About Mizoram Rural Bank Personal Loan
The Mizoram Rural Bank was established in the year 1983 in the state of Mizoram. It is the only bank which serves in all the parts of Mizoram state. In addition to this, the headquarters of the bank resides in Aizawl, Mizoram. The bank is jointly owned by the government of India, the government of Mizoram and state bank of India.
The primary motive behind the establishment is to provide financial services to the rural people of the states. The bank offers core banking products including loans, FB deposits, account management Etc. One of the most availed financial service that the bank is providing is a Personal Loan. This loan comes with low-interest rates thus making it easier for the applicant to pay the loan amount back.
How does Mizoram Rural Bank provide Personal Loan to its customers?
- Firstly, you need to avail for the loan via filing an online application.
- Once you filled the form one of the bank employees will check your loan request and compare it with the bank requirement.
- Furthermore, the bank will evaluate your income eligibility and your CIBIL score.
- If your application meets, all the bank standards bank will offer you a loan amount and its respective interest rate.
- Lastly, you take the loan amount, and the disbursal of the loan takes place.
Mizoram Rural Bank Personal Loan Advantages
- First, you get to avail lowest interest rate that you can get on Mizoram Rural Bank Personal Loan.
- In addition to this, the bank required minimal documentation from the applicant.
- Thus, making this loan one of the fastest and secure to avail loaning scheme.
- In addition to this, you only have to pay 2-3% of the total loan amount as a processing fee.
- Also, if your loan application full-fills all the criteria, you can expect your loan to get approval within 30 minutes after applying.
- When we are talking about approval, we must tell you the disbursal time. Bank takes about 48 hours to provide you the loan amount. Therefore, it is one of the best schemes to avail in the time of urgency.
- Likewise, you don’t need to provide any collateral to the bank. The amount of loan entirely depends on the applicant.
- In addition to this, Mizoram Rural Bank Personal Loan is available for both salaried and self-employed applicant.
- Moreover, as the name suggests you can use the principal amount in whatever way you like. Bank won’t ask you to specify the reason for taking a loan.
- Finally, the tenure options you will get on these loans are quite flexible. You can expect your loan tenure to be in the range of 2 years to 5 years.
Mizoram Rural Bank Personal Loan Interest Rate
10.70% is the annual rate of interest that you can expect from the bank if your loan application is perfect. Also, this loan comes with foreclosure feature. That is you can repay your loan amount before the tenure and skip the remaining Emi’s and their respective interest rate.
To avail this feature, you need to repay the remaining loan amount along with the foreclosure penalty which is almost negligible. 0-3% of the total loan amount is the foreclosure charges that the bank requires from the applicant if he/she decides to pre-close the loan
Mizoram Rural Bank Personal Loan Eligibility
- Firstly, 21 years to 61 years should be the age of the applicant for availing this loan.
- Also, your salary needs to deposit to a bank account.
- Furthermore, at the time of availing this loan, your credit score should be above 750.
- Similarly, one year of working experience with the current employer.
- In addition to this, one year of corporate experience is required.
- First, the age criteria are 25 to 65 years for the independent applicant
- Your business has to be in service for about three years minimum.
- Business needs to yield 30 Lacs as the annual turnover.
- Most importantly your credit score needs to be above 750 to avail of this loan.
Mizoram Rural Bank Personal Loan Documents
- Identity Verification: An identification evidence can be Aadhar card, PAN card, Driving license, voter ID card, or passport.
- Residency verification: Your Aadhar card, PAN card, Ration card, voter ID card, driving license, or passport can be viewed as proof of residence. An extension of this, if you are living on rent, then the rent contract or water/electricity charges for the last three months can be analyzed.
- Income evidence for the salaried candidate: 6 months of bank accounts along with six months of payroll slips.
- Income verification for the self-employed candidate: latest ITR certificates and reviewed business records.
How to avail for Mizoram Rural Bank Personal Loan?
- Visit Dialabank.com.
- Once you reach there, you have to fill the form shown on the screen.
- You need to provide your necessary details and your contact number.
- It is essential that you provide your correct contact information.
- Now after completing these steps your work is done now all you need to do is sit back and relax.
- One of our relationship managers will reach you via phone call.
- Our RM will guide you through best loan deals and offers which you can get near your location.
- Also, we make sure you get a high loan to value ratio on your loan.
- Finally, we do all the heavy work for you at zero cost.
- Yes, don’t get shocked there are no hidden charges in our services. Our services are free, and the customer does not need to pay us.