About Manipur Rural Bank Personal Loan
Manipur Rural Bank was established in the year 1981 in the city of Manipur. The Bank came into existence with the help of the government of India, the United Bank of India and the government of Manipur. The United Bank of India provided the sponsorship of Manipur Rural Bank.
The Bank is working for the upliftment of the rural people of Manipur state. In addition to this, the Bank is providing financial products to the people of Manipur at an affordable cost. One of the most frequently used products of the Bank is the personal loan.
How does Manipur Rural Bank Personal Loan work?
- See, first of all, you need to apply to avail of this loan.
- Once you submit the loan request, it is transferred to the Bank. One of the bank employees evaluate your application and check whether it meets the bank standards or not.
- Also, at this point of process bank checks your income eligibility along with your CIBIL or credit score.
- After that Bank decides the loan amount and the rate of interest.
- Finally, the disbursal of the loan takes place, and you get your loan amount.
Advantages of taking Manipur Rural Bank Personal Loan
- Firstly, this loan comes with an affordable interest rate.
- Also, you don’t’ have to provide any collateral against the loan amount to the Bank.
- Therefore, the loan amount is dependent on the documents that the applicant provides.
- Likewise, the processing fee that a bank requires on a personal loan application is 2-3% of the total loan amount.
- Compared to another loaning scheme, the loan process of documentation is less time-consuming.
- Thus, if an applicant fulfils all the criteria bank will approve the loan request within 30 minutes.
- Within 48 hours, the disbursal of the loan is done.
- As a result, a personal loan is considered one of the fastest and the hassle-free loaning schemes.
- The tenure options range from 1 year to 5 years. And the Bank lets you decide the loaning tenure.
- In addition to this, you can close the loan before time by providing the foreclosure penalty and your remaining loan amount.
- Now you might be thinking about the foreclosure charges for a personal loan. To your surprise, Bank charges 0-3% of the total loan amount as a foreclosure penalty.
- You are undoubtedly saving some money by paying your loan amount beforehand as you don’t’ have to pay the remaining interest rate and its respective EMI’s’.
- Besides that, both self-employed and salaried applicants can avail of this loan and use its principal amount according to their desires.
Manipur Rural Bank Personal Loan Interest Rates
A personal loan is an unsecured way of taking credit from the Bank, so the Bank closely evaluates all the documents that the applicant provides and their other details like where they live how much they earn monthly. Do they have other people to take care of Etc?
After evaluation bank decides the loan amount along with its interest rate. 10.70% is the minimum annual interest rate you can expect on a personal loan.
Eligibility for taking Manipur Rural Bank Personal Loan
For self – employed the applicant:
- The minimum age you can avail of the personal loan is 25, and the maximum is 65 years.
- Furthermore, the ITR return is at least 2.5 Lac of the past year.
- In addition to this, your CIBIL needs to be at least 750.
- Likewise, the applicant’s business annual turnover must be above 30 Lac.
- Also, your business needs to be running for the past three years.
For the salaried applicant:
- Twenty-one years is the minimum age, and the maximum age for availing is 61 years for the salaried applicant.
- Also, your salary should be at least 18,000 Rs monthly.
- Besides this, the borrower’s salary needs to come to a bank account.
- 750 is the minimum credit score that a bank requires from the salaried applicant.
To know more, click on personal loan eligibility criteria.
Documentation required for Manipur Rural Bank Personal Loan
- Six months of bank statements and six months of salary slip as income proof for the salaried applicant.
- On the other hand, the latest ITR documents and audited financial papers of business as self-employed applicant’s income proof.
- Identity proof can be an Aadhar card, PAN card, Driving license, voter ID card or passport.
- Your Aadhar card, PAN card, Ration card, voter ID card, driving license, or passport are residence proof. 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.
Types of Manipur Rural Bank Personal Loan
Home renovation loan
Manipur Rural Bank provides individuals who plan to renovate their homes with a home improvement loan. This personal loan can fund critical repairs or allow the borrower to purchase new furniture, fixtures, and furniture for the house. Four of the Manipur Rural Bank Home Renovation Loan’s significant features are:
- The Home Renovation Loan of Manipur Rural Bank’s interest rate starts at as low as 11.25%.
- Individuals will be liable to renew their homes with a loan of up to Rs. 20 Lakh.
- Manipur Rural Bank’s home improvement loan needs minimum paperwork to free up the whole credit process.
- Usually, within 72 hours after the Bank accepts the applications, the loan balance will be credited to the account.
Holiday loan
The holiday loan from Manipur Rural Bank will help you budget for your dream vacation with little difficulty. Several holiday-related expenses will be funded by this personal loan from Manipur Rural Bank, including booking flight fares, hotel accommodation, guided tours, etc. The Manipur Rural Bank Holiday Loan’s key features are:
- Interest rates on holiday loans start at 11.25 per cent p.a.
- You should use up to Rs 20 Lakh quickly so that a financial crunch will not spoil your perfect vacation.
