Category: Most Asked Questions

Prathama Bank Personal Loan: Prathama Bank is a Gramin Bank in India established on 02-10-1975. It has headquartered in Moradabad. Its operational area is in a Total of 20 districts. It is the first Regional Rural Bank of India. Syndicate sponsors it. It was first established on the 2nd of October in 1975. Its new name is Gramin Bank. The government of India owns 50% of the Prathama UP Gramin Bank. Further, you will get to know the process of getting a loan from Prathama bank.

Want to compare Prathama 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.

Prathama Bank

Prathama Bank Personal Loan Details

• To get a personal loan from Prathama Bank, your age should be from 21 to 58 years.
• In Prathama Bank, the interest rate is 9.99 % annually.
• The period of tenure in Prathama Bank is from 12 to 60 months.
• The processing fee for a personal loan in Prathama Bank is from 1% to 2% of the total personal loan amount.
• The prepayment charges and part payment charges of the personal loans are decided by the bank only.
• The minimum loan amount is 5000, and the maximum loan amount is up to rupees 10 lacs.

Prathama Bank Personal Loan Eligibility Criteria

• The CIBIL score should be 750 or above.
• The IIT requirement is from 21 to 58 years.
• The minimum income should be from rupees 15000 to rupees 25000.
• The person should be salaried, self-employed for a pensioner

Prathama Bank Personal Loan Interest Rates and Charges

• The personal loan interest rate in Prathama Bank is 9.99 % annually.
• Processing charges of personal loans in Patna bank is 1% to 2%.

Prathama Bank Personal Loan Documentation Required

Identity proof:-

• Copy of passport
• Copy of driving license
• Copy of Aadhar card
• Copy of voter ID card

Address proof:-

• Utility bill
• Permanent residence proof
• Ration card, statement of bank account, latest credit card statement

Income proof:-

• Salary slip of last six months
• Bank statement of past three months

Why Should You Apply for Personal Loans in Prathama Bank with the Help Of A Databank?

• It is the leading and best help all over India.
• The processing requires very little documentation.
• It provides very fast approval.

Calculating EMI Personal Loan on Prathama Bank

To calculate EMI personal loan on Prathama BanTo following requirements are listed below:-

• Loan amount
• Interest rate
• Tenure
• Put all these values in the EMI calculator and find your monthly EMI.

Processing Time for Personal Loan on Prathama Bank

Following are the features of processing in Prathama Bank of personal loans.

• Quick processing
• No paperwork required
• The processing fee can be varied, and you can be asked about the processing fees details by the bank

Overdraft Facility of Personal Loan by Prathama Bank

Credit office is once an individual overdraft, and you can put an all-out when required. At whatever condition, the ideal point is you have to Reimburse. At present, it is the most credit choice and is advised by everyone and favorite of the individual necessities and fulfills their demands.

Prathama Bank Different Loan Fulfills

Loan of the home

• Personal loans provided by the pragma banks for houses are listed below:-
• 21 years is the minimum age requirement
• 60 years is the maximum age requirement
• For the home loans, regular income applicants are mandatory
• You should on more than the required monthly income of the home loan

Given below are the personal loans for the person working in a government sector

Loan of education

• The bank provides you education loans
• The amount of the loan should be more than rupees 4 lacs
• The interest rate that doctor banks provide is 11 % to 13 %

Pensioners personal loan

• Banks can ask dog customers about the processing charge.
• The interest rate is very affordable in Prathama Bank.

Balance transfer of personal loan

• It means that the borrower transferred the amount to another institution.
• The interest rate is very minimal.
• Payments have a long tenure.

Personal Loan Top Up in Prathama Bank

There is an additional amount on the existing loan on the Prathama Bank personal loan top-up.

Prathama Bank Personal Loan Status

You can visit the site of the Prathama Bank.

• Eligibility should be checked.
• The form should be filled with your information.
• The managers of the Prathama Bank will contact you.

