I took a personal loan from BGVB and the interest rate can differ depending on a lot of factors related to your employment details, credit history, CIBIL score, etc. When I took the loan back in 2023, the Bangiya Gramin Vikash Bank personal loan interest rate was 13% p.a. for me. If you’re a salaried employee like me, you must have completed at least 2 years of service. Besides, there are other eligibility criteria that an applicant must know.
What is the BGVB Personal Loan Interest Rate?
The personal loan interest rate for BGVB is MCLR + 4%, which is presently 13% p.a. This rate of interest can change as per directives of the bank/RBI/NABARD. There are also some applicable service charges/processing fees on the loan amount that’s realised at the time of sanctioning loan. Here are some more details about the BGVB personal loan you must know.
The maximum repayment period should not exceed 60 months by EMIs.
However, if the wife is a co-borrower, the repayment period may be extended to 72 months at the consent of the applicants.
A person can pre-close the loan and no penalty will be charged.
Documents Required for BGVB Personal Loan
I am also sharing a few mandatory documents that you need to avail the loan.
Demand Promissory Note along with general letter of Lien
A letter of assignment for assigning LIP or NSC or KVP in favour of the bank and authorising the bank to realise the matured proceeds of assigned LIP/NSC/KVP or other securities from respective authorities.
You also need to submit the post-dated cheques to other banks for all the previous installments, along with a letter of commitment that you won’t stop the payment.
So, that’s all about the personal loan from BGVB. I hope this gives you the answer.
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What is Bangiya Gramin Vikash Bank Personal Loan Interest Rate?
Yashu
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2025-01-31T16:27:45+00:00 2025-01-31T16:27:47+00:00Comment
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