- Simplified and limited paperwork means fast and easy funding for your holiday.
- Quick processing of the loan directly credited to your account and disbursement
Fresher funding
Most unsecured personal loans are meant for individuals with a daily income, while the Fresher Funding of Manipur Rural Bank is distinct. The loan option provided by Manipur Rural Bank is intended to help refreshers, i.e. recent graduates searching for their first job. Few of Manipur Rural Bank Fresher Personal Loan Funding’s main features are as follows:
- Up to Rs 1.5 lakh loan
- A candidate must be 21 years of age or older.
- The interest rate for Fresher Funding depends on the applicant’s profile, credit history/score, applicant’s age, and place.
NRI Personal Loan
Knowing the wishes and desires of NRIs, Manipur Rural Bank provides NRIs directly with a personal loan. An Indian resident must be the primary loan borrower, and a close relative must be the NRI co-applicant. The Personal Loan includes the following features for NRIs:
- Manipur Rural Bank offers NRIs with adjustable end-use personal loans of up to Rs. 10 lakh.
- NRI Personal Loan interest rates launch at 15.49 per cent p.a.
- Up to 36 months is the term of the loan.
How to avail Manipur Rural Bank Personal Loan?
1. Firstly, you need to go to Dialabank.
2. After that, provide your necessary details and contact information.
3. After completing these steps, your work is done now. All you need to do is sit back and relax.
4. One of our relationship managers will connect with you via phone call.
5. Our RM will provide you with the best loan deals and offers on your loan.
6. Also, we make sure you get a high loan to value ratio on your loan.
7. Finally, we do all the heavy work for you at a cost fee.
8. Yes, don’t’ be shocked there are no hidden charges in our services.
9. Our services are entirely free along fully transparent.
The Personal Loan Verification Process
Following the online submission of your loan application to Dialabank, the following are the principal stages of the personal loan authentication process.
Stage 1. Dialabank will forward your loan application to your chosen lender, and you will usually get a call from the lender’s representative within 48 hours.
Stage 2. The possible lender can arrange for your KYC documents, salaries, etc., to be collected or provide an opportunity to upload them online. To confirm your submission, these documents will be used.
Stage 3. You will get another call to confirm the loan bid and seek your permission for disbursement if the lender’s verification has been fulfilled and your loan has been approved.
Stage 4. The loan is generally disbursed within 48 hours of the loan’s acceptance and adequate verification.
Note: The timeframe for verification/disbursement of personal loans, as stated above, can vary based on the internal criteria of the lender, as well as other parameters.
Check your Manipur Rural Bank Personal Loan Application Status
The process for checking your application’s status requires the following steps:
- Visit the official website of Manipur Rural Bank, click on ‘Products’, and select ‘Personal Loans.’
- Click ‘More and choose’ Review Loan Application Status.’ on the next tab that opens below.
- Firstly, by submitting details such as your contact number, date of birth, and either entering the OTP you get on your mobile number or using your application number, you can check your application status.
How to Login to the Manipur Rural Bank Portal
- Visit the Official Website of Manipur Rural Bank.
- In the upper right corner of the screen, press the ‘Login’ button.
- Use your user ID and password or your registered cell phone number to log in.
How to Check Your Loan Statement
By taking the following steps, customers can download the Bank’s loan statement:
- First, visit the official website of the Bank.
- Then, tap ‘Get in touch and click ‘Requests for help’ from the drop-down column.
- Pick ‘Personal Loan Related’ under the ‘Loans’ menu on the next page that opens.
- Next, press the ‘Loan Account Statement Order’ button.
- To make use of the Bank’s loan statement, log in using your user ID and password or using your registered cell phone number and OTP.
Manipur Rural Bank Personal Loan Restructuring (COVID-19)
Many borrowers have been adversely affected by the national lockout due to the COVID-19 pandemic. Therefore, a six-month moratorium on various term loans has been declared to some degree to minimize its impact. In addition, Manipur Rural Bank announced an RBI-mandated one-time gain from the Manipur Rural Bank loan restructuring after the six-month moratorium was terminated. This mechanism aims at providing continued relief to borrowers who are still unable to repay their daily EMI due to the ongoing financial distress of the pandemic.
To minimize the monthly EMI payments, the loan settlement scheme implemented by Manipur Rural Bank provides for an extended moratorium of up to 2 years or an extension of the current maturity period. It is necessary to bear in mind, of course, that the restructuring of the loan by Bajaj Finance employees would result in additional interest rates exceeding those applicable to the initial loan. Therefore, using this relief method only as a last resort is also necessary so that the unpaid loan does not default.
Manipur Rural Bank Customer Care
Customers can approach Manipur Rural Bank’s Customer Support via any of the following means:
By phone: You can call Manipur Rural Bank on 1800-103-3470 (toll-free)
Callback order: You can also make a return call by accessing the Bank’s website.
