About Meghalaya Rural Bank Personal Loan
The Rural Bank of Meghalaya was founded in the year 1981. The bank serves its financial product to the rural population of the state.
It was established under the sponsorship of Union Bank of India. In addition to this Meghalaya Rural Bank also provides net banking, mobile banking, ATM cards, and loans.
One of the frequently used loaning schemes is Personal Loan. The bank is providing special offers and deals on personal loans in which the borrower is not required to submit any collateral to the bank.
How does Meghalaya Rural Bank provide Personal Loan?
- Firstly, you need to apply for a personal loan.
- Now once you submitted your application one of the employee will evaluate it and compare it with banks criteria.
- At this point of the process bank also checks your income eligibility and your CIBIL score.
- Then the bank decides the loan amount and the interest rate.
- Finally, you take the loan amount from the bank, and the disbursal of the loan takes place.
Meghalaya Rural Bank Personal Loan Advantages
- In any loaning scheme interest rate is the most significant factor we all consider while deciding which loan to avail.
- In the case of Meghalaya Rural Bank Personal Loan, you will be getting a lower interest rate in comparison to another loaning scheme in which you don’t have to provide any collateral to the bank.
- Also, as we have said earlier this loan is an unsecured loan. Thus, you don’t need to provide any collateral to the bank.
- As a result, the loan amount is dependent on the individual who is availing the loan.
- Likewise, personal loan requires minimal documentation.
- Thus, making it one of the fastest loaning scheme to avail at the moment.
- Moreover, you can expect the loan amount ranging from 50,000 Rs to 40 Lacs.
- In addition to this, you only need to provide 2-3% as the processing fee.
- Furthermore, if you meet all the criteria then within 30 minutes your loan get approval.
- Besides, the disbursal of loan is fast you can get your loan amount in 48 hours once your application is approved.
- Both salaried and self-employed applicant is eligible to take this loan and use it according to their needs.
Meghalaya Rural Bank Personal Loan Eligibility
- Applicant’s age should be a minimum of 21 years and should not exceed 61 years.
- Also, the borrower must have a bank account, and his/her salary needs to come to a bank account.
- The minimum salary on which bank provides this loan is 18,000 Rs per month.
- Likewise, an applicant must be working with the current employment company for about one year.
- In addition to this, the applicant needs to have one year of working experience.
- Finally, this is one of the most important criteria that a bank requires it’s the CIBIL score. The bank needs 750 as the minimum CIBIL or credit score from the applicant.
- For the independent applicant, the bank has set the age criteria ranging from 25 years to 65 years.
- Also, the business of the applicant needs to be working for at least three years.
- Moreover, the business needs to be yielding at least 30 Lacs as annual turnover.
- Furthermore, the ITR of the applicant should be more than 2.5 Lac for the past three years.
Meghalaya Rural Bank Personal Loan Interest Rates
You can avail the loan at the lowest interest rate of 10.70% but with extremely good application. One more thing that you need to keep in mind is that once the rate of interest is set, it remains the same throughout the loaning tenure. Speaking of Loaning tenure, you can get a loan for about two years to 5 years.
Personal Loan comes with foreclosure ability. That is you can close the loan before time and save a buck or two. You only need to pay the remaining loan amount along with the foreclosure penalty. 0-3% is the total loan amount of the forecloser charges that you need to pay if you are availing for foreclosure.
Meghalaya Rural Bank Personal Loan Documents
- Aadhar card/PAN Card/Passport copy/Driving License can be used as Identity proof.
- Income proof for the self-employed applicant:- ITR papers of last years.
- Income proof for the salaried applicant: 6 months of income receipt along with your banking statement of the past six months.
- Residential Proof: Aadhar Card / PAN Card/ Voter ID Card/ Passport/ Driving License/Ration Card/Utility bills of last three months on the name of applicant/ Rent Agreement.
