Indian Mercantile Cooperative Bank Personal Loan | Benfits, Features, How To Apply?, Eligibility Criteria and Documents Required

March 5, 2024 / Loan / By

Indian Mercantile Cooperative Bank Personal Loan: The Indian Mercantile Cooperative Bank offers personal loans to several individuals to meet their economic needs. The Indian Mercantile Cooperative Bank Personal loan interest rate is extremely affordable for people coming from various backgrounds. The bank also offers various other loans such as car loans, home loans, educational loans, renovation loans and many more, all at attractive rates.

In this writing, we have added Indian Mercantile Cooperative Bank Personal Loan details such as eligibility criteria, loan purpose, advantages and many more. These details will make your understanding of the loan even better.

Want to compare Indian Mercantile Cooperative 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.

Indian Mercantile Cooperative Bank

What is the Indian Mercantile Corporative Bank Ltd?

Indian Mercantile Cooperative Bank Ltd. is a cooperative bank is based in India. In India, the Indian Mercantile Cooperative Bank Ltd. is a cooperative bank. Its headquarters is situated in Lucknow. On N.a., Indian Mercantile Cooperative Bank Ltd. was established. It has only a single branch.

Savings accounts, recurring deposits, home loans, fixed deposits, personal loans, car loans, PPF accounts, lockers, net banking, mobile banking, education loans, gold loans, RTGS, NEFT, IMPS, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Yojana, E-Wallet, Atal Pension Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Suraksha Yojana Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and a variety of other programmes are offered.

Indian Mercantile Cooperative Bank Personal Loan Features & Benefits

  • The maximum loan amount is $50,000.
  • There are various debt repayment choices available.
  • Personal loan applications are processed efficiently and simply.
  • Loan approved in a timely fashion
  • The bank does not need a guarantor.
  • Interest rates which are both attractive and competitive
  • Employees of huge companies are eligible for additional schemes and discounts.
  • Obtaining a personal loan usually does not require the provision of security.

How To Apply for an Indian Mercantile Cooperative Bank Personal Loan?

Apply Online: One can apply online on the Bank website by filling up their personal and work details and submitting the necessary papers. Once you’ve checked the loan eligibility, you can apply.

Apply Offline: One can go to any Bank branch with all the required documents, start the loan approval process after filling out the form.

Indian Mercantile Cooperative Bank Ltd. Personal Loan Purpose

To satisfy a range of economic needs, such as a vacation abroad, home relocation, family marriage, credit card bill payment, existing loan repayment, medical emergency, and so on, without needing to worry about having any collateral or property.

Indian Mercantile Cooperative Bank Personal Loan Eligibility Criteria

  • Age Limit: 21 to 58 years old
  • Permanent personnel of the state and central governments, private sector businesses, corporations, public sector undertakings, and reputable institutions.
  • Regular revenue from a self-employed or salaried job.
  • Number of years in current position/profession/business: up to three years

Repayment of Personal Loan at Indian Mercantile Cooperative Bank Ltd

Personal loans can be returned to the bank in up to 60 installments. It begins with 12 EMIs. The length of the period of repayment is also determined by one’s credit score.

Indian Mercantile Cooperative Bank Personal Loan Documents Required

  • Identity Proof – Passports, voter ID cards, driving licenses, Aadhar cards, PAN cards, and government department ID cards are all considered acceptable forms of identification.
  • Income Proof – most recent payslip with all deductions or Form 16 with most recent payslip (for salaried individuals)
  • Income Proof – Income Tax Returns from the last two financial years as proof of income (for other than salaried individuals)
  • Address Proof – Bank account statement, latest electricity bill, most recent mobile/telephone bill, most recent credit card statement Existing leasing arrangement for the house
  • Bank statement or bank passbook having entries from the previous six months

Repayment as Equated Monthly Instalment payments at Indian Mercantile Cooperative Bank Ltd (EMI)

To repay the loan, you can use any of the following options:

  • At your bank, establish a standing instruction.
  • With the aid of the Internet Banking solution
  • ECS- Electronic Clearing House Automated Payment
  • If your bank has a mobile banking app, you can use it.

Other Loans Offered by Indian Mercantile Corporative Bank Ltd

Home loan

Why take out a home loan from Indian Mercantile Cooperative Bank Ltd.?

  • The Indian Mercantile Cooperative Bank Ltd. offers a variety of home loan schemes to meet the needs of its customers.
  • The interest rate is very cheap and affordable.
  • Only the most minimal documentation is needed.
  • Borrowers can choose from different repayment options.
  • Home loans are approved and disbursed quickly.
  • It has a dedicated staff of well-trained employees who provide personalized care.
  • Indian Mercantile Cooperative Bank Ltd.’s customer support division is available 24 hours a day, 7 days a week, to serve customers.

Home Loan Purpose at Indian Mercantile Cooperative Bank Ltd.

  • To build or buy a new or old house or apartment.
  • Repairing, renovating, extending, or changing an existing home
  • To buy a ready-to-move-in flat or house from a housing society, the State Government Housing Board, or a private developer.
  • Under the Total Home Loan Scheme, to purchase consumer durables for a new home.

Eligibility for Home Loan at Indian Mercantile Cooperative Bank Ltd.

  • An Indian citizen or a fully documented NRI application is needed. He must, in fact, be of Indian origin (PIO).
  • At the time of loan maturation, the applicant should be between the age group of 18 and 70.
  • The applicant must be self-employed or employed and also have a stable source of income.
  • The candidate must have a larger salary than the required minimum.

Education Loan

Education Loan Purpose at Indian Mercantile Cooperative Bank Ltd.

To provide financial aid to meritorious/deserving students who wanted to implement their education, especially in higher education. The scheme strives to ensure that worthy students do not miss out on opportunities due to the lack of economic means.

Eligible Courses for Education Loans at Indian Mercantile Cooperative Bank Ltd.

The following situations qualify for an education loan:

  • The University Grant Commission, the All-India Council for Technical Education (AICTE), and the Indian Council for Medical Research all recognise graduate, postgraduate, diploma, and professional courses.
  • Professional or technical courses from renowned education institutes abroad, for example.
  • Vocational or skill development courses that are recognized or approved by the government.
  • IIM, IIT, IISC, XLRI, NIFT, and more institutions offer courses.
  • Reputable foreign universities provide courses in India.
  • Other courses lead to a diploma or degree, etc., offered by colleges or universities that were recognized by the UGC or Government or AICTE or AIBMS or ICMS, and so on.

Education Loan Amount at Indian Mercantile Cooperative Bank Ltd.

According to the Indian Banks’ Association, banks lend up to Rs 10,00,000 for courses in Indian universities and up to Rs 20,00,000 for studies abroad. The amount of a loan is decided by the course and the organisation that provides it.

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