Online Chatbot: You can even have an apple Chatbot online to answer your questions.
Visit Branch: To obtain your requests, visit the nearest Manipur Rural Bank branch.
Benefits of Applying for Personal Loan on Dialabank
On the Dialabank website, there are many drawbacks to applying for a personal loan. Below, some of these are given:
- 24 x 7 Accessibility: You can reach the Dialabank website anywhere, wherever and even apply at any time for a personal loan from the comfort of your home or office.
- Multiple lenders on a single platform: Dialabank helps you view personal loan offers on a single platform from multiple prospective lenders, avoiding the need to visit various bank websites or branches.
- Know EMI instantly: On the Dialabank website, use the personal loan EMI calculator. You can check the EMIs that you will pay for on a personal loan right before applying for one. It can allow you to borrow the amount you need to repay quickly and have a stable payment schedule.
- Free of charge: In addition, when applying for a personal loan on Dialabank, you are not required to incur any fees.
Important Aspects
Below are some essential items you need to note when applying to Manipur Rural Bank for a personal loan:
- It is still intelligent to review your credit report before applying for a personal loan. A decent credit score increases the chances of accepting the loan and will make it possible for you to use a personal loan in more desirable conditions.
- It is advisable to compare the expense of a personal loan (interest rates and all associated charges) issued by various lenders on Dialabank before finalizing on a particular lender.
- As per your wishes and ability to repay, borrow. Avoid borrowing only because you have the right to borrow a more considerable amount. It will add to the interest rate and have no long-term advantages.
- Avoid applying for individual loans concurrently with many lenders. It reveals that you are credit-hungry and therefore increases the amount of demanding credit report requests that can negatively impact your credit score.
FAQs About Manipur Rural Bank Personal Loan
✅ What is Manipur Rural Bank Personal Loan?
Suppose you find yourself in need of urgent funds for your expenses like wedding, travel, payment of bills, etc. You can apply for a Personal Loan from Manipur Rural Bank and fulfil all your needs. Personal Loans come with long tenures for easy repayment with attractive interest rates.
✅ What is the Personal Loan rate of interest in Manipur Rural Bank?
The personal loan interest rate in Manipur 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.
✅ How can I get Manipur Rural Bank Personal Loan?
To get a Personal Loan, you will have to visit the nearest branch with essential 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 personally curated deals and offers for all your financial needs.
✅ How to apply for a Personal Loan in Manipur Rural Bank?
Apply for a Personal Loan by walking into the nearest Manipur Rural Bank branch with all the requisite documents. You can also apply online with Dialabank and provide personalized assistance for all your financial needs.
✅ Why apply for Manipur Rural Bank Personal Loan?
Manipur Rural Bank Personal Loans can be used for any personal financial needs. Be it a wedding, travel, bills, repair and renovation of home, etc. You do not have to provide any collateral security in exchange for your loan, and the repayment can be made in monthly instalments, EMIs.
✅ How much EMI on Manipur Rural Bank Personal Loan?
Calculate your Manipur Rural Bank Personal Loan EMI using your loan tenure, loan amount, and interest rate on Dialabank’s EMI calculator and apply for all your loan needs with us.
✅ How much is the CIBIL score required for Manipur Rural Bank Personal Loan?
Manipur Rural Bank prefers a CIBIL score above 700 to disburse a Personal Loan. Being an unsecured loan, your CIBIL score plays a significant role in determining your loan eligibility as it calculates the risk of default for your lender.
✅ Minimum credit score needed for Manipur Rural Bank Personal Loan?
The credit score is a measurement and estimate of your creditworthiness. Manipur Rural Bank requires you to have a credit score of at least 700 to consider your loan application for approval.
✅ How to calculate Manipur Rural Bank Personal Loan EMI?
Use your loan amount, loan tenure, and interest rate to calculate your Personal Loan EMI using the EMI calculator available on Dialabank’s website.
✅ What can I use Manipur Rural Bank Personal Loan for?
You can use your Manipur Rural Bank Personal Loan for several financial needs such as funding your marriage or that of a relative, paying all your big and small bills, renovating or repairing your home, etc.
✅ Can I prepay Manipur Rural Bank Personal Loan?
If you have the required funds, you can pre-close your loan by visiting the branch of Manipur Rural Bank, from where your loan was approved and asking your banker about the prepayment facilities.
✅ How to prepay Manipur Rural Bank Personal Loan?
When you have the required money and need to close your loan at once, visit the nearest Manipur 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.
✅ How to repay Manipur Rural Bank Personal Loan?
Repay your Personal Loan in easy burden-free EMIs that are automatically deducted from your bank account each month. Your Manipur Rural Bank Personal Loan can be repaid through post-dated cheques too.
✅ What documents are needed for Manipur 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 Manipur Rural Bank.
✅ How to check Manipur Rural Bank Personal Loan status?
Visit your loan branch or contact the customer care number of Manipur Rural Bank to know your loan application status and stay updated.
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