Manipur Rural Bank Personal Loan | Advantages, Interest Rates, Features, Documents Required and EMI

Manipur Rural Bank Personal Loan: Are you also thinking of taking a personal loan from Manipur Rural Bank?. So you must want to get all the information about this bank? Well, don’t worry, we’ll cover all the important points here. So, be it the marriage function at your home or any emergency, Manipur Rural Bank is constantly available to serve you with its many financial services.

When you plan to marry, the expenses are not only one, but there are many. Then the problem is how to meet all these expenses as this is also an important thing that has to be done. You don’t have to worry because we understand all your requirements and prove it by offering personal loans for your emergency expenses, wedding expenses, and any product purchases.

Manipur Rural Bank, a gramin bank of India, was established in 1981 in Manipur. The headquarters of this bank is in Imphal. Manipur Rural Bank has a total of thirty branches, and the United Bank of India sponsors it. Under the provision of the Regional rural banks’ act, 1976, its foundation was laid. This bank is doing excellent work for the rural people of Manipur. Manipur’s rural people have got huge benefits from this bank as well.

Want to compare Manipur 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.

The bank believes in the exaltation of the rural people. For this, the bank offers simple and best financial services with fine financial products to their customers.

What is a Manipur Rural Bank Personal Loan?

It is a type of unsecured loan that does not require any security by the borrower to take it from the bank. You need to have a good credit score to get this loan because it is an unsecured way that is why all the application documents are thoroughly checked for the loan.

Advantages of Manipur Rural Bank Personal Loan

Let us tell you that before taking a loan from any bank, some of its qualities and features should be considered so that there may not occur any problem later, so let us discuss some of its advantages here below.

  • Less processing fee with fast processing: You only have to pay the total loan amount’s 2-3% as a processing fee for a personal loan application. For fast personal loan application processing, you must rely on this bank.
  • Less documentation needed: If you are worried that more of your time will be spent on documentation, then there is nothing to worry about as the Manipur Rural Bank provides us with less documentation for the loan process.
  • Affordability: Manipur Rural Bank Personal Loan is available at an affordable rate. You are not required to have any subsidiary against the personal loan amount. Its low-interest rates will amaze you.
  • Hassle-free scheme of personal loan: The bank offers simple and best loaning schemes and gives you the facility to determine tenure for the loan.
  • Best for every borrower: Whether you are a salaried applicant or self-employed, its loan service is available for you. Whether it’s for your house renovation or your wedding expenses, so if you are thinking of taking a personal loan, then you must contact this bank.
  • Meet all your requirements with Manipur Rural Bank Personal Loan: We take loans normally for meeting all sorts of financial requirements. It could be a long holiday trip to another country, home shifting, marriage expenses, buying expensive machines, paying credit card bills, etc. This bank provides all varieties of personal loans with many facilities to complete your desired work.

Manipur Rural Bank Personal Loan Interest Rates

As per the 20 November 2021 update: It is – 13%.

Minimum annual interest- 10 70%.

Bank evaluates and later determines the loan amount and loan Interest rate.

Loan Repayment

Maximum EMIs – 60

EMIs start from – 12

(Credit score plays a major role for repayment period)

Eligibility Criteria for Manipur Rural Bank

Personal Loan

For self-employed applicant

  • A borrower must be of a minimum of 25 years and a maximum of 65 years. He/she should have the past year’s ITR return of at least 2.5 Lac of the past year.
  • To apply for a loan in this bank, your business should be running for about three or above three years.
  • A self-employed Borrower should have the CIBIL score of 750, which is a minimum value.
  • For applying for the personal loan in Manipur Rural Bank, a self-employed applicant should have the above 30 lakh annual turnover of his business.

For the salaried applicant: 

If you are a salaried employee, then you must have these below eligibilities-

  • You must be of a minimum of 21 years and a maximum of 61 years.
  • You are eligible to apply for Manipur Rural Bank Personal Loan if your salary is 18,000 rs monthly.
  • Besides this, the salary of the borrower needs to come to a bank account.
  • A salaried employee should have a minimum 750 credit score for the personal loan.

Manipur Rural Bank Personal Loan Features

  • Availability of maximum loan in Manipur Rural Bank
  • Repayment can be made with many different options
  • Loan approval in less time.
  • No guarantor is required.
  • Loan disbursal within 48 hours.
  • Offers special schemes and discounts for employees of large companies
  • Borrowers are not required to have any security.

Document Required for Manipur Rural Bank Personal Loan

As an identity proof
  • Passport
  • PAN card
  • Aadhar Card
  • Voter ID card
  • Driving license
  • Government department ID card
As an income proof
  • Current salary slip with all deductions on it and as an alternative you can bring form 16 in bank.
  • Total 6 months Bank statements
  • Salary certificate of where you are still working if you are a salaried individual.
  • Two previous years’ income tax returns for those who are not salaried employees.
  • financial papers that are audited  (self-employed).
As a address proof
  • Recent mobile/telephone bill.
  • Bank account statement
  • Electricity bill
  • Latest credit card statement,
  • lease agreement of borrowers’ existing house.
For those who live on rent must have –
  • Rent agreement 
  • Water bills of  3 months
Photographs and passbook yes 

Manipur Rural Bank Personal Loan Work

  • When you visit Manipur Rural Bank, you have to apply first for a loan.
  • When you fill and submit the form completely, then this form will be transferred to the bank. A bank employee will check your paper carefully and evaluate it.
  • As we have mentioned above, what are the things and points you have to take care of for eligibility. Well, the employee of the bank will check those eligibilities before passing the loan.
  • When you become eligible for a loan after analyzing your credit score, your income, and many other things, both the loan and interest will be decided by the bank itself.
  • So the last step is the disbursal of the personal loan.

As you can see, the loaning process is very easy in Manipur Rural Bank, and also it does not ask for maximum documentation, which is a nice thing.

Repayment as Equated Monthly Installments (EMI) in Manipur Rural Bank

Let us tell you that there is not only one method of repayment in this bank but there is more than one way, which we have written below.

  • Repay through ECS (Electronic Clearing Service)
  • At your bank by standing instruction registration.
  • A borrower can repay the personal loan using Internet Banking.
  • If the bank provides the mobile banking app, you can repay your loan in full sitting at home from the mobile app.

Conclusion on Manipur Rural Bank Personal Loan

Whether you are going somewhere abroad or getting married or if there is an emergency for some reason, you can use this type of loan well. This bank lives up to your expectations with lots of features, benefits, and facilities. Personal loans can be used in many ways, and one of them is paying off your credit card with minimum interest.

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