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 that 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 the 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 services 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 a Personal Loan to its customers?
- Firstly, you need to avail yourself of 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 schemes.
- 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 fulfils 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 with the loan amount. Therefore, it is one of the best schemes to avail in a 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 applicants.
- 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 a 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 of 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
To know more, click on personal loan eligibility.
For the salaried applicant:
- Firstly, 21 years to 61 years should be the age of the applicant for availing of this loan.
- Also, your salary needs to deposit into a bank account.
- Furthermore, at the time of availing of 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.
For the self-employed applicant:
- 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 an 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.
Mizoram Rural Bank Personal Loan EMI Calculator
Mizoram Rural Bank Personal Loan Compared to Other Banks
| Bank | Interest Rate | Tenure | Loan Amount & Proc Fee |
| Mizoram Rural Bank | 9.99% | 12 to 60 months | Up to Rs. 5 lakh / Up to 0.50% of the loan amount |
| HDFC Bank | 11.25% to 21.50% | 12 to 60 months | Up to Rs. 40 lakh / Up to 2.50% of the loan amount |
| Bajaj Finserv | Starting from 12.99% | 12 to 60 months | Up to Rs. 25 lakh / Up to 3.99% of the loan amount |
| Axis Bank | 15.75% to 24% | 12 to 60 months | Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount |
| Citibank | Starting from 10.99% | 12 to 60 months | Up to Rs. 30 lakh / Up to 3% of the loan amount |
| Private Bank | 11.50% to 19.25% | 12 to 60 months | Upto Rs. 20 lakh / Up to 2.25% of the loan amount |
Other Loan Products from Mizoram Rural Bank
| Gold Loan | Car Loan | Home Loan | Business Loan |
| TWL | LAP | Credit Card | Education Loan |
Why should you apply for Mizoram Rural Bank Personal Loan with Dialabank?
Dialabank compares offers from different banks across the country to help you choose the best offer. All you need to do is visit our website and fill a form, and we assist you with all your needs.
How to Calculate EMIs for Mizoram Rural Bank Personal Loan
You can calculate your EMIs using the below-given calculator:
Mizoram Rural Bank Personal Loan Processing Time
The General waiting time for your personal loan application to process is at least a week. For the borrowers, who have an account with the bank, disbursal time is only about 48 hours.
Mizoram Rural Bank Personal Loan Pre-closure Charges
Mizoram Rural Bank allows you to close your personal loan without any additional charges. You only need to pay the outstanding principal amount of your loan.
Pre Calculated EMI for Personal Loan
Types of Mizoram Rural Bank Personal Loan
Mizoram Rural Bank Marriage Loan
Weddings are happy occasions and are very important in India, but they prove to be very costly and can cause financial problems. You can apply for a personal loan and do away with all the worries related to money.
Mizoram Rural Bank Personal Loan for Government Employees
Central and state government employees get extra benefits and discounts for a personal loan. Mizoram Rural Bank offers specially tailored loans to help you meet your needs.
Mizoram Rural Bank Doctor Loan
If you are a doctor and have been practising for more than 4 years, you can find personal loan offers that are customized as per your personal and professional needs.
Mizoram Rural Bank Personal Loan for Pensioners
Retired administration workers who withdraw their pension from the bank account of Mizoram Rural Bank can receive a personal loan to satisfy their post-retirement costs.
Mizoram Rural Bank Personal Loan Balance Transfer
You can transfer your heavy EMI personal loan from your existing lender to a new one under the personal loan balance transfer scheme of Mizoram Rural Bank.
Mizoram Rural Bank Personal Loan Top Up
Need more money on your personal loan? You can apply for a personal loan top-up and get extra funds to meet your needs.
Mizoram Rural Bank Personal Loan Status
To check the status of your Mizoram Rural Bank personal loan, you will need to visit the bank branch in person.
Types of Mizoram Rural Bank Personal Loan
Home renovation loan
Mizoram 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 Mizoram Rural Bank Home Renovation Loan’s major features are:
- The Home Renovation Loan of Mizoram 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.
