Documents Required for Rural Vikaas Loan

Vikaas Loan Documents Required

Vikaas Loan is designed to provide financial solutions with minimal hassle. The application process is simple and having the correct vikaas loan documents ensures faster approval. Whether you’re a salaried individual, a self-employed professional, or a business owner, the required documentation remains the same. However, co-applicant documents are required. Simplify your loan application process by understanding the necessary paperwork.

Vikaas Loan Required Documents

Documents Types	Id proof	Address Proof	Income Proof
Pan card	y
Adhaar Card	y
Rent agreement / current Address proof		y
Bank statement (Optional. Based on loan requirement)			y

Income Proofs include the following:

1. Agricultural fields
Our staff members will visit the field to assess it

2. Household profiling
Our staff members will visit to assess the household profile of the customer

3. Passport sized photos
Document photo, applicant photo and group photo are needed.
Customers should also present to take pictures

4. Additional documents
Information of the Bank account of applicant & joint account of co applicant/s

FAQs & Support

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Who is eligible to apply for the Vikaas Loan?

Women borrowers, aged between 20 and 60 years, who are first time members of joint liability groups in rural areas are eligible for a Vikaas Loan.

How does Vikaas Loan work?

Vikaas Loans offer small amounts of money to groups of women. These loans often don’t require collateral and have an easy application process. They rely on mutual trust and social collateral, with repayment scheduled in small, manageable installments.

What is the minimum and maximum loan amount offered under the Vikaas Loan scheme?

The minimum loan amount is offered under the Vikaas Loan scheme is ₹ 15,000 and the maximum is upto ₹ 45,000.

How is the EMI for Vikaas Loan Calculated?

The EMI for a Vikaas Loan is calculated based on the loan amount, interest rate, and tenure. A standard formula is used to determine the fixed monthly installment.

What are the benefits of Vikaas Loans?

Vikaas Loans provide many benefits, including access to funds for small rural businesses run by women entrepreneurs. They offer quick disbursement, flexible repayment terms, and usually do not require collateral. These loans also help build credit history and promote financial inclusion.

Are there any special interest rate offers for Vikaas Loan?

You can call our customer care representatives to know about any promotional interest rates.

What are the repayment options for Vikaas Loans?

Vikaas Loan repayment options include monthly EMIs. Borrowers can also repay through various modes, such as bank transfers, online payments, or branch.

Can I apply for a Vikaas Loan if I am self-employed?

Yes, self-employed women with a steady income are eligible.

How does Vikaas Loans impact my credit score?

Repaying Vikaas Loans on time can positively impact your credit score by demonstrating financial responsibility and creditworthiness. Conversely, defaulting on repayments can negatively affect your credit score.