Ahmedabad Mercantile Cooperative Bank Personal Loan | Purpose. Benefits, Features, Eligibility, Mode, Documents Required and Myths

Ahmedabad Mercantile Cooperative Bank Personal Loan: Many people in our society need loans for their reasons, and this Ahmedabad mercantile cooperative bank personal loan came up. We will be discussing its features and benefits, its online and offline form, and many more. Let’s begin the topic.

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.

Ahmedabad Mercantile Cooperative Bank

Ahmedabad Mercantile Cooperative Bank Personal Loan Features and Benefits

  • Ahmedabad Mercantile Cooperative Bank provides a maximum amount of loan.
  • There are multiple repayment options for a personal loan.
  • Your application process for personal loans is fast, secure, and easy.
  • As soon as you apply for loans, get quickly approved for it.
  • Bank doesn’t demand any assurance.
  • Its interest rates are attractive and ruthless.
  • The large companies’ employers get special discounts and schemes.
  • For using personal loans, there’s no requirement for security.

Online And Offline Applying Process for Ahmedabad Mercantile Cooperative Bank Personal Loan

Apply Online form:

The first step of the online application process is to visit the website of bank and check whether you are eligible for loan approval or not. After this, fill in your personal information and work information and upload the necessary documents in the online form.

Apply Offline form:

Visit the nearby bank branches in your city. Whatever the documents are required, take them with you to the bank branch to fill up all the information required in a form. After completing the form, the bank will start the process of loan approval.

What Is The Motive Behind Ahmedabad Mercantile Cooperative Bank Personal Loan?

The primary purpose of personal loans is to provide financial help to an individual. These are the following purpose for which an individual requires a personal loan are:

  • For a foreign trip
  • For buying own house or home
  • For Family marriage and functions
  • For paying credit card bills
  • For paying the amount of previous existing loans
  • For health issues and medical emergencies
  • For college students

Are You Eligible for Ahmedabad Mercantile Cooperative Bank Personal Loan?

If an individual’s age is above 20 and below 59, they are eligible for a personal loan. If you are a permanent employee of state government or central government, an employee of companies, public sector undertakings, private sector companies, and reputed establishments, then eligible for loans. If an individual is self-employed and getting paid regularly, then eligible for a personal loan. If a person has worked continuously in a business or as a job and paid regularly, they are also eligible for this loan.

What Are The Documents Required for Ahmedabad Mercantile Cooperative Bank Personal Loan?

  • Fill the form with your signature on the personal loan application form. The one who’s applying for a loan must have passport size photographs.
  • There is a requirement of identity proof for filling and approving your loan form (original and Xerox both). As identity proof, an individual can use a Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card.
  • You also need income proof that your latest salary slip with all deductions or salaried individuals should have a recent salary certificate and Form 16.
  • You also have to submit address proof using one of them like Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card.
  • You should have the last six months’ entries in your bank statement or bank passbook.

How Can An Individual Repay The Personal Loan In Ahmedabad Mercantile Cooperative Bank?

The maximum number of EMIs (Equated Monthly Installments) allowed for personal loan repayment is sixty, and this number starts from twelve. The score of your credit is what the repayment period depends on.

By which method for repayment as Equated Monthly Installments (EMI) can be done in Ahmedabad mercantile cooperative bank?

The following method for repayment as Equated Monthly Installments (EMI) are listed below;

  • You should have registration with standing instruction for repayment as Equated Monthly Installments (EMI) in your bank.
  • Another method for repayment as EMI is a banking solution through the internet.
  • You can use ECS (Electronic Clearing Service) for automated payment.
  • If you are provided with a mobile banking application by a bank, then it’s also one of the repayment methods as Equated Monthly Installments (EMI).

Which Are The Reasons for The Rejection Of Personal Loan Applications for An Individual?

There are top three main reasons for rejection of personal loan applications for an individual, and they are as follows;

  1. Higher Loan Enquiries
  2. Higher Size of Existing Debt
  3. Poor Credit Score

Let’s discuss all of the three methods in detail

Higher Loan Enquiries

You are asked for your credit report from the credit bureaus by the lender whenever you apply for a credit called an inquiry. These Enquiries are considered as hard inquiries by the credit bureau and reported on your credit card. If making inquiries is cost-free, then also one should not apply to many inquiries. The negative impact on your credit score is only too many attempts for inquiries.

Higher Size of Existing Debt

Your loan application can be rejected by a lender only if you have already taken too many loans, and it will also be rejected if the loan to net income ratio is above 40%.

Poor Credit Score

The creditworthiness of any person is considered and measured by credit score. Without defaulting, your credibility to repay the loan determines a good score for credit. To evaluate the risk of default, lenders need to check credit scores. One can face the situation of personal loan rejection if an individual’s credit score is less than seventy-five.

What Are The Myths Of Personal Loans?

  • Prepayment of Personal Loans always attracts Penalties. The prepayment of personal loans does not attract the penalty. It depends on lenders for charging any prepayment penalty. Many lenders don’t charge any prepayment penalty.
  • Personal Loan at Lowest Interest Rate is the Best. The Lowest Interest Rate for a personal loan is not one of the best options. While selecting the best lender for a personal loan, many essential components also matter a lot. The other essential components for a personal loan are processing fee, eligible amount, tenure of loan repayment, service issues, other terms of the loan, etc. All the above components are considered as the lowest interest rate.
  • Hike in Interest Rate increases EMIs of Personal Loan. It would not affect the fixed rate of interest for a loan when there is a hike in an interest rate. You can go for a tenure increment if you do not want an increase in EMIs, also in the case of floating rate loans.
  • Your Loan Application Gets Rejected if you do not have Regular Income. There are many chances that you can get a personal loan application approved and can avail personal loan just because of not having a regular source of income. If you add a joint holder having a regular income, only a loan approval can be given to you.

This is all we can talk about Ahmedabad Mercantile Cooperative Bank Personal Loan. We have tried to cover everything regarding personal loans. I hope it is helpful for our readers who want personal loans in Ahmedabad mercantile cooperative bank.

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