Prathama Bank Personal Loan Types

Loan of home renovation

For the people who wish to get their homes revamped, Prathama Bank provides a special offer. Through this, the individual can get new settlements or any other kind of development in installments with credit support.

Following given are some of the vital highlights of Prathama Bank:

Prathama Bank renovation home Lowes is as low as 11.25%.

To get their home remodeled, people can get an advanced sum up to rupees 2remodelled. No documentation is required for the home run in the Prathama Bank, which makes the whole process worry-free.

Once the bank offers you the application, you will get your advance credit within the time limit of 72 hours or three days.

Holiday loan

Prathama Bank provides you with a holiday loan that can assist you and organize your fantasy, but there is a minor issue.

Now, what’s the issue?

Prathama Bank and subsidize or scope of one’s individuals related to lodging, booking cost, etc. Following given are the key highlights of the Prathama Bank Holiday loan listed below:-

11.25% per annum is the financial cost starting for a holiday loan.

You can enjoy your holiday without much of the profitable stretch of the measure up to rupees 20 lacs.

Financing is basic and straightforward, and this guarantees minimal documentation and is streamlined.

It is added to your record straightforwardly.

Funding of the fresher

The fresher funding in the Prathama Bank is a special design fresher funding that helps the customer in many ways. For example, for their first work it ongoing aluminum following are the major highlights of the Pra Aluminium funding pressure are given below

1.5 Lakh is the credit sum

The candidate must be at the age of 21 years

Personal loan of NRI

By seeing the necessities of one individual. Prathama Bank has a very good offer according to an individual advance explicitly for NRIs.

The bank offers a very flexible amount of rupees 10 lakh with adaptability and the use of NIRs.

15.49% per annum is the start of a personal loan of NRI.

How Should You Apply for A Personal Loan in Prathama Bank?

There is so much less or little requirement of paper, so there is a very much minimal amount of documentation required in Prathama Bank.

This benefits the one individual to save your time and get your loans As Quick As Possible in Prathama Bank. for a personal loan is very simple following are the steps given below you can follow to apply for the personal loan:-

You can visit the database website, fill the application form, and give you all the information.

You can call yourself from the Prathama Bank to get a personal loan.

The instructor of Prathama Bank will guide you throughout the entire process of personal loan and tell you every detail regarding the personal loan that is applied for the personal loan in Prathama Bank.

Partnership Firm Registration and Draft Partnership Deed: A partnership deed is a name given to an agreement between partners of a firm that summarises the terms and conditions of the partnership. It specifies several titles like profit or loss sharing, interest on capital, salary, admission of new partners, etc.

Governing Law

The Indian Partnership Act of1932 came into force with effect from 01.10.1932 and extended to the entirety of India, excluding the state Jammu and Kashmir.

What is a Partnership

As per The Partnership Act of 1932, a “Partnership” is the firm between persons who share the profits of a business.

Modules of Partnership

Individuals who have agreed to enter into a partnership are called “partners”, and collectively they are called a ‘firm’. The name of their business is called the ‘firm name.

Partnership Firm Registration and Draft Partnership Deed Registration Process

Reason to set-up:

• Relatively easy to set-up
• The number of statutory compliances are relatively more minor.

Procedure:

• Selecting Partnership Firm Name
• Creating a Partnership agreement, which may be oral or written. However, verbal contracts do not have any value; therefore, agreements should be in written format.

Essential characteristics of a partnership deed:

• Name & Address of the firm and all the partners
• Type of business
• Date of Beginning of business
• Period of Partnership
• Contribution of Capital by each partner
• Profit-sharing ratio amongst the partners

Partnership Firm Registration and Draft Partnership Deed Additional Clauses

• Interest in Partner’s Capital and Interest to be charged on drawings.
• Commissions or Salaries payable to partners
• Process of preparing accounts and audit
• Division of responsibility such as the duties and obligations of all the partners.
• Instructions to be followed in the case of retirement, death and partner’s admission.
• The Partnership Deed should be on official stamp paper according to the Indian Stamp Act, and every partner should keep a copy of the Deed.
• The partnership should file a Replica of the Partnership Deed with the Administrator of Firms in the case of registration.