Meghalaya Rural Bank Personal Loan EMI Calculator
Meghalaya Rural Bank Personal Loan Compared to Other Banks
|Bank||Interest Rate||Tenure||Loan Amount & Proc Fee|
|Meghalaya Rural Bank||9.99%||12 to 60 months||Up to Rs. 5 lakh / Up to 0.50% of the loan amount|
|HDFC Bank||11.25% to 21.50%||12 to 60 months||Up to Rs. 40 lakh / Up to 2.50% of the loan amount|
|Bajaj Finserv||Starting from 12.99%||12 to 60 months||Up to Rs. 25 lakh / Up to 3.99% of the loan amount|
|Axis Bank||15.75% to 24%||12 to 60 months||Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount|
|Citibank||Starting from 10.99%||12 to 60 months||Up to Rs. 30 lakh / Up to 3% of the loan amount|
|ICICI Bank||11.50% to 19.25%||12 to 60 months||Upto Rs. 20 lakh / Up to 2.25% of the loan amount|
Other Loan Products from Meghalaya Rural Bank
|Gold Loan||Car Loan||Home Loan||Business Loan|
|TWL||LAP||Credit Card||Education Loan|
Why should you apply for Meghalaya Rural Bank Personal Loan with Dialabank?
Dialabank compares offers from different banks across the country to help you choose the best offer. All you need to do is visit our website and fill a form, and we assist you with all your needs.
How to Calculate EMIs for Meghalaya Rural Bank Personal Loan
You can calculate your EMIs using the below-given calculator.
Meghalaya Rural Bank Personal Loan Processing Time
The General waiting time for your personal loan application to process is at least a week. For the borrowers, who have an account with the bank, disbursal time is only about 48 hours.
Meghalaya Rural Bank Personal Loan Preclosure Charges
Meghalaya Rural Bank allows you to close your personal loan without any additional charges. You only need to pay the outstanding principal amount of your loan.
Pre Calculated EMI for Personal Loan
Types of Meghalaya Rural Bank Personal Loan
Meghalaya Rural Bank Marriage Loan
Weddings are happy occasions and are very important in India, but they prove to be very costly and can cause financial problems. You can apply for a personal loan and do away with all the worries related to money.
Meghalaya Rural Bank Personal Loan for Government Employees
Central and state government employees get extra benefits and discounts for a personal loan. Meghalaya Rural Bank offers specially tailored loans to help you meet your needs.
Meghalaya Rural Bank Doctor Loan
If you are a doctor and have been practicing for more than 4 years, you can find personal loan offers that are customized as per your personal and professional needs.
Meghalaya Rural Bank Personal Loan for Pensioners
Retired administration workers who withdraw their pension from the bank account of Meghalaya Rural Bank can receive a personal loan to satisfy their post-retirement costs.
Meghalaya Rural Bank Personal Loan Balance Transfer
You can transfer your heavy EMI personal loan from your existing lender to a new one under the personal loan balance transfer scheme of Meghalaya Rural Bank.
Meghalaya Rural Bank Personal Loan Top Up
Need more money on your personal loan? You can apply for a personal loan top-up and get extra funds to meet your needs.
Meghalaya Rural Bank Personal Loan Status
To check the status of your Meghalaya Rural Bank personal loan, you will need to visit the bank branch in person
Types of Meghalaya Rural Bank Personal Loan
Home renovation loan
Meghalaya Rural Bank provides individuals who plan to renovate their homes with a home improvement loan. This personal loan can fund critical repairs or allow the borrower to purchase new furniture, fixtures, and furniture for the house. Four of the Meghalaya Rural Bank Home Renovation Loan’s major features are:
- The Home Renovation Loan of Meghalaya Rural Bank’s interest rate starts at as low as 11.25%.
- Individuals will be liable to renew their homes with a loan of up to Rs. 20 Lakh.
- Meghalaya Rural Bank’s home improvement loan needs minimum paperwork to free up the whole credit process.
- Usually, within 72 hours after the bank accepts the applications, the loan balance will be credited to the account.
The holiday loan from Meghalaya Rural Bank will help you budget for your dream vacation with limited difficulties. A number of holiday-related expenses will be funded by this personal loan from Meghalaya Rural Bank, including the booking of flight fares, hotel accommodation, guided tours, etc. The Meghalaya Rural Bank Holiday Loan’s key features are:
- Interest rates on holiday loans starting at 11.25 percent p.a.
- You should use up to Rs 20 Lakh easily so that a financial crunch would not spoil your perfect vacation
- Simplified and limited paperwork means fast and easy funding for your holiday.
- Quick processing of the loan directly credited to your account and disbursement
Most unsecured personal loans are meant for individuals with a daily income, while the Fresher Funding of Meghalaya Rural Bank is distinct. The loan option provided by Meghalaya Rural Bank is intended to help refreshers, i.e. recent graduates searching for their first job. Few of Meghalaya Rural Bank Fresher Personal Loan Funding’s main features are as follows:
- Up to Rs 1.5 lakh loan
- A candidate must be 21 years of age or older.