- Mizoram 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 Mizoram Rural Bank will help you budget for your dream vacation with limited difficulties. A number of holiday-related expenses will be funded by this personal loan from Mizoram Rural Bank, including the booking of flight fares, hotel accommodation, guided tours, etc. The Mizoram Rural Bank Holiday Loan’s key features are:
- Interest rates on holiday loans starting at 11.25 percent p.a.
- You should use up to Rs 20 Lakh easily so that a financial crunch would 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 Mizoram Rural Bank is distinct. The loan option provided by Mizoram Rural Bank is intended to help refreshers, i.e. recent graduates searching for their first job. Few of Mizoram 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, Mizoram Rural Bank provides NRIs directly with a personal loan. An Indian resident must be the main loan borrower, and a close relative must be the NRI co-applicant. The Personal Loan includes the following features for NRIs:
- Mizoram 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 percent p.a.
- Up to 36 months is the term of the loan.
How to avail of Mizoram Rural Bank Personal Loan?
- Visit Dialabank.
- 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 the 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.
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 to your chosen lender your loan application, and you will usually get a call from the representative of the lender 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 normally 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 on the basis of the internal criteria of the lender, as well as other parameters.
Check your Mizoram Rural Bank Personal Loan Application Status
The process for checking your application’s status requires the following steps:
- Visit the official website of Mizoram 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 into the Mizoram Rural Bank Portal
- Visit the Official Website of Mizoram Rural Bank.
- In the upper right corner of the screen, press the ‘Login’ button.
- Using 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:
- Visit the official website of the bank.
- Tap ‘Get in touch’ and click ‘Requests for help’ from the drop-down column.
- On the next page that opens, pick ‘Personal Loan Related’ under the ‘Loans’ menu.
- 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.
Mizoram Rural Bank Personal Loan Restructuring (COVID-19)
Many borrowers have been adversely affected by the national lockout due to the COVID-19 pandemic, and a six-month moratorium on various term loans has been declared to some degree to minimize its impact. Mizoram Rural Bank announced an RBI-mandated one-time gain from the Mizoram 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.
In order to minimize the monthly EMI payments, the loan settlement scheme implemented by Mizoram Rural Bank provides for an extended moratorium of up to 2 years or an extension of the current period of maturity. 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. Using this relief method only as a last resort is also necessary so that the unpaid loan does not end up defaulting.
Mizoram Rural Bank Customer Care
Customers can approach Mizoram Rural Bank’s Customer Support via any of the following means:
By phone: You can call Mizoram Rural Bank on 0389-2346380 (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 Mizoram 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 to view personal loan offers on a single platform from multiple prospective lenders, avoiding the need to visit multiple bank websites or branches.
- Know EMI instantly: On the Dialabank website, use the personal loan EMI calculator, and you can check the EMIs that you are going to pay for on a personal loan right before applying for one. It can allow you to borrow the amount you need, which you will repay easily 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 important items you need to note when applying to Mizoram Rural Bank for a personal loan:
- It is still a smart thing 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 on conditions that are more desirable.
- It is advisable to compare the expense of a personal loan (interest rates and all associated fees and 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 bigger amount. It will just add to the interest rate and will 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 Mizoram Rural Bank Personal Loan
✅ What is Mizoram Rural Bank Personal Loan?
✅ What is the Personal Loan rate of interest in Mizoram Rural Bank?
✅ How can I get Mizoram Rural Bank Personal Loan?
✅ How to apply for a Personal Loan in Mizoram Rural Bank?
✅ Why apply for Mizoram Rural Bank Personal Loan?
✅ How much EMI on Mizoram Rural Bank Personal Loan?
✅ How much CIBIL score is required for Mizoram Rural Bank Personal Loan?
✅ Minimum credit score needed for Mizoram Rural Bank Personal Loan?
✅ How to calculate Mizoram Rural Bank Personal Loan EMI?
✅ What can I use Mizoram Rural Bank Personal Loan for?
✅ Can I prepay Mizoram Rural Bank Personal Loan?
✅ How to prepay Mizoram Rural Bank Personal Loan?
✅ How to repay Mizoram Rural Bank Personal Loan?
✅ What documents are needed for Mizoram Rural Bank Personal Loan?
✅ How to check Mizoram Rural Bank Personal Loan status?