Partnership Deed Registration in India

As per the Partnership Act, registering a Partnership Firms is totally optional and depends on the partners.

If the partnership deed is unregistered, they may be unable to enjoy the benefits of a registered partnership.

Registration of Partnership can be done before opening the business or during the extension of the partnership. However, registration should be done before the firm proposes to file a court case to enforce the contract rights.

Procedure for Registration of Partnership Firms

• An application consisting of the prescribed fees is needed to be submitted to the ROF or Registrar of Firms in the State’s original location.
• The following documents need to be submitted besides the application:
  • Application for Partnership Registration
  • Duly filled sample of Affidavit
  • Certified Copy of the Partnership Deed
  • The ownership proof of the principal place of business or lease agreement thence.

The statement or application must be attested by each of the partners of the firm or by their agents. Once the registrar is contented with the points stated in the partnership deed, he will record an entry of the statement in the ROF or Register of Firms and publish a Certificate of Registration.

It is compulsory for all firms to apply for the Firm Registration with the Income Tax Department and get a PAN Card.

After gaining a PAN Card, the Partnership Firm will be needed to open a Current Account in the Partnership Firm’s name and control all its operations through the specified Bank Account.

On the Occasion of Retirement of a Partner

• A partner might retire
• After earning the consent of all other partners
• In accord with an express agreement by the firm partners
• The partnership is willing to provide a notice (in writing) to all the other partners and inform them of the individual’s intention to retire.

Key Points to Remember

1. A Partnership firm need not file its yearly accounts with the registrar of the firm every year, unlike an LLP or a Company.
2. Partnership firms have their profits taxed at 30% with additional Cess.
3. Indian Citizens living in India can be Partners in a Partnership Firm together with minors (to enjoy the profits of the partnership).
4. The business can transfer the share of a Partnership to any alternative person after obtaining the agreement of all the partners involved in the partnership.
5. The transferability of a Partnership is inconvenient. Partnerships can be transformed into an LLP or any Private Limited Company.
6. Partnership firms and their Partners are not considered discrete legal entities, and neither is the partnership’s existence perpetual.

Format Of Draft Partnership Deed

This Action of Partnership is executed on the day of (date) of the year (year) by and amongst

1. (enter) S/o (enter) R/o.(After this mentioned to as the party of the first part);
2. (enter) S/o (enter) R/o (in the following aspects of the document is the so-called party of the second part).

While the parties as mentioned above plan to carry forward the business in partnership by the name, and the style of (insert name of the firm) according to this Deed of Partnership.

If all the parties as mentioned above herewith wish that the terms and conditions be abridged in writing to omit any unnecessary disputes and confusion, if any, that may arise in the future.

