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    Greater Bank Personal Loan Reviews

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    Greater Bank Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    Overview about Greater Bank Personal Loan

    Greater Bank is The Greater Bombay Co-operative Bank Ltd which was formed in 1952. The bank focuses on serving the community with attractive deposits and lending schemes that are dynamic and adaptable to the changing times. Greater Bank offers a personal loan scheme to individuals who require finance for different needs. The loans are granted for tenures of 3 to 5 years. The bank has a wide eligibility criteria and offers attractive interest rates.

    Features of Greater Bank Personal Loan

    Loan Purpose: Greater Bank offers the personal loan scheme to eligible applicants who require money to fund genuine needs.

    Loan Limit: The maximum loan amount granted by the Greater Bank is Rs.2 lakhs for individuals. For others, the maximum amount is subject to the net monthly earnings.

    Tenure: The tenures offered on the personal loan differ between individuals and self-employed. For individuals, the tenure is 60 months, while the self-employed are granted 36 months.

    Interest Rate: Interest is calculated on a daily reducing balance. Interest rates granted range between 14.5% and 16% per annum.

    Security: Security is required in the form of personal guarantors and hypothecation of valuables.

    Shareholding: Applicants will receive 1% share of the loan amount under regular membership. The personal guarantors will be made nominal members.

    Eligibility criteria for Greater Bank Personal Loan

    The following applicants are eligible for a personal loan from Greater Bank:

    • Employees who are permanent and confirmed in reputed Limited companies and PSUs
    • Employees of the Central or State Government
    • Professors, Assistant Professors and Lecturers of Colleges, Universities and Research Institutes
    • Employees of large corporates, multinational companies
    • Professionals
    • Employees of medium corporates and small companies
    • Employees of Private Limited Companies, Business Category
    • The latest net monthly salary, after all deductions should not fall below Rs.10,000
    • Should be permanently employed for at least 1 year

    Security:

    Security is required mostly in the cases where applicants do not receive their salary through ECS.

    • Personal guarantors are required. Two personal sureties must be provided. Customers may also be asked to provide additional surety of the spouse, in case the applicant is married. If the applicant is unmarried, then the mother or father can stand as surety.
    • In cases where the salary is credited via ECS, or in case of salary deduction under Section 49 of MCS Act, 1960, hypothecation of valuables may be required. Customers can hypothecate items of worth such as the car, refrigerator, television, computer, music system, etc. Valuables might be required to be worth up to 100% of the loan amount.
    • In any other case, customers can pledge 100% of the loan amount through tangible securities such as LIC, NSC, KVP, mortgage of immovable property, and so on.

    Greater Bank Personal Loan Interest rates

    There are four different interest rates offered on the Greater Bank personal loan. The interest rate depends on the salary of the individual or the group tie up of the business. The interest is calculated on a daily reducing balance.

    1. For individuals with salary deductions under Section 49 of the MCS Act, 1960, including those with salary credit via ECS, the interest rate offered ranges between 14.50% and 15.50%.
      Business exposure Company Interest rate
      Under a Group Tie up with specific category companies who have a minimum business exposure of Rs.200 lakhs. Confirmed employees of large corporates, multinational companies, limited companies, PSUs, Central and State Government and Professionals. 14.50% per annum
      Under a Group Tie up with specific category companies who have a minimum business exposure of Rs.100 lakhs. Employees of medium corporates. 15.00% per annum
      Nil For small companies. 15.50% per annum
    2. For cases where salary is not credited through ECS, however, credit of loan instalments via ECS is possible, the following interest rate applies:
    3. Salary credit Company Interest rate
      ECS salary credit not available Employees of Private Limited Companies, Business Category 16.00% per annum

    Documents Required for Greater Bank Personal Loan

    The following is the list of documentation that applicants must submit to avail a personal loan from Greater Bank:

    • Recent photograph
    • Proof of identification
    • Proof of address
    • Employer’s certificate with details of designation and period of service
    • Last 3 months’ salary slip
    • Bank statement of salary account for the last 6 months
    • Income tax returns for last 3 years or Form 16 for the last 3 years
    • Details of the collateral for applicants where salary is not credited via ECS
    • Details of two guarantors

    Greater Bank Personal Loan FAQs

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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.

    6. 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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