The Mehsana Urban Cooperative Bank Personal Loan @ 11% | Features, Benefits, How To Apply?, Documents Required and Interest Rates

The Mehsana Urban Cooperative Bank Personal Loan: Whether it is about traveling the world or having your dream destination wedding the Mehsana Urban Cooperative Bank Personal Loan has got you covered. In this article, we will know about the Mehsana Urban co-operative bank, how you can apply for a personal loan through the Mehsana Urban co-operative bank website. However, note that this does not include the Mehsana Urban Bank loan chart and is all the details provided are only based on the personal loan.

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The Mehsana Urban Cooperative Bank

About Mehsana Urban Cooperative Bank

The Mehsana Urban Cooperative Bank was founded on October 23, 1983, with one branch in Mehsana and share capital of 15.00 lacs. As of 31st March 2020, the bank’s paid-up share capital is 304.65 crores. In the year 2000, the Reserve Bank of India granted the bank the status of Scheduled Bank. Currently, the bank is increasing customer service with its core banking system, which is available at all 58 branches. It offers its customers all financial services such as saving deposits, recurring deposits, fixed deposits, PPF accounts, lockers, net banking, mobile banking, home loans, car loans, personal loans, education loans, gold loans, IMPS, E-Wallet, RTGS, NEFT, Atal Pension Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Man Bima Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and numerous other schemes.

Purpose of Mehsana Urban Cooperative Bank Personal Loan

The Mehsana Urban Cooperative Bank Personal Loan is intended to meet a wide range of financial needs, including a vacation abroad, a household shift, a family marriage, credit card bill payment, repayment of an existing loan, a medical emergency, and many others, without the need for collateral or property. It works as a low-interest loan to help economically disadvantaged groups of people.

Features and Benefits of The Mehsana Urban Cooperative Bank Personal Loan

The Mehsana Urban Cooperative Bank Personal Loan has distinctive features and benefits of its own, which are enjoyed by the individuals who take the loan. Here we have mentioned the features and benefits which you can go through before applying for the loan.

  • The individual can take up to the maximum loan amount eligible for them.
  • There are multiple options for loan repayment.
  • The approval for the loan application is quick.
  • The personal loan application is fast and easy processing which makes it more convenient for individuals.
  • In comparison to the market, the interest rates for Mehsana Urban Cooperative Bank Personal Loan are relatively good and competitive.
  • The bank does not really require a guarantor for the personal loan.
  • Employees of large corporations can take advantage of special deals and discounts from the bank.
  • In general, the bank does not require any security for the loan. It may, however, differ depending on the individual and their demands.

Eligibility Criteria of Mehsana Urban Cooperative Bank Personal Loan

In order to be approved for the personal loan, there are eligibility criteria which the individual must qualify. Mentioned below are the eligibility criteria for the loan. Go through them carefully before applying for the loan.

  • The individual has to be aged between 21 years to 58 years old.
  • The individual must be a permanent employee of State or Central Government, Corporations, Public Sector Undertakings, Private Sector Companies and of reputed establishments.
  • The individual must be salaried or self-employed with a regular monthly income.
  • The individual must have completed at least 3 years in the current job or business or profession.

How do Apply for the Loan?

There are two distinct ways to apply for the Mehsana Urban Cooperative Bank Personal Loan – online and offline. Avail whichever method is more convenient for you.

Applying for the loan online

After you have assessed your loan eligibility, you can head over to the Mehsana Urban Cooperative Bank website. On the website, fill in the application form with your personal and job information and upload any necessary documents as per the requirements. Then, simply click on apply and your application form will be submitted for the personal loan.

Applying for the loan offline

After you have assessed your loan eligibility, visit the nearest branch of Mehsana Urban Cooperative Bank with all the required documents. Fill the form with all the required information and submit it to the counter to get your loan approval process started.

Documents Required for Mehsana Urban Cooperative Bank Personal Loan

In order to get approved for the Mehsana Urban Cooperative Bank Personal Loan, the bank requires a few documents which need to be submitted by the individuals with the form. You should ensure that you have all the documents with you ready before you fill in the application for the personal loan.

  • The individual must thoroughly fill out and sign the loan application form.
  • Photographs of the person.
  • PAN card, Aadhar card, Passport, Voter ID card, driving license, and Government department ID card are all accepted as valid forms of identity.
  • As proof of income, the most recent salary slip with all deductions, or Form 16, as well as the most recent salary certificate, must be provided (for salaried individuals).
  • Individuals are required to file Income Tax Returns for the previous two fiscal years (for other than salaried individuals).
  • The bank account statement, existing housing lease agreement, the most recent electricity bill, the most recent credit card statement, and the most recent mobile/telephone bill are all acceptable types of address proof.
  • Individual’s bank statement or bank passbook with entries from the previous six months.

Mehsana Urban Cooperative Bank Personal Loan Amount

The Mehsana Urban Cooperative Bank Personal Loan Amount will be calculated based on the loaner’s need and repayment capabilities, which means it will be determined based on the individual’s income.

Mehsana Urban Cooperative Bank Personal Loan Interest Rates

The Mehsana Urban Cooperative Bank has a great interest rate of around 11% on their personal loans. The interest rates may also change depending on the type of loan, the method of repayment, the duration of repayment and various other factors are considered. However, this is to note that these are subject to change during different times.

Mehsana Urban Cooperative Bank Personal Loan Repayment as Equated Monthly Installments (EMI)

The Mehsana Urban Cooperative Bank allows an EMI repayment duration starting from 12 EMIs to a maximum of 60 EMIs for the repayment of the loan by individuals. The repayment period will depend on the credit score of the individual. Any of the following methods of repayment can be used:

  • The individual can opt for automated payment through Electronic Clearing Service.
  • The individual can repay the EMIs through Internet Banking.
  • The individual can repay by registering for normal rules at the bank.
  • If the bank allows, the individual can use the Mobile Banking App to repay the EMIs.

Mehsana Urban Cooperative Bank Personal Loan Security

Personal loans are usually approved by the Mehsana Urban Coop Bank without the need for security. Before approving a loan, the credit score, income, and repayment capacity of the individual are extensively investigated.

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