Deed Witness

1. The partnership business should be carried forward under the same name and style of the name of the firm.
2. According to this Deed, the business of the partnership firm (enter Business object)or any additional business may be marked from time to time mutually by every firm partner.
3. The Head Office of the partnership firm will be situated at (enter address of the firm). 
4. The primary place of business is allowed to be shifted to any other site or area as per the partners’ unanimous decisions from time to time.
5. Any branch can be opened under any unique name and style at a place or place, as the partners may resolve from time to time.
6. The terms and conditions of the partnership should be considered to have been started with effect from the (insert date) day of (insert month), 20 (insert year).
7. The investment required for the partnership should be contributed by all the partners as jointly agreed upon between the partners.
8. The partnership should preserve the regular books of accounts of the particular partnership at the place of a business that is to be closed on (insert day and month)each year. Every firm partner shall have admission and power to hold copies of the same.
9. All transactions as entered into the book by them on behalf of the partnership should be authentically noted.
10. At the close of each accounting year, the partnership’s accounts should be drawn up, and the Account of Profit & Loss and the Balance Sheet of the business should be prepared. The Profit or losses falling to the segment of each partner should be credited or debited to the individual accounts.
11. Any two partners should duly sign the Profit or Loss Account and the Balance Sheet.
12. The Profits and Losses according to the Profit and Loss Account of the partnership business should be divided amongst all the partners as under:
    1. (Party of the First part)
    2. (Party of the Second part) 
13. Any of the partners should control the bank account(s) of the partnership to this deed or as may be jointly decided from time to time.
14. No partner, without the inscribed consent of all the other partners, should do or aid in undertaking any of the following acts:
    1. Selling, mortgage, assigning or otherwise transferring their interest or share in the partnership business or possessions.
    2. Charging, mortgage, speculating, assigning or otherwise transferring the business, possessions or rights of the partnership firm.
15. The partnership should be formed at will and can be dissolved at will with the joint consent of all the parties to this deed.
16. All the parties to this deed should work meticulously and faithfully to the mutual advantages of the firm and should render correct information to each other.
17. Any agreement or difference that may arise between the partners and/or their legal heirs, inheritors or representatives with regard to the meaning, construction, and effect to this deed and/or parts thence or in accordance of the accounts, the profits or losses of the business of the alleged firm or any other matter relating to the firm should be stated as adjudication as under the Indian Arbitration Act of 1940.
18. The provisions of the Partnership Act of India 1932should be applied with regards to matters and not expressly provided before in this partnership deed.
19. Any of the terms mentioned above, any condition and stipulations may be changed or varied or added to by jointly taking the accumulated consent of all the partners (in writing).
20. Every business expense should be borne by the whole Partnership Firm.
21. The authorities and duties of the Partners of a firm, which should be exercised at their sole decision with mutual consent (written or verbal) from partners, should include below:
    1. To convert the partnership Firm to LLP or Private Limited or Limited Company, as and when a Partner chooses to do so.
    2. To acquire, takeover, purchase, and/or combine businesses or undertakings of different companies or firms which, under the existing circumstances, from time to time, can conveniently or favourably be combined with the main business of the firm, to join or merge with those companies whose businesses are acquired, taken or purchased over and/or to enter into an agreement with the object of procurement of such undertaking and/or business.
    3. To go into the acquisition, takeover or purchase and/or combine any other entities or vice versa depending upon the time when the Partner chooses to do so.
    4. Sell, mortgage, lease or assign and in any other method feel with or dispose of the partnership or properties of the partnership or any part thence, whether portable or permanent for such consideration as the partners of the partnership may think suitable.
    5. Sell, mortgage, lease or assign or dispose the properties or assets of the firm (with movable or immovable) to any company or another object at jointly agreed amounts by the partners.

Note: The firm may follow the points mentioned above but it is not limited to them.

22. The wealth required for the business purpose of Partnership should be contributed by the Parties from time to time in such a way that, in all respect, the agreement remains solid between partners. A simple 12% rate of interest per annum should be paid by the firm to the respective parties.
23. It is to be noted that any partner is permitted to draw salary, remuneration and/or commission for being employed in the partnership firm as decided upon between the partners.
24. Businesses should note that the books of accounts and any other documents belonging to the partnership should be kept at the location of business only and should, at all practical times, be accessible for inspection by any such parties or the company’s own authorized agents.
25. The written consent of each and every Partner will be needed for the partnership to gain credit facilities from any such financial institution.
26. The subjects for which not any provisions have been made for this deed may be marked upon by joint consent of the parties (in writing).
27. Unless provided before, the provisions of the Act on Indian Partnership of 1932 should be applied.
28. In witness where the parties in the annex to this regulation have set and promised their hands on the day, calendar month and year as mentioned above.
29. Witnesses 1and 2
30. Executants: Parties of the First and Second Part.

Online Correction Facility to Add/Modify Deductee in TDS Return: TRACES or the TDS Reconciliation Analysis and Correction Enabling System of the Income Tax Department provides online correction of already filed TDS returns. If you need to modify your TDS returns after submission, this article will help you file revised TDS returns.

