Madhyanchal Gramin Bank Personal Loan

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Why us?

Rates as low as 10.99%*
Loans Up to 30 Lacs
Same Day Disbursal
Doorstep Service
Unbiased Experts Advice

About Madhyanchal Gramin Bank Personal Loan

A personal loan is the short term unsecured loan granted to an individual. It is usually used to meet the financial needs such as medical emergency, wedding expenses, home renovations or some other reasons. Madhyanchal Gramin Bank Personal Loan is known as an unsecured loan because it doesn’t need to keep any collateral with the bank.Many people go for the personal loan as they don’t need to keep collateral in the bank. The documentation process is very fast. The interest rate of Madhyanchal Gramin Bank Personal Loan varies according to the banks.

Madhyanchal Gramin Bank Personal Loan Eligibility

There are two categories of applicants:

  1. Salaried
  2. Self-employed

There are different eligibility criteria for both applicants.

Salaried Applicant:

  1. The minimum age of the applicant should be 21 years and maximum up to 60 years.
  2. If the borrower is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The borrower should have the work experience of the last three years, and the salary should come in their account only.
  4. If a person is applying for the personal loan, then he must have a good credit history, and the CIBIL score should be more than 700.
  5. The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the last six months.

Self-employed Applicant:

  1. The minimum age of the applicant should be 25 years and maximum up to 65 years.
  2. The applicant should file ITR for the last three years.
  3. The credit score of the applicant should be good, and no debt should be left due.
  4. The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
  5. If the applicant has a business than his business should be running from the last three years

Madhyanchal Gramin Bank Personal Loan Documents

Madhyanchal Gramin Bank Personal Loan

  1. When the applicant applies for the personal loan after that, they have to submit some of the documents. These are:
  2. Identity proof: It includes aadhaar card, passport, voter card, driving license.
  3. Two colored photographs
  4. Residence proof: It includes updated passbook, aadhaar card, passport, voter card, driving license, ration card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity bill which has to be in the name of the applicant and the address of the owner.
  5. The applicant has to submit their PAN card which is an essential document under the KYC formality.
  6. If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the last six months.
  7. And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.

Madhyanchal Gramin Bank Personal Loan Interest Rate

10.70% is the minimum rate of interest you can expect from the bank on the personal loan. To avail this interest rate your application needs to be exceptionally good. Also, there is one more thing that you should consider while taking a Madhyanchal Gramin Bank Personal Loan is that once the interest rate gets to set it will remain the same throughout the loaning tenure.

Madhyanchal Gramin Bank Personal Loan Benefits

  1. When looking for a loan, we always try to find the lowest interest rate which we can get. With a personal loan, you are getting lower interest rates than any other loaning scheme in which you don’t need to provide collateral.
  2. Also, the documentation process is fast and hassle-free.
  3. If all your documents are correct and meet the bank’s criteria, your loan will get approved within 30 minutes.
  4. You don’t have to provide collateral for taking Madhyanchal Gramin Bank Personal Loan.
  5. Furthermore, as the name suggests you can use this loaning scheme in any way you want. You can use the loan amount to provide funds for your daughter’s college fee, or you can use this loan to pay your medical expenses.
  6. Moreover, this loan is beneficial for both salaried and self-employed applicant.
  7. As an applicant, you only need to provide 2-3% as the loan processing fee which is easily affordable in most of the cases.
  8. Finally, the disbursal of these loan takes place within 48 hours after the approval.

FAQs About Madhyanchal Gramin Bank Personal Loan

Q. What is Madhyanchal Gramin Bank Personal Loan?

A Personal Loan is a loaning scheme that can be availed to meet your urgent financial needs without the need to submit security with the bank. You can easily apply for a Madhyanchal Gramin Bank Personal Loan to finance your expenses.

Q. What is Personal Loan rate of interest in Madhyanchal Gramin Bank?

Madhyanchal Gramin Bank Personal Loan rates start from 10.75% per annum. The rate of interest depends on the borrower’s profile. If you have a good CIBIL Score you can expect a lower rate of interest.

Q. How can I get Madhyanchal Gramin Bank Personal Loan?

You can get a Personal Loan from Madhyanchal Gramin Bank by visiting the nearest branch with your documents and duly signed application form. You can also visit Dialabank’s digital platform to compare offers of different banks and financial companies.

Q. How to apply for Personal Loan in Madhyanchal Gramin Bank?

You can apply for a Personal Loan with Madhyanchal Gramin Bank by contacting your nearest branch in person or through Dialabank’s online portal for better convenience and to get the best deals and offers.

Q. Why apply for Madhyanchal Gramin Bank Personal Loan?

Personal Loans can be used to finance all your small and big expenses. The long tenures and attractive interest rates make it easy to repay the loan in burden-free EMIs. You can use your Madhyanchal Gramin Bank Personal Loan for all your personal financial needs without having to submit any security.

Q. How much EMI on Madhyanchal Gramin Bank Personal Loan?

Your Personal Loan EMI depends on your loan amount, loan tenure, and rate of interest. You can visit Dialabank and use our EMI Calculator to calculate your Madhyanchal Gramin Bank Personal Loan EMIs.
 

Q. How much CIBIL score required for Madhyanchal Gramin Bank Personal Loan?

You will need a CIBIL score above 700 for your Personal Loan with Madhyanchal Gramin Bank. Banks require a high CIBIL score for unsecured Personal Loans because it helps calculate the risk of default.
 

Q. Minimum credit score needed for Madhyanchal Gramin Bank Personal Loan?

A minimum credit score of 700 is needed for Madhyanchal Gramin Bank Personal Loans. A healthy credit score is a necessity to avail unsecured loans.
 

Q. How to calculate Madhyanchal Gramin Bank Personal Loan EMI?

You can calculate your Madhyanchal Gramin Bank Personal Loan EMI using the formula, E = P x R x [((1+R)^N)/((1+R)^N)-1]. Here, P is your principal loan amount, R is your rate of interest, and N is the loan tenure. You can also use Dialabank’s EMI calculator.
 

Q. What can I use Madhyanchal Gramin Bank Personal Loan for?

Your Madhyanchal Gramin Bank Personal Loan can be used to fulfill all your financial needs and meet all your personal expenses. A wedding, an event, travel and vacation, buying of consumer goods, payment of bills, and etc.
 

Q. Can I prepay Madhyanchal Gramin Bank Personal Loan?

Yes, you can prepay your Madhyanchal Gramin Bank Personal Loan by contacting your loan branch in person. In some cases, you may be required to pay a small foreclosure charge.
 

Q. How to prepay Madhyanchal Gramin Bank Personal Loan?

Visit your Madhyanchal Gramin Bank loan branch and apply for a foreclosure on your Personal Loan account. You will need to pay all the pending amount and upon verification of your payments, your loan will be closed.
 

Q. How to repay Madhyanchal Gramin Bank Personal Loan?

You can repay your Madhyanchal Gramin Bank Personal Loan in easy monthly EMIs that consist of both your principal amount and interest. You can either give a standing instruction or an ECS on your bank account for monthly deduction of EMIs.
 

Q. What documents are needed for Madhyanchal Gramin Bank Personal Loan?

You will need your basic KYC documents along with proof of your income to apply for a Personal Loan from Madhyanchal Gramin Bank. These documents are to be submitted along with a duly signed application form with the bank.
 

Q. How to check Madhyanchal Gramin Bank Personal Loan status?

You can check your Personal Loan status by contacting your Madhyanchal Gramin Bank branch in person or through customer care number.

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