- The interest rate for Fresher Funding depends on the applicant’s profile, credit history/score, applicant’s age, and place.
NRI Personal Loan
Knowing the wishes and desires of NRIs, Meghalaya Rural Bank provides NRIs directly with a personal loan. An Indian resident must be the main loan borrower, and a close relative must be the NRI co-applicant. The Personal Loan includes the following features for NRIs:
- Meghalaya Rural Bank offers NRIs with adjustable end-use personal loans of up to Rs. 10 lakh.
- NRI Personal Loan interest rates launch at 15.49 percent p.a.
- Up to 36 months is the term of the loan.
How to avail for Personal Loan from Meghalaya Rural Bank?
- First, you need to go to Dialabank.com
- Secondly, you have to fill your contact number along with your necessary details.
- You must provide your correct contact details.
- With us, you will surely get a high loan to value ratio on your loan.
- Also, our RM will look for the best offers which can use with your loan.
- Ring us at any time we are all ears to guide you to the best.
- Enjoy free of cost service through the process.
Personal Loan verification process
Following the online submission of your loan application to DialaBank, the following are the principal stages of the personal loan authentication process.
Stage 1. DialaBank will forward to your chosen lender your loan application, and you will usually get a call from the representative of the lender within 48 hours.
Stage 2. The possible lender can arrange for your KYC documents, salaries, etc. to be collected or provide an opportunity to upload them online. To confirm your submission, these documents will be used.
Stage 3. You will get another call to confirm the loan bid and seek your permission for disbursement if the lender’s verification has been fulfilled and your loan has been approved.
Stage 4. The loan is normally disbursed within 48 hours of the loan’s acceptance and adequate verification.
Note: The timeframe for verification/disbursement of personal loans, as stated above, can vary on the basis of the internal criteria of the lender, as well as other parameters.
Check your Meghalaya Rural Bank Personal Loan application Status
The process for checking your application’s status requires the following steps:
- Visit the official website of Meghalaya Rural Bank, click on ‘Products’, and select ‘Personal Loans.’
- Click ‘More and choose’ Review Loan Application Status.’ on the next tab that opens below.
- Firstly, by submitting details such as your contact number, date of birth, and either entering the OTP you get on your mobile number or using your application number, you can check your application status.
How to login in Meghalaya Rural Bank portal
- Visit the Official Website of Meghalaya Rural Bank.
- In the upper right corner of the screen, press the ‘Login’ button.
- Using your user ID and password or your registered cell phone number to log in.
How to Check Your Loan Statement
By taking the following steps, customers can download the bank’s loan statement:
- Visit the official website of the bank.
- Tap ‘Get in touch’ and click ‘Requests for help’ from the drop-down column.
- On the next page that opens, pick ‘Personal Loan Related’ under the ‘Loans’ menu.
- Next, press the ‘Loan Account Statement Order’ button.
- To make use of the bank’s loan statement, log in using your user ID and password or using your registered cell phone number and OTP.
Meghalaya Rural Bank Personal Loan Restructuring (COVID-19)
Many borrowers have been adversely affected by the national lockout due to the COVID-19 pandemic, and a six-month moratorium on various term loans has been declared to some degree to minimize its impact. Meghalaya Rural Bank announced an RBI-mandated one-time gain from the Meghalaya Rural Bank loan restructuring after the six-month moratorium was terminated. This mechanism aims at providing continued relief to borrowers who are still unable to repay their daily EMI due to the ongoing financial distress of the pandemic.
In order to minimize the monthly EMI payments, the loan settlement scheme implemented by Meghalaya Rural Bank provides for an extended moratorium of up to 2 years or an extension of the current period of maturity. It is necessary to bear in mind, of course, that the restructuring of the loan by Bajaj Finance employees would result in additional interest rates exceeding those applicable to the initial loan. Using this relief method only as a last resort is also necessary so that the unpaid loan does not end up defaulting.
Meghalaya Rural Bank Customer Care
Customers can approach Meghalaya Rural Bank’s Customer Support via any of the following means:
By phone: You can call Meghalaya Rural Bank on 03642504311 (toll-free)
Callback order: You can also make a return call by accessing the bank’s website.