The Provision of Online Correction to Modify or Add Deductee Details in TDS Return

Filing for TDS returns is a necessary process that needs to be completed and submitted for each quarter in a fiscal year.

The following corrections can be made in an existing filed TDS return –

• PAN correction
• Challan correction
• Resolution for overbooks challan (move a deductee row from challan)
• Add a new challan to statement
• Addition or deletion of salary details
• Addition or modification of deductee details
• Any personal information

The online feature enables to add or modify any deductee details if the deductor –

1. Wants to make modifications in deductee details.
2. Intends to add a new deductee row against a challan with an available balance.

Note: This functionality is available from F.Y 2013-14 onwards with DSC.

Advantages of Online Correction

The online correction feature is handy as –

1. TRACES charges no fee for online correction.
2. One can instantly start working, and the correction is generally processed in 24 hours.
3. All the modifications can be done online, and no extra software is required.
4. A specific correction mechanism is available for each error that makes the process hassle-free for the users.

Step by Step Process to Add or Modify Deductee Details in TDS Return

Step 1: Login into the TRACES website.

Step 2: Select option Defaults followed by Request for correction.

Step 3: Choose the period for which you want to file the correction. Use the option of Online in the Correction Category and click on Submit.

Step 4: The system generates a request number. Select Go to Track Correction Request or select option Defaults, followed by Track Correction Request.

Step 5: A list of all the corrections along with their status get displayed. Click on the option of Available to work on the correction request.

Step 6: Choose the KYC option (digital signature or without digital signature).

Step 7: Once the validation is completed, you get an authentication code that will be used to validate the KYC again, and it will work only on the same day of the same financial year. Finally, click on Proceed with Transaction button.

Step 8: Select the option of Modify/Add Deductee Details under Type of Correction and click on the View Details button.

Step 9: There are three options on the top of the screen –

• Default Deductees
• All Deductees
• Add New Deductees

Step 10: Default deductees show those deductees who have any defaults. Select a specific row and click on Edit Deductee Row to make changes.

Step 11: All the details relevant to the row are shown below. Make the changes required in the record and click on the Save button. The following changes can be made in the deductee records –

• PAN of the deductee
• Date of payment or credit
• Amount paid or credited
• The section under which TDS deducted
• Date of deduction
• The TDS deduction rate
• Tax
• Surcharge
• Education Cess
• Reason for non-deduction, lower-deduction, grossing up or higher deduction

Step 12: In the All Deductee option, all the records which have been updated show in highlighted row colour.

Step 13: The Add New Deductee tab can be used to add a new deductee. Once you click on the New Deductee tab, it will display all the challan with the available balance. Select the challan (with available credit)

and click Add Deductee Row button.

Step 14: Enter the following details for the new deductee and click on the Save button.

• Deductee Code (01 for a company and 02 for apart from a company)
• Details of PAN
• Date of payment or credit
• Amount paid or credited
• Section
• Date of deduction
• Total tax deducted
• Total tax deposited
• The TDS deduction rate
• Reason for non-deduction, lower-deduction, grossing up or higher deduction

Step 15: Once all the modifications are done, click on Submit to Admin button.

Step 16: Admin can now submit the modified statement for processing from the option Defaults followed by Ready for Submission. Admin can select the option to cancel the statement as well.

Step 17: The user can then check the status of the statement submitted. To track the status, click on the Defaults option, followed by Track Correction Request.

Status of Request or Process Being Showed During Online Correction

• Requested: When a request for correction is submitted by the user.
• Initiated: The request is under processing by TRACES.
• Available: The request for correction is accepted, and the statement is now available for modifications.
• Failed: Request cannot be completed due to a technical error. However, the user can re-submit the request for the exact details.
• In Progress: The user is currently working on the statement.
• Submitted to Admin User: Sub-user or Admin User has submitted correction statement to Admin User.
• Submitted to ITD: When the Admin User submits the corrected statement to ITD for processing.
• Processed: Statement is being processed by TRACES (either for defaults or for Form 26AS).
• Rejected: Statement is rejected after processing by TRACES. Also, the rejection reasons are shown in the ‘Remarks’ column.

