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    Greater Bank Personal Loan

    Greater Bank personal loans can be availed at attractive interest rates and flexible repayment tenures. With simplified documentation and hassle-free approval and disbursal, getting a loan is now as easy as ever.

    • Maximum loan amount is Rs.2 lakh
    • Interest rates start from 16% p.a. 
    • Quick approval 
    • Easy-to-meet eligibility criteria
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    Greater Bank Personal Loan
    Personal Loan BYTES FROM OUR KITCHEN

    Features and Benefits

    • The maximum amount you can borrow is Rs.2 lakh
    • Easy documentation process
    • Competitive interest rates
    • Flexible repayment options
    • Quick loan sanction and hassle-free disbursal process
    • Low processing fees

    Details of the loan

    Loan Amount Interest Rate Processing Fees
    Up to Rs.2 lakh
    • 16% p.a. onwards for salaried class
    • 16.50% p.a. for non-salaried class
    • 18% to 22% p.a. for self-employed applicants
    Rs.1,098

    Documents Required

    Here are the documents you will have to submit when applying for a Greater Bank personal loan:

    • Aadhaar Card
    • Proof of identity in the form of passport, driving license, or Voter’s ID
    • Proof of residence in the form of passport, driving license, Voter’s ID, electricity bill, telephone bills, sale agreement, registered lease deed, or bank statement
    • Passport-size photographs
    • Salary slips for the past three months
    • Income Tax Returns or Form 16 for the past three years
    • Salary account bank statement for the past six months
    • The latest three months’ payslips

    Eligibility Criteria

    Employment Status
    • Confirmed/permanent employees of State or Central Government
    • Public Sector Undertakings and limited companies
    • Professors, assistant professors, or lecturers of colleges, research institutes and universities
    Age
    • Minimum of 25 years at the time of applying for the loan
    • Maximum of 60 years at the time of loan maturity
    Net monthly income Minimum of Rs.10,000

    How the EMI calculation works for Greater Bank Personal Loan?

    Let’s assume that Mr. Venkat, an IT professional at a start-up, takes a personal loan of Rs.1 lakh from Greater Bank. The interest rate applicable to the loan is 16% p.a. The tenure of the loan is one year, and the processing fees charged is Rs.1,098. In this case, here’s what Mr. Venkat’s repayment schedule will look like:

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    Apr 2019 Rs.7,740 Rs.1,333 Rs.9,073 Rs.92,260
    May 2019 Rs.7,843 Rs.1,230 Rs.9,073 Rs.84,417
    Jun 2019 Rs.7,948 Rs.1,126 Rs.9,074 Rs.76,470
    July 2019 Rs.8,053 Rs.1,020 Rs.9,073 Rs.68,416
    Aug 2019 Rs.8,161 Rs.912 Rs.9,073 Rs.60,255
    Sep 2019 Rs.8,270 Rs.803 Rs.9,073 Rs.51,986
    Oct 2019 Rs.8,380 Rs.693 Rs.9,073 Rs.43,606
    Nov 2019 Rs.8,492 Rs.581 Rs.9,073 Rs.35,114
    Dec 2019 Rs.8,605 Rs.468 Rs.9,073 Rs.26,509
    Jan 2020 Rs.8,720 Rs.353 Rs.9,073 Rs.17,790
    Feb 2020 Rs.8,836 Rs.237 Rs.9,073 Rs.8,954
    Mar 2020 Rs.8,954 Rs.119 Rs.9,073 Rs.0

    As you can see from the above table, Mr. Venkat will have to pay Rs.9,073 each month as EMIs. The total amount paid towards the loan will be Rs.1,09,975 out of which Rs.1 lakh is the loan amount, Rs.8,877 is the interest amount, and Rs.1,098 is the processing fee.

    Compare Greater Bank personal loan with loans from other lenders

    Fees and Charges Yes Bank Citibank Kotak Mahindra IndusInd Bank
    Interest Rate 10.75% p.a. 10.99% p.a. 10.99% p.a. 11.25% p.a.
    Processing Fee Up to 2.50% 0.25% to 3% 2.5% 2.5%
    Foreclosure Charges Up to 4% Up to 4% 5% + GST as applicable 4%
    Late Payment Fee 24% Nil 3% Rs.150 + GST

    *Note:Processing fee + GST applicable for all the banks

    Frequently Asked Questions

    How do I apply for a personal loan from Greater Bank?

    You can apply for a personal loan by contacting the nearest Greater Bank branch. The branch locations are available online on the Greater Bank website.

    What is the maximum loan amount I can get from Greater Bank?

    Greater Bank offers a maximum of Rs.2 lakhs to individuals under the personal loan scheme.

    For what purpose can I use the money granted from Greater Bank under the personal loan scheme?

    The personal loan is granted for any purpose you wish. Greater Bank offers finance for individuals to meet any genuine need.

    My salary is paid in cash. Can I still avail of a personal loan from Greater Bank?

    Yes, you can still avail of personal loan. However, there should be a facility for the bank to be able to deduct the loan EMI amount every month from your bank account. The loan will be granted depending on your employment and the company you work for as approved by the Greater Bank Corporate Office.

    What proof of identification can I submit?

    You can submit any Government issued ID proof such as PAN card, Passport, Driver’s License, Aadhaar Card, Voter ID and so on.

    What is ECS?

    ECS stands for Electronic Clearing Service. An ECS salary credit means that your employer deposits your salary into your bank account directly.

        

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    Greater Bank Personal Loan Reviews

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