions do not exceed 60% of gross salary.

Applicants with Employer's Undertaking

Eligibility: Salaries not disbursed through BGVB branches but with employer's undertaking for loan repayment via monthly deductions and recovery from terminal benefits in case of service discontinuation.

Maximum Loan Amount: Rs.1.5 lakh.

Conditions:

1. Does not exceed 12 months' gross salary.

1. Total deductions do not exceed 60% of gross salary.

1. Employer's undertaking is mandatory.

SSK, MSK, and Para-Teachers

Eligibility: Sishu Siksha Kendra (SSK) Teachers, Madhyamik Siksha Kendra (MSK) Teachers, and Para-Teachers in high schools with at least 1 year of service.

Salary Disbursement: Through BGVB branches.

Maximum Loan Amount: Rs.1.5 lakh (increased from Rs.1 lakh).

Conditions:

1. Does not exceed 12 months' gross salary.

1. Total deductions do not exceed 60% of gross salary.

Accredited Social Health Activists (ASHA)

Eligibility: Engaged by the Government of West Bengal's Health and Family Welfare Department under the National Rural Health Mission with at least 1 year of service.

Salary Disbursement: Through BGVB branches.

Maximum Loan Amount: Rs.40,000 (increased from Rs.20,000).

Conditions:

1. Total deductions do not exceed 60% of gross salary.

Anganwadi Workers and Helpers

Eligibility:

1. Anganwadi Workers and Helpers under the Integrated Child Development Scheme (ICDS) with at least 5 years of engagement.

1. Age not above 55 years as of the application date.

Salary Disbursement: Through BGVB branches or with employer's undertaking for loan repayment.

Maximum Loan Amount:

1. Anganwadi Workers: Rs.50,000.

1. Anganwadi Helpers: Rs.30,000.

Conditions:

1. Total deductions do not exceed 60% of gross salary.

In case of Professional & Self Employed Persons

Single Applicant:

Maximum Loan Amount: Rs.2 lakh or 50% of gross annual income, whichever is lower.

Security: Loan amount must be secured by the surrender value of LIP, NSC/KVP, Relief Bonds, government securities, or bank term deposits with a 15% margin, or by mortgaging immovable property with a 50% margin.

With Wife as Co-borrower:

Maximum Loan Amount: Rs.3 lakh or 50% of gross annual income, whichever is lower.

Security: Same as above.

With Wife as Co-borrower and Working Professional:

Maximum Loan Amount: Rs.4 lakh or 50% of gross annual income of the couple, whichever is lower.

Security: Same as above.

Modifications:

1. Quantum of loan and margin requirements may be revised periodically.

What is the rate of interest on Bangiya Gramin Vikash Bank Personal Loan?

The current monthly rest interest rate of MCLR + 4.00 %, or 13.00 % p.a., is subject to change based on changes in the MCLR or instructions from the Bank, RBI, or NABARD.

Documentation

Promissory Note and Lien:

1. Demand Promissory Note and General Letter of Lien from the borrower.

Assignment of Securities:

1. Letter of Assignment for LIP, NSC, KVP, or other securities, authorizing the Bank to collect the matured proceeds.

1. Letter of Set-off for the Bank's term deposits.

Mortgage of Property:

1. Memorandum of deposit of title deed for equitable mortgage.

1. Search, marketability, and valuation report of the property.

Post-Dated Cheques:

1. Borrower to provide post-dated cheques for all loan installments.

1. Irrevocable letter of commitment not to stop payment on these cheques.

Period of Loan

Repayment Period:

1. Loan to be repaid within 60 months via EMIs, ensuring the applicant's net take-home salary after all deductions, including loan installments, is at least 40% of gross salary/income.

1. Sufficient service tenure should remain to cover the repayment schedule.

Extended Repayment (Co-borrower):

1. If the wife is a co-borrower, repayment can be extended up to 72 months with applicants' consent.

1. Net take-home salary after deductions must still be at least 40% of the husband's gross salary or the couple's combined gross income if the wife is employed.

1. Adequate service tenure should remain to cover the extended repayment schedule.

Early Repayment:

1. No penalty for early repayment of the loan.

The following formats to be used by potential borrowers to submit their requests under the plan

1. Submit a personal loan application with a photograph (Annexure - A).

1. Provide a Letter of Authority from the borrower (Annexure - B).

1. Employer's Undertaking on official letterhead (Annexure - C).

1. Employer's confirmation for monthly EMI deduction (Annexure - F).

1. Latest salary certificate from the applicant's employer (for salaried individuals).

1. For professionals and self-employed individuals, a copy of the latest Income Tax Assessment Order or the most recent Income Tax Return filed with the authorities.

What are the documents required for Bangiya Gramin Vikash Bank Personal Loan?

Documents required for Bangiya Gramin Vikash Bank Personal Loan at the time of application will be:

What are the terms for Bangiya Gramin Vikash Bank Personal Loan?

The loan is available to regular employees of Central and State Governments, reputed corporates, educational institutions, etc. As well as Professional or self-employed individuals. Service Charge/Processing Fees on the sanctioned loan amount. No penalty should be charged for early repayment of loan.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score