Online Chatbot: You can even have an apple Chatbot online to answer your questions.
Visit Branch: To obtain your requests, visit the nearest Meghalaya Rural Bank branch.
Benefits of Applying for Personal Loan on Dialabank
On the DialaBank website, there are many drawbacks to applying for a personal loan. Below, some of these are given:
- 24 x 7 Accessibility: You can reach the DialaBank website anywhere, wherever and even apply at any time for a personal loan from the comfort of your home or office.
- Multiple lenders on a single platform: com helps you to view personal loan offers on a single platform from multiple prospective lenders, avoiding the need to visit multiple bank websites or branches.
- Know EMI instantly: on DialaBank.com, use the personal loan EMI calculator, and you can check the EMIs that you are going to pay for on a personal loan right before applying for one. It can allow you to borrow the amount you need, which you will repay easily and have a stable payment schedule.
- Free of charge: In addition, when applying for a personal loan on DialaBank.com, you are not required to incur any fees.
Below are some important items you need to note when applying to Meghalaya Rural Bank for a personal loan:
- It is still a smart thing to review your credit report before applying for a personal loan. A decent credit score increases the chances of accepting the loan and will make it possible for you to use a personal loan on conditions that are more desirable.
- It is advisable to compare the expense of a personal loan (interest rates and all associated fees and charges) issued by various lenders on DialaBank.com before finalizing on a particular lender.
- As per your wishes and ability to repay, borrow. Avoid borrowing only because you have the right to borrow a bigger amount. It will just add to the interest rate and will have no long-term advantages.
- Avoid applying for individual loans concurrently with many lenders. It reveals that you are credit-hungry and therefore increases the amount of demanding credit report requests that can negatively impact your credit score.
FAQs About Meghalaya Rural Bank Personal Loan
Q. What is Meghalaya Rural Bank Personal Loan?
Have an expense that you need to cover or need some financial assistance then the Personal Loan from Meghalaya Rural Bank is just what you need. You can avail Personal Loans with minimal documentation and at competitive rates to meet your money needs.
Q. What is Personal Loan rate of interest in Meghalaya Rural Bank?
The lowest rate of interest for Personal Loan from Meghalaya Rural Bank is 10.75% per annum. The interest rate offered to you may vary according to your credit score and monthly income.
Q. How can I get Meghalaya Rural Bank Personal Loan?
Get quick disbursing Personal Loans from Meghalaya Rural Bank by visiting the nearest branch with your documents. After verification and approval of your loan application, you will get the loan amount in your bank account and can use it for all your financial needs.
Q. How to apply for Personal Loan in Meghalaya Rural Bank?
You can apply for Personal Loan from Meghalaya Rural Bank by visiting the branch with all the requisite documents and submitting a duly signed application form to the banker. You get the loan amount in your account once your eligibility has been verified and your loan has been approved.
Q. Why apply for Meghalaya Rural Bank Personal Loan?
Personal Loans from Meghalaya Rural Bank can be used to fulfil a wide array of your financial needs. These loans come with high funding. long tenure, low-interest rates, and easy repayment facilities. You are not required to submit any form of security with the bank in exchange for these loans.
Q. How much EMI on Meghalaya Rural Bank Personal Loan?
Personal Loan EMI for Meghalaya Rural Bank can be calculated using an online EMI calculator using just the three parameters, loan amount, loan tenure, and rate of interest.
Q. How much CIBIL score required for Meghalaya Rural Bank Personal Loan?
A CIBIL score over 700 is required for Meghalaya Rural Bank Personal Loans. Your CIBIL score helps the bank to estimate your creditworthiness and repayment abilities.
Q. Minimum credit score needed for Meghalaya Rural Bank Personal Loan?
You will need to maintain a credit score of at least 700 to avail a Meghalaya Rural Bank Personal Loan.
Q. How to calculate Meghalaya Rural Bank Personal Loan EMI?
Your Personal Loan EMI can be calculated using an online EMI Calculator. Visit Dialabank to compare offers from different banking and non-banking financial companies and apply for the ones that best suit your needs.
Q. What can I use Meghalaya Rural Bank Personal Loan for?
Meghalaya Rural Bank Personal Loan can be used for a wide array of personal financial needs. You can meet all your day to day expenses and even the big ones that burden you financially. You can finance your vacations, family events, weddings, etc. You can also use your Personal Loan to renovate your home.
