Mizoram Rural Bank Pension Loan Features
| MRB Pension Loan Interest Rate |
12.50% |
| MRB Pension Loan Processing Fee |
1% of the loan amount |
| MRB Pension Loan Tenure |
36 months |
| MRB Pension Loan Amount Minimum |
Rs. 25,000 |
| MRB Pension Loan Amount Max |
Rs. 10lakhs |
| MRB Family Pension Loan Amount Minimum |
Rs. 2.5lakhs |
| MRB Family Pension Loan Amount Max. |
Rs. 7.5lakhs |
| MRB prepayment |
3% of the loan amount |
| MRB foreclosure |
3% of the loan amount |
Mizoram Rural Bank Pension Loan Eligibility
All individuals who draw their pension from the bank or hold an account with PSU, central and state governments are eligible to apply for the pension loan. They should be able to save at least 60% of their pension amount after paying for the loan installments.
Mizoram Rural Bank Pension Loan Eligibility for Central and State Government Pensioners
| Eligibility Criteria |
Key Features |
| Employer Type |
Central and State Government |
| Applicant’s Age |
Below 70 years of age |
| Account Type |
Pension payment order maintained by Bank |
| Treasury Terms |
Written consent from the treasurer not to accept any pension transfer requests |
| Guarantee Terms |
By the spouse (eligible for a family pension) or any other third party |
Mizoram Rural Bank Pension Loan Eligibility For Defence Pensioners
| Eligibility Criteria |
Key Features |
| Employer Type |
Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles |
| Applicant’s Age |
Below 76 years of age |
| Account Type |
Pension payment order maintained by Bank |
| Treasury Terms |
Not applicable |
| Guarantee Terms |
Not applicable |
Mizoram Rural Bank Pension Loan Eligibility For Family Pensioners
| Eligibility Criteria |
Key Features |
| Employer Type |
Central and State Governments including all Armed Forces |
| Applicant’s Age |
Below 76 years of age |
| Account Type |
Pension payment order maintained by Bank |
| Treasury Terms |
Not applicable |
| Guarantee Terms |
Authorized members of the family under the family pension scheme |
Maximum Eligible Loan Amount and repayments
For Central and State Government Pensioners:
| Age |
Max Loan Amount (18 months Pension or Less) |
Repayment Period |
Age at the time of full Repayment |
| Below 72 years |
₹ 14.00 Lakh |
60 months |
Up to 77 years |
| 72 – 74 years |
₹ 12.00 Lakh |
48 months |
Up to 78 years |
| 74 – 76 years |
₹ 7.50 Lakh |
24 months |
Up to 78 years |
For Defense Pensioners:
| Age |
Max Loan Amount (18 months Pension or Less) |
Repayment Period |
Age at the time of full Repayment |
| Below 56 years |
₹ 14.00 Lakh |
84 months |
Up to 63 years |
| 56 – 72 years |
₹ 14.00 Lakh |
60 months |
Up to 77 years |
| 72 – 74 years |
₹ 12.00 Lakh |
48 months |
Up to 78 years |
| 74 – 76 years |
₹ 7.50 Lakh |
24 months |
Up to 78 years |
For Family Pensioners (including Defense Pensioners):
| Age |
Max Loan Amount (18 months Pension or Less) |
Repayment Period |
Age at the time of full Repayment |
| Below 72 years |
₹ 5.00 Lakh |
60 months |
Up to 77 years |
| 72 – 74 years |
₹ 4.50 Lakh |
48 months |
Up to 78 years |
| 74 – 76 years |
₹ 2.50 Lakh |
24 months |
Up to 78 years |
The interest rate on Mizoram Rural Bank personal loan for pensioners
The interest rate is considerably less for pensioners, TL/DL: BR+2.50% Overdraft: BR+2.50%. The current rate of interest is 12.5%
Document Required For Loans For Pensioners
Generic documents essential for applying for a pension loan are –
- Identity proof: an Aadhar card, Pan Card, Voter Identity Card, Driving License any of these would work as proof.
- Address Proof: Ration Card, Bank Account Statement, Driving License, Utility bills, Aadhar Card any of these would work as an address proof.
- Income Proof: both your bank account statements, as well as salary, slips both of these are must for the loan approval.
- An original document showing your contribution to PPO. It should be retained until the liquidation of the loan account.
Loan Amount On Mizoram Rural Bank Personal Loan For Pensioners
For Central and State Government Pensioners:
| Mizoram Rural Bank Pension For State and Central Government Pensioners |
| Age |
Minimum Loan Amount |
Maximum Loan Amount |
Additional Ceiling Amount |
Loan Tenure |
| Less Than 72 Years |
25000 |
14 Lakh |
18 Months Pension |
60 |
| 72 to 74 Years |
25000 |
12 Lakh |
18 Months Pension |
48 |
| 74 to 76 Years |
25000 |
7.5 Lakh |
18 Months Pension |
24 |
For Defense Pensioners:
| Mizoram Rural Bank Pension For Defence Pensioners |
| Age |
Minimum Loan Amount |
Maximum Loan Amount |
Additional Ceiling Amount |
Loan Tenure |
| Up to 56 Years |
25000 |
14 Lakh |
36 Months Pension |
84 |
| Less Than 72 Years |
25000 |
14 Lakh |
18 Months Pension |
60 |
| 72 to 74 Years |
25000 |
12 Lakh |
18 Months Pension |
48 |
| 74 to 76 Years |
25000 |
7.5 Lakh |
18 Months Pension |
24 |
For Family Pensioners (including Defense Pensioners) :
| Mizoram Rural Bank Pension For Family Pensioners |
| Age |
Minimum Loan Amount |
Maximum Loan Amount |
Additional Ceiling Amount |
Loan Tenure |
| Less Than 72 Years |
25000 |
5 Lakh |
18 Months Pension |
60 |
| 72 to 74 Years |
25000 |
4.5 Lakh |
18 Months Pension |
48 |
| 74 to 76 Years |
25000 |
2.5 Lakh |
18 Months Pension |
24 |
About
Mizoram Rural Bank
It is a public bank founded in 1983 and is jointly owned by the Government of India, the Government of Mizoram, and the State Bank of India. This regional rural bank was established under the Act of 1976. It is the only bank having its presence in all the districts of Mizoram.
FAQs on Mizoram Rural Bank Pension Loan
✅ How can you get Mizoram Rural Bank Pension Loan?
You can apply online via Dialabank or call at 9878981166
✅Can you get a pension loan without a guarantee?
You usually do not require a guarantee for a pension loan, However, if you do not have adequate security up to or beyond the loan amount of the pensioner then the borrower’s spouse or kids can act as a guarantee for the loan.
✅ What is the pension loan scheme?
Mizoram Rural Bank Pension Loan scheme culminates the financing needs of Govt, Defense, and family beneficiaries after retirement.
