Mizoram Rural Bank

Mizoram Rural Bank

Mizoram Rural Bank, founded on September 27, 1983, under the Regional Rural Bank Act 1976, is maybe the only RRB in the country with a presence across all of a state’s districts and blocks. It consists of eight sections and twenty-five RD blocks, including one urban and eleven semi-urban centres.

The state has been designated as the greenest in India. It is rich in flora and wildlife and is part of the extension of the vast Himalayan hills. It is covered in evergreen woods and has a picturesque charm. The bank is the second largest in the state, behind the State Bank of India, the sponsor bank. It has a market share of 26.30% in deposits and 28.38% in advances.

Mizoram Rural Bank Offerings

It offers various kinds of loans such as:

• Car Loan
• Personal Loan
• Gold Loan
• Home Loan

It offers various kinds of banking such as:

• Net Banking
• Customer Care
• Balance Enquiry

It offers two kinds of Deposit Accounts such as:

• Savings Account
• Current Account

Mizoram Rural Bank Loans Offered

• Car Loan- The bank offers a wide range of business services and is highly dependable and trustworthy. A used vehicle loan is a form of auto loan designed to purchase and finance an old or pre-owned car.
• Personal Loan– Personal Loan is provided to salaried and self-employed persons with a repayment ability at a 10.70 per cent annual interest rate.
• Gold Loan– It is a rural bank based in Mizoram founded in 1983 and is supported by SBI (State bank of India). This bank is available in all of Mizoram’s districts. The goal of this bank is to provide financial assistance to the country’s ordinary people. This bank offers a variety of services, including personal loans, gold loans, and home loans. Its primary focus is on the Mizoram Rural Bank Gold loan.
• Home Loan- It provides qualified Non-Resident Indian Borrowers with NRI house loans at a preferential interest rate that starts at 6.80 per cent. Women borrowers can take advantage of special interest rate reductions. With variable interest rates, there are no prepayment penalties.

Gold Loan

• Mizoram Rural Bank is a rural bank in Mizoram. Because a gold loan is secured, the interest rate is lower than that of a personal loan.
• Gold loan interest rates begin at 7% per year.
• Borrowers who pay off their loans before the end of their terms might save money on interest payments.
• It imposes pre-closure fees ranging from 0 to 2% of the total loan amount.
• This loan also has several repayment alternatives.

Personal Loan

Personal Loan Login is possible via their online Loan site, which allows you to check your loan application and loan status, as well as the repayment duration, EMIs paid and unpaid, EMIs remaining, and so on.

It offers netbanking to existing clients (who have a salary/current account with the bank) and new customers (who only have a loan account with the bank).

Car Loan

• The loan to value ratio of the Mizoram Rural Bank Used Car Loan is up to 80%. Therefore the principal amount is substantial and may pay the total cost of the purchase.
• A used automobile loan at Mizoram Rural Bank has a minimum term of 12 months and a maximum period of 84 months.
• The application is processed quickly and without hassle.

Home Loan

• Affordably priced home loans with a low-interest rate.
• Borrowers can take advantage of specific innovative financing options.
• A new property can be readily built.
• Home loan advisory services are also accessible for those who are interested.
• A home loan can be used to acquire a home.

Credit Card

• Mizoram Rural Bank Credit Card Bill Payment may be made in various ways, and it can be done quickly and easily.
• A credit card is a card that has been approved by a financial institution and is an ideal way to obtain a credit card.
• It facilitates large-ticket purchases, collects reward points, collects cashbacks, boosts credit score, ATM cash withdrawal with 0% interest, security against fraud and malpractice, and so on.
• In addition, for foreign transactions, we can utilise credit cards.

Net Banking

Customers of Mizoram Rural Bank have access to netbanking.

Netbanking or online banking is a digital platform that allows you to access your bank account, transfer cash from your account to any other account via RTGS/NEFT/IMPS, book FDs or RDs, invest in mutual funds, and so on, all from the comfort of your own home.

Mizoram Rural Bank is the state’s largest banking network. It is owned by the Government of India, the State Bank of India, and the Government of Mizoram.

Anyone may access their account using netbanking by signing in with a password and customer ID issued by the bank.

Mizoram Rural Bank Customer Care Number

Mizoram Rural Bank Customer Complaints

Mizoram Rural Bank Customer Care Number is a service offered by the bank to help customers solve difficulties and develop stronger relationships. If you have any questions about the bank or ATM, call Mizoram Rural Bank Customer Care Number. The experts at Mizoram Rural Bank Customer Care will answer all of your questions.

It includes all eight districts and twenty-five RD blocks, and one urban and eleven semi-urban centres. Mizoram became a state in 1986, yet its literacy rate is still 91.58 per cent, the second-highest in India.

How to Open a Savings Account 

To open a Savings Account in Mizoram Rural Bank, you need to follow these steps:

Step1: Pay a personal visit to a Mizoram Rural Bank branch.

Step 2: Complete the Account Opening Form (AOF) for the Savings Account.

Step 3: Include with the Account Opening Form any required (mandatory) documents (AOF)

Step 4: Account Opening Form (AOF) and Other Documents Verification by the Banker

Step 5: Make a minimum deposit into your Savings Account following the requirements of your Savings Account.

Step 6: Obtain from the bank a cheque book, passbook, debit card, and other documents.

How to Open a Current Account 

To open a Current Account in Mizoram Rural Bank, you need to follow these steps:

Step 1: Go to a bank branch.

Step 2: Completing the Account Opening Form (AOF) for a Current Account

Step 3: Include with the AOF any required (mandatory) documents.

Step 4: Banker verification of AOF and other documents

Step 5: Make a minimum deposit into the account.

Step 6: Obtain a cheque book, a passbook, and other necessary documents from the bank.

Mizoram Rural Bank FAQs

✅How can I sign up for Mizoram Rural Bank’s mobile banking?

Choose Mizoram Rural Bank to open a bank account. All of your Mizoram Rural Bank bank accounts will be shown in the app. Arrangements for mobile banking services must be confirmed. All of your bank accounts will be registered for mobile banking and enabled.

✅How can I update my TPIN at Mizoram Rural Bank?

Install the app using the cellphone number associated with your Mizoram Rural Bank account. For BHIM registration, choose Mizoram Rural Bank. All of your Mizoram Rural Bank BHIM accounts will be registered and enabled. Choose the Generate UPI PIN option.

✅Does Mizoram Rural Bank accept UPI?

As a Mizoram Rural Bank client, you may use Mizoram Rural Bank UPI (Unified Payments Interface) services to conduct all financial transactions on your mobile device rather than visiting branches and ATMs. This saves you a lot of time because all transactions may be completed immediately on your mobile device.