North East Small Finance Bank Personal Loan | Features, Addvantages, How To Apply?, Eligibility Criteria and Myths

North East Small Finance Bank: North East Small Finance Bank is one of the most trusted Finance Bank from North East India. It is also the first Finance Bank from North East India that extends the banking services in remote locations of the eight states of North East India including West Bengal. Tata trusts Chairman Ratan Tata and Assam’s Finance minister Himanta Biswa Sarma launched the first twenty-eight branches of the North East Small Finance Bank.

This Bank uses suitable encryption and authentication mechanisms which can secure the transactions.It has been declared that Rashtriya Gramin Vikas Nidhi(North East) Microfinance Limited received the Small Finance Bank License from the Reserve Bank of India (RBI) on 31st March 2017. This bank is referred for the development of the people in the North-Eastern part of India which is still financially excluded and under banked as compared to other states. This Bank is too much needful for the people of North East India who want to invest their money in a safe place.

North East Small Finance Bank offers personal loans schemes to give you the best that suits your needs. Here you can get many attractive as well as many competitive interest rates. Now you need to read on and find out every detail of the personal loan offered by North East Small Finance Bank.

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.

North East Small Finance Bank Personal Loan Features and Advantages

Here you can lend the maximum amount of money.

  • You can get options to repay multiple loans.
  • This Bank provides very fast and easy processing of personal loan applications that are approved quickly.
  • There is no guarantor needed for a loan application.
  • You can find the suitable interest rate as you want.
  • A personal loan doesn’t require any type of security.

Several ways to get a Personal Loan from North East Small Finance Bank

If you want to apply for a personal loan from North East Small Finance Bank online mode, you have to check out the website of Bank and fill it up with your personal information and then upload the necessary documents.

On the other hand, you apply in offline mode to get a personal loan. For that, you need to personally visit any of the Bank branches along with all the required documents such as identity proofs, and then you have to fill the form to get the loan approval.

North East Small Finance Bank Personal Loan Purpose

To get the personal loan from North East Small Finance Bank you have to show the purpose.

They can be

  • Debt consolidation
  • Home remodeling
  • Vehicle financing
  • Wedding expenses
  • Vacation costs
  • Emergency expenses
  • Appliance purchases

North East Small Finance Bank Eligibility

  • Age should be from 21to 58 years
  • Permanent employees of  Central or State Govt., Public sector undertakings, corporations, Private Sector Companies and reputed establishments are allowed to apply for a personal loans.
  • Applicants must be self-employed with a proper salary.
  • Up to three years of experience is needed in the present job/business/profession.

North East Small Finance Bank Personal Loan Eligibility

  • Age should be from 21to 58 years
  • Permanent employees of  Central or State Govt., Public sector undertakings, corporations, Private Sector Companies and reputed establishments are allowed to apply for a personal loans.
  • Applicants must be self-employed with a proper salary.
  • Up to three years of experience is needed in the present job/business/profession.

North East Small Finance Bank Personal Loan Documents Required

The personal loan form must be filled out and signed properly.

  • Photographs
  • Any kind of identity proof such as Aadhar card, driving licence, PAN card, Voter ID card etc.
  • Proof of income like the latest salary slip which shows all deductions.
  • Address proof like Bank account statement, latest electricity bill, latest mobile or telephone bills, latest credit card statement etc along with the existing house lease agreement.
  • Bank statement or the Bank Pass book with the entries of last six months.

How Much One Can Borrow from North East Small Finance Bank

You can borrow a maximum of up to Rs. 10 lakh from North East Small Finance Bank.

Reasons of the Rejections of Personal loan

If the credit score is very poor

A credit score is a number that represents a person’s  financial and credit standing and ability to obtain the financial condition. Good credit score refers to one’s credibility to repay the loan without any defaults. It is very important for their lenders to understand the risk of default. A person with a credit score 750 may face an issue to be rejected from getting the personal loan.

If the size of existing Debt is high

If one has already taken a lot of loans and the loan net income ratio is above 40% then his/her loan application may be rejected by the leaders.

If the Loan enquiries are high in numbers

Whenever someone applies for a credit, he/she is asked for their credit report from the credit bureaus by the lenders which is called an enquiry. The credit bureau considers such enquiries which are called as hard enquiries and it is mentioned in his/her credit report. One should not make too many enquiries even if it is available free of cost. It will have a negative effect on their credit score.

Some Personal Loan Myths

Prepayment of a personal loan always attract the penalty

It is totally baseless when someone says that prepayment of a personal loan always attracts a penalty. It depends upon the lenders for the charges of any prepayment penalty. Many lenders don’t charge any prepayment penalty.

Personal Loan which has the lowest interest rate is the best

It is wrong that a personal loan at the lowest interest rate is best. You can find many other important components which matter a lot when you select the best lender for your personal loan. These components include processing fee, eligible amount, tenure of loan repayment, etc.

If you don’t have regular income then your Personal Loan application gets rejected

You can get a chance for a personal loan application approved even if you don’t have a regular source of income. You have to add a joint holder having a regular income and then your loan approval will be given.

Longer Personal Loan Repayment tenure is better than any others

It is not true that longer personal loan repayment tenure is better as the borrower will need to pay lower EMIs he/she can pay comfortably. Higher interest outgo is brought by longer repayment tenure. One has to pay interest for a long time period.

Interest rates are impassible

The interest rates on personal loans vary from the customers to the customers. A person with a proper credit score along with good income can negotiate on the interest rates with the lenders and it can get comparatively some lower interest rate loans.

Personal loan approval is guaranteed by good credit score

If you carry a good credit score it doesn’t mean that you can get Personal Loan approval very easily. There are also so many factors like income, regularity of income, employer, employment type etc by which the lender considers during the loan approval process.

If you have a poor credit score, you can’t get a personal loan

Credit score is one of those factors which consider getting your personal loan approval. Your application to get Personal Loan can be rejected with a good credit score because of the other factors which are not upto the mark. Home loan is sanctioned depending on other factors like the borrower’s age, the applicant’s income etc. When the major banks don’t provide home loans with poor credit scores then the cooperative banks are there to give the Personal Loan.

Conclusion on North East Small Finance Bank Personal Loan

So basically, personal loans are secured as well as unsecured loans given without any collateral and can be used for many purposes. The bank will give a person a free hand in times of emergencies as they provide access to Instant cash without any limitation on how to use the said amount. You can use this loan as you wish but you have to repay it with the agreed time. It is really very important for the needful people.

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