Mizoram Rural Bank Personal Loan: Mizoram Rural Bank is a Gramin bank in India that was founded on September 27, 1983. Its headquarters are in Aizawl, with B-5, Babu Tilla, Zarkawt, Aizawl – 796 007, Mizoram. It operates 79 branches around the state.
Bima Yojana, among other things. This financial institution offers its customers a wide range of financial services, including saving deposit products, fixed deposit products, recurring deposit products, loans, personal loan products, net banking, RTGS, NEFT, and IMPS, as well as Atal Pension Yojana and Pradhan Mantri Suraksha Yojana. Bima Yojana and Pradhan Mantri Jeevan Jyoti are examples of government initiatives.
The interest rates on personal loans offered by Mizoram Rural Bank range from 12.50% to 15%. The most recent update was made on November 20, 2021. Personal Loans can be applied for online. Mizoram Rural Bank Personal loan purposes, eligibility, margin, repayment of Personal Loan, security, and documentation required for Personal Loan are all included here for your convenience.
Want to compare Mizoram Rural Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.
Mizoram Rural Bank Personal Loan Characteristics
- The borrowing amount is limited to a maximum of
- Debt repayment alternatives are numerous.
- Application for a personal loan is processed rapidly and effortlessly.
- Approval of a loan promptly
- The bank does not insist on the presence of a guarantor.
- Interest rates that are both appealing and competitive
- Employees of huge corporations might benefit from special programs and discounts.
- A personal loan will rarely necessitate the use of collateral.
How to Pertain for a Personal Loan from the Mizoram Rural Bank?
Apply Online: You can submit your application online on the Bank website by entering your personal and work details and attaching any required supporting papers. After determining your loan eligibility, you can application: You can apply for a loan by visiting any of the Bank branches in person, bringing all relevant documentation with you, filling out the application form, and starting the loan approval procedure.
The Purpose of a Personal Loan from the Mizoram Rural Bank
The ability to satisfy a wide range of financial obligations such as a vacation abroad, a household relocation, a family marriage, the payment of a credit card bill, the repayments of an existing mortgage, medical emergencies, and several other obligations without having to worry about retaining any collateral or personal property.
Personal Loan from the Mizoram Rural Bank Eligibility
- As of 21 years old and up to 58 years old.
- Personnel employed permanently by the state or central governments, public sector undertakings and corporations, private sector companies, and reputable establishments.
- Those who are salaried or self-employed and earn a regular salary or wage
- No more than three years in the same employment, business, or profession as before.
Mizoram Rural Bank Personal Loan Documentation
- If you are entitled to a personal loan, banks will give you one if you apply for one. When applying for a personal loan, the banks will require the documents stated below.
- The personal loan registration form that has been appropriately completed and signed
- Photographs
- Identification documents include a passport, a voter identification card, a driving license, a PAN card, an Aadhar card, and an ID card from a government department.
- Proof of income with the most recent pay stub that shows all deductions, or Form 16 together with the most recent salary certification (for salaried individuals)
- Income Tax Returns from the two preceding fiscal years are acceptable as proof of earnings (for other than salaried individuals)
- Proof of residence includes a bank account statement, the most recent electricity bill, the most recent mobile/telephone bill, the most recent credit card statement, and other documents. Existing leasing arrangement for a house
- With entries from the previous six months in the bank statement or bank passbook,
Personal Loan Repayment at the Mizoram Rural Bank
Personal loans can be repaid in a maximum of 60 equal monthly installments (EMIs). It starts with 12 monthly installments. Your credit score also determines the length of time it takes to repay your debt.
Mizoram Rural Bank: Equated Monthly Installments are used for repayment (EMI)
To pay back the loan, you can choose from one of the options listed below:
- Standing instruction registration with your financial institution
- Through the use of the Internet Banking solution
- ECS (Electronic Clearing System) Automated Payment (Electronic Clearing Service)
- If the bank provides a Mobile Banking App, you can access your account through it.
Reasons of Rejection for Mizoram Rural Bank Personal Loan
The most common reasons for rejection of a personal loan application are as follows:
A low credit score
A person’s credit score is seen as a measure of their ability to obtain credit. Having a good credit score influences your ability to repay a loan without defaulting on the agreement. For a lender to determine the risk of default, a credit score is required. Lenders turn down many personal loan applications because of a low credit score or no credit history. Personal loan denial may be an issue for a borrower with a credit rating of fewer than 750 points.
An increase in loan inquiries
The lender will request your credit report from one or more credit bureaus whenever you apply for a loan or credit, referred to as an inquiry. Such inquiries are regarded as “hard inquiries” by the credit bureau, and they are recorded in your credit report. Even if the service is provided free of charge, you should refrain from making an excessive number of inquiries. The number of inquiries on your credit report can hurt your credit score.
Some of the common misconceptions around personal loans
- The most advantageous loan is a personal loan with the lowest interest rate. It is not fair to say that the best Personal Loan has the lowest interest rate. While choosing the best lender for a personal loan, there are several other significant factors to consider. These components include the processing charge, the eligible amount, the loan repayment period, service issues, and other loan terms. In addition to looking for the lowest interest rate, you should consider all of these factors.
- The increase in the interest rate raises the monthly installments of a personal loan. Loans with set interest rates would not be affected by a rise in interest rates due to these developments. If you do not want your EMIs to grow, you can opt for a longer loan term in the case of floating rate loans.
- It is preferable to have a more extended repayment period for personal loans. It is commonly believed that extending the repayment term of a personal loan is preferable because the borrower will be required to pay lesser EMIs, which they can afford, but this is not the case. A more extended repayment period results in a more significant interest outlay as well. You will be required to pay interest for a more extended period.
- Interest rates are non-negotiable at this time. The interest rates on personal loans differ from one consumer to the next. Customers with a solid credit score and a steady income can bargain with lenders over interest rates, resulting in loans with a comparatively lower interest rate.
- A bad credit score makes it impossible to obtain a personal loan. Credit Score is only one of the many factors considered throughout the home loan approval process to determine whether or not to approve or reject the loan applicant’s loan application. If other aspects of your house loan application are not up to par, your home loan application may be rejected even if you have a decent credit score. You can still acquire a home loan at higher interest rates if you have a low credit score.