Mizoram Rural Bank Personal Loan

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Rates as low as 10.50%*
Loans Up to 30 Lacs
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About Mizoram Rural Bank Personal Loan

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?

  1. Firstly, you need to avail for the loan via filing an online application.
  2. Once you filled the form one of the bank employees will check your loan request and compare it with the bank requirement.
  3. Furthermore, the bank will evaluate your income eligibility and your CIBIL score.
  4. If your application meets, all the bank standards bank will offer you a loan amount and its respective interest rate.
  5. Lastly, you take the loan amount, and the disbursal of the loan takes place.

Mizoram Rural Bank Personal Loan Advantages

  1. First, you get to avail lowest interest rate that you can get on Mizoram Rural Bank Personal Loan.
  2. In addition to this, the bank required minimal documentation from the applicant.
  3. Thus, making this loan one of the fastest and secure to avail loaning scheme.
  4. In addition to this, you only have to pay 2-3% of the total loan amount as a processing fee.
  5. Also, if your loan application full-fills all the criteria, you can expect your loan to get approval within 30 minutes after applying.
  6. 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.
  7. Likewise, you don’t need to provide any collateral to the bank. The amount of loan entirely depends on the applicant.
  8. In addition to this, Mizoram Rural Bank Personal Loan is available for both salaried and self-employed applicant.
  9. 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.
  10. 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

For the salaried applicant:
  1. Firstly, 21 years to 61 years should be the age of the applicant for availing this loan.
  2. Also, your salary needs to deposit to a bank account.
  3. Furthermore, at the time of availing this loan, your credit score should be above 750.
  4. Similarly, one year of working experience with the current employer.
  5. In addition to this, one year of corporate experience is required.
For the self-employed applicant:
  1. First, the age criteria are 25 to 65 years for the independent applicant
  2. Your business has to be in service for about three years minimum.
  3. Business needs to yield 30 Lacs as the annual turnover.
  4. Most importantly your credit score needs to be above 750 to avail this loan.

Mizoram Rural Bank Personal Loan Documents

  1. Identity Proof:  An identity proof it can be an Aadhar card, PAN card, Driving license, voter ID card or your passport
  2. Residence proof: Your Aadhar card, PAN card, Ration card, voter ID card, driving license, or passport can be considered as the proof of residence. In addition to this, if you are living on rent, then the rent agreement or water/electricity bills for the last three months can be considered.
  3. income proof for the salaried applicant: 6 months of bank statements along with six months of salary slips.
  4. Income proof for the self-employed applicant: latest ITR documents and audited financial papers of business.

How to avail for Mizoram Rural Bank Personal Loan?

  1. Visit Dialabank.com.
  2. Once you reach there, you have to fill the form shown on the screen.
  3. You need to provide your necessary details and your contact number.
  4. It is essential that you provide your correct contact information.
  5. Now after completing these steps your work is done now all you need to do is sit back and relax.
  6. One of our relationship managers will reach you via phone call.
  7. Our RM will guide you through best loan deals and offers which you can get near your location.
  8. Also, we make sure you get a high loan to value ratio on your loan.
  9. Finally, we do all the heavy work for you at zero cost.
  10. 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.

FAQs About Mizoram Rural Bank Personal Loan

Q. What is Mizoram Rural 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 a security with the bank. You can easily apply for a Mizoram Rural Bank Personal Loan to finance your expenses.

Q. What is Personal Loan rate of interest in Mizoram Rural Bank?

Personal Loan rate of interest in Mizoram Rural Bank starts at 10.75% per annum. You can visit Dialabank’s online portal to compare the rates of different banks and finance companies across India.

Q. How can I get Mizoram Rural Bank Personal Loan?

To get a Personal Loan you will have to visit the nearest branch with basic KYC documents, PAN card, and income proofs(salary slips, bank statement). You can also contact Dialabank to avail of the best financial advice and get the personally curated deals and offers for all your financial needs.

Q. How to apply for Personal Loan in Mizoram Rural Bank?

Apply for a Personal Loan by walking into the nearest Mizoram Rural Bank branch with all the requisite documents. You can also apply online with Dialabank and avail personalized assistance for all your financial needs.

Q. Why apply for Mizoram Rural Bank Personal Loan?

Mizoram Rural Bank Personal Loans can be used for any personal financial needs. Be it a wedding, travel, bills, repair and renovation of home, and etc. You do not have to provide any collateral security in exchange for your loan and the repayment can be done in monthly installments, EMIs.

Q. How much EMI on Mizoram Rural Bank Personal Loan?

Calculate your Mizoram Rural Bank Personal Loan EMI using your loan tenure, loan amount, and rate of interest on Dialabank’s EMI calculator and apply for all your loan needs with us.

Q. How much CIBIL score required for Mizoram Rural Bank Personal Loan?

A CIBIL score above 700 is preferred by Mizoram Rural Bank to disburse a Personal Loan. Being an unsecured loan your CIBIL score plays a big role in determining your loan eligibility as it calculates the risk of default for your lender.

Q. Minimum credit score needed for Mizoram Rural Bank Personal Loan?

The credit score is a measurement and estimate of your creditworthiness. Mizoram Rural Bank requires you to have a credit score of at least 700 to consider your loan application for approval.

Q. How to calculate Mizoram Rural Bank Personal Loan EMI?

Use your loan amount, loan tenure, and rate of interest to calculate your Personal Loan EMI using the EMI calculator available on Dialabank’s website.

Q. What can I use Mizoram Rural Bank Personal Loan for?

You can use your Mizoram Rural Bank Personal Loan for a number of financial needs such as funding your marriage or that of a relative, pay all your big and small bills, renovate or repair your home, and etc.

Q. Can I prepay Mizoram Rural Bank Personal Loan?

If you have the required funds you can pre-close your loan by visiting the branch of Mizoram Rural Bank from where your loan was approved and asking your banker about the prepayment facilities.

Q. How to prepay Mizoram Rural Bank Personal Loan?

When you have the required money and feel the need to close your loan at once, just visit the nearest Mizoram Rural Bank branch with your loan documents and apply for a foreclosure. You may be asked to pay a small foreclosure fee in addition to your outstanding loan amount.

Q. How to repay Mizoram Rural Bank Personal Loan?

Repay your Personal Loan in easy burden-free EMIs that are automatically deducted from your bank account each month. Your Mizoram Rural Bank Personal Loan can be repaid through post-dated cheques too.

Q. What documents are needed for Mizoram Rural Bank Personal Loan?

Aadhar Card/Voter ID, PAN Card, Salary Slips, Bank Statement, and ITR File are the documents that are required to avail a Personal Loan from Mizoram Rural Bank.

Q. How to check Mizoram Rural Bank Personal Loan status?

Visit your loan branch or contact the customer care number of Mizoram Rural Bank to know the status of your loan application and stay updated.

 

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