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.

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.

The Mehsana Urban Cooperative Bank

The Mehsana Urban Cooperative Bank Personal Loan

The Mehsana Urban Cooperative Bank was founded on 23rd October 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.

All financial services like saving deposits, fixed deposits, recurring deposits, net banking, mobile banking, lockers, home loans, personal loans, education loans, car loans, gold loans, PPF accounts, RTGS, NEFT, IMPS, E-Wallet, Pradhan Mantri Suraksha Yojana, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Man Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and numerous other schemes.

The Mehsana Urban Cooperative Bank Personal Loan Features

  • The loan application is processed and approved quickly.
  • Hassle-free and minimum documentation required.
  • The interest rates for Mehsana Urban Cooperative Bank Personal Loan are comparatively low and competitive.
  • Employees from large corporations can take advantage of special deals and discounts from the bank.

How to Apply for a Personal Loan in Mehsana Urban Cooperative Bank?

The Mehsana Urban Cooperative Bank does not provide any online facility to apply for a personal loan. The best way to do it is to contact a banking official either via call or by visiting the nearest branch. They will give you an application form and tell you all the documents that need to be submitted along with the application form.

Fill in the application with all personal and job information. Sign the form carefully and submit it to the counter and all the documents mentioned by the banking official. And that starts your loan approval process.

The Mehsana Urban Cooperative Bank Personal Loan Eligibility Criteria

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

The Mehsana Urban Cooperative Bank Personal Loan Documents Required

  • Two photographs of the applicant.
  • The applicant must thoroughly fill out and sign the loan application form.
  • PAN card, Aadhar Card, Passport, Voter ID card, driving license, and Government department ID card are all accepted as proof of identity.
  • For salaried individuals, the most recent salary slips with all deductions, or Form 16 and the most recent salary certificate, must be provided as proof of income.
  • For self-employed individuals and businessmen, applicants must submit Income Tax Returns filed for the previous two fiscal years.
  • 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 accepted as address proof of the applicant.
  • Applicant must submit applicant’s bank statement or bank passbook with entries from the previous six months.

Reasons for Rejection of the loan

Your application for a personal loan can be rejected under the following circumstances:

  • Many inquiries: If the bank finds out that there have been too many inquiries by an applicant, they can reject the personal loan application.
  • Existing debts of high amounts: If an applicant has existing loans of higher amounts, the bank rejects their application for a personal loan.
  • Low Credit Scores: Credit scores are a vital component a bank looks into while approving personal loans. A poor credit score can lead to the rejection of the personal loan application.

The Mehsana Urban Cooperative Bank Personal Loan Features

  • The applicant can borrow the maximum limit of the personal loan amount they are eligible for.
  • The interest rate for Mehsana Urban Cooperative Bank Personal Loan is 11% per annum.
  • The bank allows an EMI repayment duration starting from 12 EMIs to a maximum of 60 EMIs via Electronic Clearing Service, Internet Banking, Mobile Banking (if the bank allows), and directly at the bank.
  • No security is required for the personal loan.
  • Applicants can earn compound interest by reinvesting the principal amount and the interest earned during the period.
  • Applicant has the flexibility in changing the deposit period of a renewal deposit, the maturity and payment instructions, the principal amount, and the rollover mode before the maturity of a rollover deposit.

Types of Personal Loan offered by the Mehsana Urban Cooperative Bank

  • Gold Loan
  • Home Loan
  • Vehicle Loan
  • Education Loan
  • Loan against Property
  • Loan against Security

Takeaways from the article

The Mehsana Urban Cooperative Bank is an excellent, well-facilitated bank providing the best services to its customers. These personal loans are some of the most affordable and hassle-free personal loans in the market.

Not only that, the facility of applying for a loan without any security is beneficial. If you think of taking a personal loan, you might look into Mehsana Urban Cooperative Bank Personal Loan.

Leave a Comment

Your email address will not be published. Required fields are marked *