Meghalaya Rural Bank Business Loan Interest Rate at 11.00% - 13.50%
INTEREST RATE | 11.00% - 13.50% |
LOAN TENURE | Maximum 7 years |
PROCESSING FEE | Applicable as per prevailing rate at the time of sanction |
GUARANTOR REQUIRED | Please Contact Bank Branch |
PRE PAYMENT CHARGES | As decided by the bank from time to time |
About Meghalaya Rural Bank
Meghalaya Rural Bank is a bank in india established on 29-12-1981. It has headquarter in Shillong and address is KJP Conference Centre, Barik Point, Lachumiere, Shillong 793001, Meghalaya. it has 90 branches across the state.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Meghalaya Rural Bank Business Loan Interest Rates, Business Loan at 11.00% - 13.50% Updated on 28 Mar 2024. Apply for Business Loans Online. Find purpos, Eligibility, Margin, Repayment of Business Loan ,Security, Documents Required for Business Loan below.
Other Products of Meghalaya Rural Bank:
Home Loan | Personal Loan |
Education Loan | Business Loan |
Car Loan | Two Wheeler Loan |
Gold Loan | FD Interest Rates |
RD Interest Rates | Bank ATMs |
PPF Account |
Meghalaya Rural Bank Business Loan Purpose
To offer finance for purchase of fixed assets and working capital requirements for existing/new Micro & Small Enterprises as defined by MSMED Act, 2006.Cash Credit:
To meet day-to-day working capital requirement
Term Loan:
- Acquiring/construction of premises, go-downs etc for running the business.
- For repair, furnishing, renovating existing business premises and/ or purchase of furniture and fixtures.
- For purchase of new machineries, equipments, business tools, computers, UPS etc.
- Any other capital expenditures required for running the business
Meghalaya Rural Bank Business Loan Eligibility
Traders working individually, firms (Proprietorship/Partnership), companies dealing in any lawful trading activity or Business concerns/agencies providing service, retail traders, manufacturing units, transport operators, artisans, SSI and tiny units etc.Registration/License as applicable under local laws.
Meghalaya Rural Bank Business Loan Document Required
- Completely Filled Business Loan Application Form
- PAN Card - For Individual / Partnership Firm / Company
- Identity Proof - Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof - Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership proof of either residence or office either in the name of applicant or jointly with family members
- Business Continuity Proof - Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
- Proof of Vintage eg. Shops & Establishment certificate/VAT/Sales Tax Registration Certificate, etc
- KYC documents of Applicant/ Co-Applicant/ Promoters/ Guarantor
- Passport Size Photographs of all applicants and co-applicants
- Financial Projection for 2 years
- Last 3 year Financial Statement including latest 2 years Audited Statements along with all schedules
- Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
- Any other document as required by the bank based on the status of the applicant.
Meghalaya Rural Bank Business Loan Amount
Need based & as per repayment capacity of the borrower.No minimum or maximum limit.
Meghalaya Rural Bank Business Loan Margin
marginsMeghalaya Rural Bank Business Loan Repayment
Cash Credit/ Working Capital limit is repayable on demand and such limit remains valid for two years subject to yearly review.Term Loan: Maximum period of 84 months (including moratorium period maximum of 1 year) and repayable in Equated Monthly Installments.
Meghalaya Rural Bank Business Loan Security
Up to Rs. 10.00 lakhs:Primary :Hypothecation of stocks /receivables/ assets acquired out of Bank finance
Above Rs. 10.00 lakhs:
Hypothecation of stocks & assets acquired/created out of Bank loan.
Collateral Security in shape of Mortgage of land & building/ other tangible security in the form of lien on deposits, NSCs, KVPs , LIP (Surrender value), third party guarantee etc.
How to Manage your Business Loan Properly?
- Follow a financially disciplined attitude. You also need to manage your income and expenses well.
- Switch to loan having Lower Rate of Interest. Always be watchful about what rate of interest other lenders are charging. If you find considerable difference in the interest charge, you must think of switching you existing loan to the lender who is offering the loan at lower interest rate.
- Pay Higher EMI in case you are able to do so with ease and currently having no monetary issue. It will lower down you Business Loan amount and also lower your interest outgo.
- Opt for Partial Pre-payment. Whenever you receive extra funds by any means, you must try to make partial pre-payment of loan. It will reduce your debt marginally.
- Do not Avail Unnecessary Loan. If you can manage some small expenses out of the funds in your hand then you must not opt for any kind of loan.
- Pay your EMIs on Time. Do not make any delay in payment of your loan EMI and never ever miss your EMI. Delay in payment may attract penalty or extra charges. Also it will impact your credit score negatively.
- Make higher down payment. In that case, you will need lower loan which you can manager efficiently by repaying it on time and with ease.
- Try to repay other small loans, if possible. It will reduce your debt burden and so as your interest cost.
Tax Benefits Available in Business Loan
Interest paid on a business loan is tax deductible expense which means interest paid is an expense for the business and is deducted from gross income. However, the principal amount is not tax deductible because repayment of principal means paying back the money borrowed, hence cannot be considered an expense.
As the tax is paid on the net income earned by a businessman in a financial year. So the interest can be subtracted from the gross income in order to compute the net income. After deducting the interest expenses from the gross income, net income is arrived at, on which the income tax is paid.
As after deduction of interest from the gross income of the business, the net taxable income, on which tax is to be paid, reduces and hence the businessman needs to pay less income tax.
Contact details of Meghalaya Rural Bank, Meghalaya Rural Bank SMS balance check number, Meghalaya Rural Bank SMS banking, Meghalaya Rural Bank mobile banking, Meghalaya Rural Bank toll free number,Meghalaya Rural Bank toll free number 24*7, Meghalaya Rural Bank miss call number.
- CUSTOMER CARE NUMBERS - 0364 - 2504311, 1800 -123 -6230
- CONTACT NUMBERS - 0364 - 2504311, 1800 -123 -6230
Meghalaya Rural Bank Contact Details
- BANK OFFICIAL WEBSITE - https://www.meghalayaruralbank.co.in
- CONTACT NUMBERS - 0364 - 2504311, 1800 -123 -6230
- EMAIL ID - [email protected]
- CUSTOMER CARE NO. - 0364 - 2504311, 1800 -123 -6230
- TOTAL BRANCHES - 90
- HEADQUARTER - Shillong
- BANK ADDRESS - KJP Conference Centre, Barik Point, Lachumiere, Shillong 793001, Meghalaya
Meghalaya Rural Bank Business Loan FAQs Business Loan Document Required