Maharashtra Gramin Bank was formed in the year 2009. It came into existence after the collaboration of two rural banks namely Maharashtra Godavari Gramin Bank and Marathwada Gramin Bank. The Government of India holds the maximum shares of the bank along with some capital owned by the government of Maharashtra and Bank of Maharashtra. The bank aims to develop the rural population of Maharashtra state. Being the home of the second largest slum in the world this change is quite fruitful. In addition to this, the bank is providing many financial products to the rural population including the personal loan.
This loaning scheme is one of the best wat one can avail loan as it comes with low-interest rate along with no collateral requirement.
About Maharashtra Gramin Bank Personal loan
Are you thinking about buying a new machine but don’t have enough funds? Looking for a way to improve your financial crises? Looking for a way to get fundings for your foreign trip without using your savings? Then you are in the right place. We will help you get the best personal loan deals and offers. The personal loan is nothing but a loaning scheme in which bank provide you the loan amount without taking in possession of any collateral from the borrower. The primary criteria which borrower has to full-fill are the excellent credit score or CIBIL score. As there is no collateral bank decides borrower’s credit by the document that he/she provides.
How does Maharashtra Gramin Bank Personal Loan work?
- Firstly, you need to apply to take a personal loan.
- After that, your loan request is transferred to the bank where one of the employees will go through your application and check whether it meets bank standards or not.
- Also, at this point of time bank will check your CIBIL along with your income eligibility.
- Once your application full-fills all the criteria bank provides you the loan amount and its respective interest rate.
- Finally, if you accept the loan amount the disbursal of the loan takes place.
Maharashtra Gramin Bank Personal Loan Advantages
- Firstly, you get funds at affordable interest rates. This is one of the reasons why this loan is so frequently made.
- Also, the documentation process is hassle-free and consumes less time.
- Moreover, you can get a loan amount ranging from 50 thousand to 40 Lacs.
- Likewise, the loan amount entirely depends on the individual. Thus, you might get a loan amount at the lower interest rate in comparison to the other borrower who is availing for the same principal amount.
- In addition to this, you don’t need to submit any collateral to the bank as security against the loan amount.
- As a result, this loan is said to be an unsecured way of taking credit from the bank.
- Furthermore, this loan comes with flexible tenure options. You can choose tenure of 2 years to 5 years maximum.
- On the contrary, if you are looking for a loan which you can quickly pay in a short period then also you can take the personal credit as it comes with foreclosure ability.
- The borrower only needs to pay the remaining loan amount along with the foreclosure penalty which is 0-3% of the total loan amount.
- You can save a buck or two by choosing foreclosure as you won’t have to pay the remaining EMI’s and their respective rate of interest.
Maharashtra Gramin Bank Personal Loan Eligibility
- Bank requires the minim age of the salaried applicant to be 21 years and the maximum period to avail this loan is 61 years.
- Also, the salaried applicant must have an account in a bank, and his/her salary has to come to that bank account.
- The most important thing that plays an essential factor is the CIBIL score. 750 is the minimum CIBIL score bank requires from the salaried applicant.
- Furthermore, the applicant must be working with the current employer for about one year.
- In addition to this, the applicant should have one year of working experience.
- Most Importantly, your CIBIL needs to be above 750 to avail this loan.
- Firstly, for the self-employed applicant 21 to 71 years is the age criteria.
- Also, 30 Lac is the required annual turnover of the applicant’s business.
- One more thing that self-employed applicant must keep in mind is that ITR should be above 2.5Lacs.
- Self-employed applicant must have a bank account.
- Moreover, the applicant’s business should be providing its services for about three years.
Maharashtra Gramin Bank Personal Loan interest rate
10.70% is the minimum rate of interest you can expect from the bank on the personal loan. Once your rate of interest is fixed, it remains the same throughout the loaning tenure. The interest rate depends on the applicant to applicant.
Maharashtra Gramin Bank Personal Loan Documents
- You need to provide one of these documents for residential proof Passport/ Driving License/Ration Card/ Aadhar Card / PAN Card/ Voter ID Card /Utility bills of the latest three months, or you can provide your rental agreement papers.
- Bank requires one of these documents from the borrower as proof of Identity Aadhar Card / PAN Card/ Voter ID Card/ Passport/ Driving License. The applicant can use any one of these following documents as an identity proof.
- Income proof for Self-employed: last years ITR return documents and audited financial papers.
- Salaried applicant Income proof: 6 months of the latest bank statement and six months of salary receipt
How to avail Maharashtra Gramin Bank Personal Loan?
- Firstly, visit our website https://www.dialabank.com/
- Secondly, fill your contact number along with your necessary details on the given form.
- It is vital that you give us your contact number which is working.
- At DialaBank will make sure that your loan request will get a high loan to value ratio.
- Also, our RM will assist you with the best deal for you which you can easily avail near your location
- Feel free to give us a call anytime we are always happy to provide you assistance.
- Don’t get shocked our service is free of cost we don’t charge you anything in addition to this there are no hidden charges.
- Thus, our process is wholly transparent and reliable.