Madhya Bihar Gramin Bank Personal Loan
Overview about Madhya Bihar Gramin Bank Personal Loan
One of the forerunners in rural financing and providing banking solutions to the rural community, the Madhya Bihar Gramin Bank has 474 branches in 11 districts of Bihar. The bank is owned by the Government of India and is sponsored by Punjab National Bank. True to its motto since being incorporated in 2006, the bank stands strongly by its pledge to be “Committed to Rural Development”, and has grown to a 2,000+ employee-strong institution.
Personal Loans from Madhya Bihar Gramin Bank
are easily accessible and are offered at affordable rates of interest with borrower-friendly repayment terms.
Purpose of Madhya Bihar Gramin Bank Personal Loan
Madhya Bihar Gramin Bank Personal Loans are disbursed for all personal requirements such as meeting the cost of marriage, holiday, education, immediate liquidity needs, capital for business, etc. The loans are granted for personal use, except for speculative purposes.
Eligibility criteria for Madhya Bihar Gramin Bank Personal Loan
In order to be eligible for a personal loan from Madhya Bihar Gramin Bank, one must meet the following eligibility criteria:
- MBBS / BDS holders with a total income of more than Rs.4,00,000.
- Staff members of the bank.
- Contract teachers that have qualified from the eligibility test and have completed a minimum service period of at least 2 years.
- Confirmed / Permanent defence personnel.
- Public Sector Undertakings.
- Central government employees whose salary is routed through this bank.
- Statutory organization employees whose salary is routed through this bank.
- Employees of Hospitals / Universities / Colleges whose salary is routed through this bank.
- Minimum income: Rs.12,500 per month for urban areas. Rs.10,000 per month for rural areas.
Features and benefits of Madhya Bihar Gramin Bank Personal Loan
- Minimum loan amount that can be sanctioned is Rs.10,000.
- Maximum loan amount that can be sanctioned is Rs.5,00,000.
- Repayment tenure can range up to 60 months from the month after the month in which the funds have been disbursed.
- For loans up to Rs.25,000, there is no security required.
- For loans above Rs.25,000, a suitable third-party guarantee must be submitted to the bank, who will decide if it is acceptable.
- Maximum deduction is 50% of the net salary of the borrower.
- Interest rates:
- For borrowers whose salary is being routed through any Madhya Bihar Gramin Bank branch: 12.75% p.a.
- For those availing the loan under check-off facility: 12.75% p.a.
- For others: 13.25% p.a.
- Defence Personnel:
- For borrowers whose salary is being disbursed through any Madhya Bihar Gramin Bank branch: 12.25% p.a.
- For others: 12.75%
Documents required for Madhya Bihar Gramin Bank Personal Loan
In order to apply for a loan through Madhya Bihar Gramin Bank, you will need to submit the following documents:
- Identity Proof: A proof of identity issued by a competent and legitimate government authority. Could be driving license, passport, Aadhaar card, PAN card, etc.
- Address Proof: A proof of identity issued by a competent and legitimate government authority, or any proof of address that contains the borrower’s name. Could be driving license, passport, telephone / electricity bill (attested), etc.
- Income Proof: A document confirming the earning of the borrower. Could be salary slips, bank records, etc.
- Form 16.
- Other documents as may be required on an individual basis from the bank after assessment of candidate.