Vananchal Gramin Bank – Personal Loan

By | July 8, 2011

Purpose To help needy salaried persons financially who are at urgent need of financial assistance to meet the expenses towards renovating house or expenses related to marriage of their child/higher education of child/ purchase of consumer durable appliances etc.

Eligibility Individuals –Employed of Government or reputed public sector units having check-off facility and whose salaries and allowances are being paid through their accounts maintained with the braches of our bank in a regular manner.

Minimum credit scoring of 50 marks on credit scoring model of 100 marks

Type of Advance –           Demand / Term Loan – Secured

Eligible Amount            18 Times of Net Monthly Income (NMI) without any upper ceiling subject to EMI/NMI percentage not exceeding 50%.

Repayment –           12 to 60 months, commencing one month after full disbursement/ three months after first disbursement, whichever is earlier.

Security –           Hypothecation of the Equipment purchased out of Bank Finance

Insurance –           Waived. However, Borrower is advised to obtain insurance at his own cost.

Processing Charges –           0.55% of the loan amount

Terms and Conditions–          Doctor’s Certificate to be obtained regarding the extent of handicap and the need for the equipment, quotation/Invoice in respect of the equipment to be purchase, stamped receipt to be submitted after purchase of the equipment etc. are the other terms and conditions of the personal loan.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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