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Eligibility Criteria for SVC Co-operative Bank Personal Loans

Svc Bank Personal Loan Eligibility

The eligibility of applicants for the personal loans of the SVC Co-operative Bank is different for the two types of personal loans offered by the bank. These eligibility criteria are multifold and are tabled below.

Category

SV Personal Loans

Group Loans

Purpose

Personal use 

Personal use

Eligible applicants

Any individual 

Any individual employed with a reputed organization and  salary 

Age

Minimum age – 21 years

Maximum age – 60 years (salaried class),

Maximum age – 65 years (self-employed)

Minimum age – 21 years

Maximum age – 51 years

Credit score

Minimum credit score  - 740;

-1 to 5 in case of no credit history

Minimum credit score  - 740;

-1 to 5 in case of no credit history

Net take-home pay

As per Bank Guidelines

Deduction from salary should not be more than 60% of the total salary

Work experience

As per Bank Guidelines 

Minimum 3 years of employment

Additional requirement

Guarantee to be provided by 2 guarantors

Guarantee to be provided by 2 guarantors

What are the documents needed for SVC Personal Loans?

The documents needed for SVC personal loans are the basic KYC documents along with documents needed to provide proof relating to the income of the applicant. The details of the documents to be submitted along with the application form are mentioned below,

Identity Proof

Any of the following documents can be submitted as identity proof,

Address Proof

The applicant can submit any of the following documents as address proof

  • Passport
  • Driving License
  • Job Card issued by NREGA (duly signed by State Government Officer)
  • Voter ID
  •  Aadhaar Card/ UIDAI Letter

Age Proof

Along with identity proof, age proof is also required. The applicant can submit any of the following documents,

  • Birth Certificate
  • PAN Card
  • Aadhaar Card/ UIDAI Letter
  • Voter ID
  • Passport

Signature Proof

The applicant can submit any of the following documents as signature proof

  • Passport
  • Driving License
  • Pan card
  • Banker’s Certificate

Income Proof

Income proof is part of every loan application. The documents to be submitted for income proof of the salaried applicant are,

  • Latest 3 Months Bank Statement
  • Latest Salary Slip
  • Latest ITR for self-employed persons for the past 3 years

Overview of Personal Loans from SVC Co-operative Bank

SVC Co-operative Bank offers many types of loan products for the benefit of its customers. These loans include personal loans that can be availed by eligible applicants for meeting their personal expenses.

A personal loan is the easiest form of loan that can be sanctioned to any person. These loans are available to meet the many expenses of the applicants. There are two types of personal loans of SVC Co-operative Bank namely:

  • SVC Personal Loans 
  • Group Loans

These loans are sanctioned to eligible applicants with minimum documentation and are processed faster when compared to other loans. Borrowers can use these loans to meet their personal expenses like travel, marriage, education, etc.

What are the features of the personal loans of the SVC Co-operative Bank?

SVC Co-operative Bank provides personal loans at quite affordable interest rates and for flexible repayment tenures. The highlights of these loans are mentioned below.

Category

SVC Personal Loans

Group Loans

Amount of loan

Maximum loan amount – Rs. 5,00,000

Maximum loan amount – Rs. 5,00,000

Rate of interest

16.30%

16.30%

Tenure

Maximum – 60 months

Maximum – 60 months

Processing charges

1.5% of the loan amount 

Minimum

Security

25% of the loan amount in form of SV of LIC policy, the Face value of NSCs or KVPs

Company undertaking

What are the factors that influence the eligibility of SVC Personal Loans?

There are many factors that affect the eligibility of the personal loans of the bank. These factors depend on the factors related to the applicant as well as the guidelines of the bank.

Some of such eligibility factors are mentioned below.

Age of the applicant

The age of the applicant is one of the prime criteria for a person to be eligible for a personal loan from the bank. Banks usually specify the maximum age of the applicant to be 60 years in case the person belongs to the salaried class. In the case of self-employed persons, the maximum age requirement is usually 65 years.

The income of the applicant

The income of the applicant is another major criterion for eligibility for a personal loan. This condition is laid to ensure that the loan provided can be repaid in full and there is no risk of default on part of the applicant.

The credit score of the applicant

The credit score of the applicant is useful in determining not only eligibility but also the rate of interest applicable to the borrower. This makes it quite crucial for a person to maintain a good or healthy credit score to get better interest rates as well as other benefits.

External or existing liabilities of the applicant

If there are any external or existing liabilities of the applicant, the bank may be reluctant to provide a fresh personal loan. Lenders are cautionary as they don’t want the loan turning to be an NPA (non-performing asset) or a loss to the lender.

Loan amount required

The amount of loan required by the applicant may be more than the amount for which they are eligible as per other guidelines of the bank. This may result in the loan application being rejected or the loan being granted at a lower amount.

Work Experience

Another important criterion is the work experience of the applicant, whether such applicant is a salaried person or self-employed. This ensures the repayment capacity of the applicant especially in the case of self-employed persons.

About SVC Co-operative Bank

SVC Co-operative Bank, formerly known as Shamrao Vithal Co-operative Bank, was established in 1906 as a co-operative credit society. SVC Co-operative is now a scheduled bank in India having its headquarters in the financial district of the country. The bank has grown from its humble roots to having its presence in ten states across the country, namely, Maharashtra, Karnataka, Tamil Nadu, Telangana, Delhi, Rajasthan, Haryana, Goa, Gujarat and Madhya Pradesh.

FAQs – SVC Co-operative Bank – Personal Loan eligibility

1. Can a person having a low credit score get a personal loan from SVC Co-operative Bank?

A. Yes. A person with a low credit score can get the personal loan of the bank if they meet other criteria of the bank set for eligibility. The final decision for sanction of the loan will be based on the discretion of the bank. However, note that the interest rates charged on the loan will not be the best in the market.

2. How can I repay a personal loan taken at SVC Co-operative Bank?

A. The personal loan of the bank can be repaid through any of the following modes,

  • Internet Banking
  • Mobile Banking
  • Post-dated cheques
  • Standing instructions to debit the account of the borrower

3. Can I apply for a personal loan from SVC Co-operative Bank online?

A. Yes. A person can apply for the personal loans of the bank through any of the online modes,

  • Internet Banking
  • Mobile Banking
  • Website of the Bank

4. What is the maximum repayment period available for personal loans from SVC Co-operative Bank?

A. The maximum repayment period available for personal loans is 5 years.

5. What is the personal loan eligibility calculator or EMI calculator?

A. A personal loan eligibility calculator or EMI calculator is the tool available for calculating the EMI payable by the borrower or the personal loan that can be sanctioned by the bank to any borrower. This tool can be accessed through the following link on the website of the bank. Home>> Menu>> Calculator>> Loan EMI Calculator

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