New India Cooperative Bank Personal Loan: New Indian Bank offers personal loans to people who are salaried and self-employed. This bank is a cooperative bank in India. Its headquarter is in Mumbai. This bank has 30 branches all over, and it was founded in the year 1968.

This bank offers all sorts of services like fixed deposit, Savings deposit, car loan, educational loan, home loans, mobile banking option, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, and many more things.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

New India Cooperative Bank

Eligibility Criteria for New India Cooperative Bank Personal Loan

• Self-employed people or people who have been working in companies or are professionals, and if they have been working for a minimum period of two years, they are eligible for the loan.
• People who receive salaries should be in permanent employment for at least three years are eligible for the loan.

New India Cooperative Bank Personal Loan Amount

• A salaried person with 30 times of net salary is subjected to a maximum of Rs. 5 lakh.
• People who are self-employed or are professionals with two times the net taxable salary, subject to a maximum amount of Rs. 5 lakh.

Guarantors Required for this Loan

A person who is applying for a loan should have at least two guarantors of good means.

Repayment method for this loan: The repayment method for this personal loan is not more than sixty EMI’s.

Procedure to Apply for a New India Cooperative Bank Personal Loan

There are two methods to apply for a personal loan in this bank. These are

• online modes- One can apply online through the website of Bank and can quickly fill their personal and work or professional information and upload the required documents. Also, one needs to check their loan eligibility while applying.
• offline mode– One can go to their nearby bank branch and can carry all the required documents with them, then fill up the form and get your loan approval process started.

Documents Required to Apply for a Personal Loan in New India Cooperative Bank Limited

• Duly filled and signed personal loan application form.
• Photographs of the borrower
• Bank statement or bank passbook which have entries of at least last six months.
• Proof of income- One needs to show income returns of the past two years.
• Address Proof- any documents, including electricity bill, mobile or telephone bill, bank account statement, etc., can be used as address proof.
• Identify proof – any documents, including Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card, can be used as identity proof.

New India Cooperative Bank Personal Loan Conditions Required

The condition to share linkage in this bank is that the applicant should be a regular member, and the guarantors should become a nominal member by paying just an amount of Rs. 100.

Benefits and Features of New India Cooperative Bank Personal Loan

• Customizable amount one can avail –Individuals can avail of Rs 5 lakh on the personal loan.
• Interest Calculation system- The loan interest is calculated on reducing balance daily.
• The repayment term is quite flexible- Based on one’s loan paying capacity or EMI repaying capacity, one can opt for a loan tenure while applying for this loan.
• Pre-payments are usually permitted- Prepayment of the loan is allowed by the borrowers. Also, this bank does not charge a prepayment fee by the borrower even if the borrower makes prepayments, only if the loan has been taken over by another bank or financial organization, or institution.

Interest Rates for New India Cooperative Bank Personal Loan

The interest rate calculates up to 11% per annum onwards on the loan amount of up to Rs.5 lakh. The processing for this is calculated as per the lender’s terms and conditions.

A personal loan is usually beneficial for people who can help individuals get the desired amount of funds during an emergency without any chaos or hassle.

One should never forget to check your eligibility before applying for the loan, getting yourself familiar with the features and benefits of the loan. Also, one should go through the conditions mentioned in a fine print before applying for the loan.

Certain information one should be aware of about the bank is:

When a person borrows a certain amount from the bank, the lender charges a certain interest on it. The interest rate affects the cost of the loan one wishes to take. This is why it is usually advised to calculate the interest rate and compare it with various other banks to make it easier to borrow the loan.

Reasons of Rejection of New India Cooperative Bank Personal Loan

• High existing debt- If a person has already taken a lot of amount from the bank in the form of a loan, and if the loan and net income ratio is 40%, then the lender usually rejects your loan application.
• Too many loan enquiries- whenever a person applies for credit, the lender usually asks for your credit report from the credit bureau, known as enquiry. The credit bureau mainly considers such enquiries as hard enquiries and mentions them in your credit report. One should try to avoid making too many enquiries even if it is available free of cost. Too many questions lead to a negative impact on your credit score.