Q. Can I prepay Meghalaya Rural Bank Personal Loan?
Yes, for the prepayment of your Personal Loan with Meghalaya Rural Bank by reaching out the branch you availed the loan from and requesting for the same. Foreclosure charge will be applied along with the entire payment of the outstanding loan is to be made.
Q. How to prepay Meghalaya Rural Bank Personal Loan?
Prepay your Meghalaya Rural Bank Personal Loan by contacting your loan branch in person. Depending on the case, you might be required to pay a small foreclosure fee along with your outstanding loan amount to close your Personal Loan.
Q. How to repay Meghalaya Rural Bank Personal Loan?
Your Meghalaya Rural Bank Personal Loan can be repaid in several ways, the most common being automatic deduction of EMIs from your bank account. You can also contact your loan branch for further information on your repayment options.
Q. What documents are needed for Meghalaya Rural Bank Personal Loan?
You need your address and identity proof(Aadhar Card/Voter ID), PAN Card, Income proof(Salary Slips and Bank statement), and two recent passport-sized photographs for your Meghalaya Rural Bank Personal Loan.
Q. How to check Meghalaya Rural Bank Personal Loan status?
Status of your Personal Loan with Meghalaya Rural Bank can be checked by visiting the branch and contacting your loan officer.
Other Banks For Personal Loan
|Prathama Bank Personal Loan|
|Pragathi Krishna Gramin Bank Personal Loan|
|Puduvai Bharathiar Grama Bank Personal Loan scheme|
|Puduvai Bharathiar Grama Bank Personal Loan|
Table of Contents
- 1 About Meghalaya Rural Bank Personal Loan
- 2 Meghalaya Rural Bank Personal Loan EMI Calculator
- 3 Meghalaya Rural Bank Personal Loan Compared to Other Banks
- 4 Other Loan Products from Meghalaya Rural Bank
- 5 Why should you apply for Meghalaya Rural Bank Personal Loan with Dialabank?
- 6 How to Calculate EMIs for Meghalaya Rural Bank Personal Loan
- 7 Meghalaya Rural Bank Personal Loan Processing Time
- 8 Meghalaya Rural Bank Personal Loan Preclosure Charges
- 9 Pre Calculated EMI for Personal Loan
- 10 Types of Meghalaya Rural Bank Personal Loan
- 11 Meghalaya Rural Bank Personal Loan Status
- 12 Types of Meghalaya Rural Bank Personal Loan
- 13 Personal Loan verification process
- 14 How to login in Meghalaya Rural Bank portal
- 15 How to Check Your Loan Statement
- 16 Meghalaya Rural Bank Personal Loan Restructuring (COVID-19)
- 17 Meghalaya Rural Bank Customer Care
- 18 Benefits of Applying for Personal Loan on Dialabank
- 19 Important Aspects
- 20 FAQs About Meghalaya Rural Bank Personal Loan
- 20.1 Q. What is Meghalaya Rural Bank Personal Loan?
- 20.2 Q. What is Personal Loan rate of interest in Meghalaya Rural Bank?
- 20.3 Q. How can I get Meghalaya Rural Bank Personal Loan?
- 20.4 Q. How to apply for Personal Loan in Meghalaya Rural Bank?
- 20.5 Q. Why apply for Meghalaya Rural Bank Personal Loan?
- 20.6 Q. How much EMI on Meghalaya Rural Bank Personal Loan?
- 20.7 Q. How much CIBIL score required for Meghalaya Rural Bank Personal Loan?
- 20.8 Q. Minimum credit score needed for Meghalaya Rural Bank Personal Loan?
- 20.9 Q. How to calculate Meghalaya Rural Bank Personal Loan EMI?
- 20.10 Q. What can I use Meghalaya Rural Bank Personal Loan for?
- 20.11 Q. Can I prepay Meghalaya Rural Bank Personal Loan?
- 20.12 Q. How to prepay Meghalaya Rural Bank Personal Loan?
- 20.13 Q. How to repay Meghalaya Rural Bank Personal Loan?
- 20.14 Q. What documents are needed for Meghalaya Rural Bank Personal Loan?
- 20.15 Q. How to check Meghalaya Rural Bank Personal Loan status?
- 20.16 Other Banks For Personal Loan