FAQ’s on New India Cooperative Bank Personal Loan

Customer care channels through which the bank can be contacted are – Customers can contact the bank by dialling 022 665 86658, or one can even send an email at the customer care customercare@newindiabank.in.

Question 1.
What is the maximum loan amount a self-employed person can avail?

Answer:
Self-employed people, businessmen or people who have been working in companies or are professionals: if they have been working for a minimum of two years, they are eligible for the loan.

Question 2.
Does this bank require the guarantors to avail of the loan?

Answer:
Yes, the borrower needs to have at least two guarantors for availing of the loan.

Question 3.
What is the difference in the interest charged on personal loans for salaried employees and personal loans for self-employed individuals or a businessman?

Answer:
The salaried employee is usually charged an interest rate of 11% per annum, whereas self-employed individuals will be charged 15% per annum.

Question 4.
What is the daily reducing balance method of interest calculation?

Answer:
The interest is calculated on a daily reducing balance basis. The lender calculates the outstanding principal daily and calculates the interest on the due balance.

Question 5.
Does a hike in interest rate also increase the EMI of personal loans?

Answer:
Whenever there is a hike in the interest rate, loans obtained at a fixed interest rate do not get affected by it. Also, if you do not prefer your EMI amount to go up in the case of floating rate loans, you can even opt for an increase in the tenure.

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.

Malwa Gramin Bank Personal Loan: The money is borrowed for a certain amount of time, and borrowers pay back the borrowed amount plus interest in regular, monthly installments over the “term” of the loan.

Personal loans come to one’s rescue when one is short of money. The Malwa Gramin Bank Car Loan interest rates are very competitive. They also provide other loan options such as Malwa Gramin Bank Gold Loan.

It is very easy to access Malwa Gramin Bank Personal Loans, and they are granted so fast that many people take personal loans often to meet expenses allowing them to meet their urgent expenses. This article helps the reader better understand details related to Loan applications and much more.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Malwa Gramin Bank

Malwa Gramin Bank Overview

Malwa Gramin Bank is one of the leading Regional Rural Banks in India having Punjab National Bank, one of the premier banks in India as its Sponsor bank. The Central Government of India, vide its notification dated 21-12-2018, amalgamated

Malwa Gramin Bank has 81.28% of its branches in areas that are not urbanised thus helping in the growth of rural regions of Punjab by offering various attractive loan and deposit schemes. Punjab Gramin bank has a very strong base of foundation with a total business of more than Rs.18,400 Crores.

The Malwa Gramin Bank is a Cooperative bank that has its foundations in India. The bank has its headquarters in Sangrur. The Malwa Gramin Bank was founded on 27-02-1986.

The bank currently has a total of 74 branches spread all across the state. It provides various financial services to its customers, including saving deposits, recurring deposits, savings deposits, PPF accounts, home loans, personal loans, car loans, education loans, gold loans, PPF accounts, lockers, net banking, and mobile banking, RTGS, NEFT etc.

Malwa Gramin Bank Features

• The maximum loan application is available for all applicants that match the criterias
• The loan can be paid off in various methods, like with other mortgages and in various other methods
• Loans can be paid off in installments, EMI method of payment is very helpful in rural areas where poorer people cannot pay huge amounts at a single time.

Malwa Gramin Bank Personal Loan Features

• Maximum loan amount: The borrower can avail of the full amount of loan allowed by the bank. This helps a lot in crises when someone requires a substantial amount of money and wants to avail of a Personal loan.
• The bank does not insist upon a guarantor: The approval of the personal loan does not need another person as guarantor to be present and to be held accountable if the borrower fails to pay for the money.
• Attractive & competitive interest rates: A personal loan of a certain amount of money borrowed for a particular time will charge the borrower an interest rate of 16.40 per cent. However, this interest rate changes with the amount of money borrowed and the time that it is borrowed for.
• The bank offers special schemes and discounts for employees of large companies: Malwa Gramin Bank offers special schemes with a more extended time for a personal loan to employees of big MNC companies.
• Usually, no security is required for availing the personal Loan: No security payment or mortgages for a sense of security for the personal loan is asked of by the bank for the Personal loan.

Malwa Gramin Bank Personal Loan Eligibility Criteria

• Age: 21 to 58 years.
• The borrower needs to be a permanent employee of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
• Salaried / Self – Employed with regular income.
• The borrower has to be employed for a minimum period of three years to be eligible for the loan.

Malwa Gramin Bank Personal Loan Documents Required

• The signed and filled up personal loan application form with the necessary details. One must also make sure that the details the borrower has filled in are accurate.
• Photographs of the passport size need to be submitted to the bank branch along with the signed loan application. Mostly the bank requires more than one copy of the current photograph.
• Proof of identity for the person who is asking for the loan. Viable proofs of identity include Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card.
• The borrower has to provide a proof of his income, i.e. his salary certificate along with the latest salary slip.
• Proof of income- Income Tax Returns of 2 previous financial years (for other than salaried individuals)
• Proof of Address – Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
• Bank Statement or Bank Pass a copy of the PassBook of the bank one has an account in having entries of the last six months.

How to Apply for Malwa Gramin Bank Personal Loan?

Online Method

One can apply for Malwa Gramin Bank Personal Loan by following these easy steps detailed below.

• Step 1: Visit the bank website, find the personal loan option, and select the option for Malwa Gramin Bank Personal Loan. Click on apply, and a new screen will open.
• Step 2: A new screen will open, which is essentially a form. The form needs to be filled up with essential details like name, address and other personal information.
• Step 3: After putting in the personal details, one has to click on apply for a loan. After this, a new window opens where one has to put in other essential information like account numbers and the documents needed for loan approval. Finally, after double-checking the information, click on submit to submit your loan demand.

Offline Method

It is not just the online method via which one can apply for a loan. For the offline method, the borrower needs to visit any Bank branch, fill out the form with all the essential required details, and submit it with whatever documents are required.

Reasons for Malwa Gramin Bank Personal Loan Rejection

• Poor Credit Score: Credit Score defines the borrower’s credibility to repay the loan, and thus a low credit score will lead to cancellation of loan proposal.
• Higher size of existing debt: A borrower’s loan application can be rejected by the bank if the borrower already has a big existing debt.

Types of Personal Loans Offered by Malwa Gramin Bank

• Crop Loan
• Four-Wheeler Loan
• Two-Wheeler Loan
• House Loan
• Education Loan

Myths about the Malwa Gramin Bank Personal Loan

• Prepayment of a private mortgage always draws Penalty: It is a myth that if one pays the price of a private mortgage in advance it extracts a penalty. It depends absolutely upon lenders to be able to charge any penalty on prepayment.
• Lengthy Private Loan Reimbursement Term is favorable: It is not true that the longer reimbursement term the greater the rate of interest.
• Your loan application is denied if you do not have a regular income: It is a myth that if one does not have a steady source of income, the loan might not get approved. Loan permission can be granted if one adds a joint owner that has a steady source of income.
• Interest Rates are not flexible: The rate of interest charged for private loans differs from client to client. Clients with good credit counts and a decent portfolio can negotiate interest rates and can get comparatively poorer rates of interest in loans.
• Decent Credit value ensures acceptance of a personal loan: Holding a favorable credit total does not assure private loan authorization as it is not the only criteria one has to fulfill to get a personal loan. There are various other condition that is assessed during the loan authorization procedure

Conclusion on Malwa Gramin Bank Personal Loan

Thus, this concludes the article detailing personal loans and, in particular, Malwa Gramin Bank Personal Loan. It is very integral to understand the basics and intricacies of the methods to apply for personal loans. This article details a few of the important things to know and understand in order to apply for a personal loan.