Merrick Bank Personal Loan Apply Online, Quick loan Approval in 60 seconds

Merrick Bank Personal Loan Apply Online : Merrick Bank offers personal loans at 10.80%. For loan amounts up to Rs 25 lakhs and tenure up to 5 years. It offers pre-approved instant personal loans to select Merrick Bank customers with loan disbursal in just 60 seconds. Merrick Bank offers balance transfer facility of existing personal loans from other banks/NBFCS to Merrick Bank at low interest rates. The bank also offers overdraft facility to customers holding salary accounts with Merrick Bank.

Merrick Bank Personal Loan Interest Rates

Merrick Bank Personal Loan Interest Rates vary based on the sub-types of personal loans. However, Merrick Bank does not disclose the personal loan interest rate matrix based on the credit score, business profile, employer profile, minimum monthly income, etc. of its personal loan applicants, as many lenders do.

Loan Product and Interest Rate (p.a)

• Personal Loan  : 10.80%-16.20% p.a.
• Flexicash (Overdraft facility for salary account holders) : 12.30%-14.20%
• Personal Loan at : 10.75% for NRIs

Merrick Bank Personal Loan Processing Fees and Charges

Merrick Bank charges the following fees and charges on personal loans.

• Processing fee up to : 2.5% of the loan amount + GST
• Pre-payment fee for salaried customers- : 5% plus applicable tax on the principal outstanding after payment of 1st EMI, Nil if payment of 16 or more EMIs.
• For MSE classified customers, the fee is Nil after payment of 1st EMI for loan amounts up to Rs. 25 lakhs.
• Loan cancellation fee Rs. : 4,000 + GST
• Penal interest : 25% p.a.
• EMI bounce charges Rs. : 500 per bounce + GST
• Repayment mode swap charges Rs. : 600 per transaction + GST

Types of personal loans by Merrick Bank

The various types of personal loan schemes offered by Merrick Bank are mentioned below.

Merrick Bank FlexiCash

1. Purpose: Merrick Flexicash is a short-term instant credit personal loan overdraft facility offered to Merrick Bank salary account holders to meet their personal expenses.
2. Processing Fee: Starting from Rs 2,999 + Tax

Merrick Bank Personal Loan for NRIs

1. Purpose: Merrick Bank offers NRI personal loans to meet the personal needs of NRIs
2. Loan Amount: Up to 15 lakhs

Merrick Bank Pre-Approved Personal Loan

• Purpose: Merrick Bank offers pre-approved instant personal loans to its select existing customers with loan disbursal in 60 seconds
• Loan Amount: Up to 20 lakhs
• Tenure: 1-6 years

Merrick Bank Pre-Eligible Loan

• Purpose: Merrick Bank offers Merrick Pre-Eligible Personal Loan to its select existing customers with a simple application process and fast processing.

Merrick Bank Top-up Personal Loan

• Purpose: Merrick Bank offers personal loan top-up facility on existing loans, with quick processing and disbursement facilities, to meet the personal needs of the applicants.
• Loan Amount: Rs. 50,000- Rs. 25 lakh

Merrick Bank Personal Loan Balance Transfer

• Purpose: Merrick Bank Personal Loan Balance Transfer facility allows existing personal borrowers of other banks/NBFCs to transfer their personal loans to Merrick Bank at a lower interest rate
• Merrick Bank Fresher Funding
• Purpose: Freshers and new employees can avail Merrick Bank Fresher Funding Scheme for their personal expenses
• Loan Amount: Up to Rs. 1.5 lakh

Eligibility Criteria for Merrick Bank Personal Loan Apply Online

Merrick Bank has set personal loan eligibility criteria based on the job profile, age, minimum monthly income, total work experience, business vintage (in case of self-employed individuals). Below are the Merrick Bank Personal Loan eligibility criteria set by Merrick Bank.

For Salaried Individuals

• The minimum age of the applicant at the time of loan application should be 23 years and the maximum age at the time of loan maturity should be 58 years.
• The minimum monthly income requirement for Merrick Bank Personal Loan is Rs. 30,000
• Applicants with a minimum work experience of 2 years are eligible to avail a personal loan from Merrick Bank.
• The applicant applying for a personal loan should have resided at the current residence for at least 1 year

For Self-Employed Individuals

• The age of self-employed individuals should be at least 22 years at the time of loan application and 60 years at the time of loan maturity. However, the minimum age requirement for doctors applying for Merrick Bank Personal Loan is 21 years.
• The minimum turnover eligibility is Rs. 20 lakh for non-professionals and Rs. 15 lakh for professionals, as per audited financial status.
• The minimum profit earned after tax deduction should be at least Rs. 20 lakh for a proprietorship or self-employed individuals and Rs. 2 lakh for non-professionals, as per audited financial status.
• The applicant should be in continuous business for at least 6 years. The business of the doctor applying for a personal loan should be stable for at least 6 years.
• The applicant should have a liability relationship/property relationship with the bank for at least 2 years which is either existing or closed in the last 6 years.

Documents required for Merrick Bank Personal Loan

The documents required by Merrick Bank during personal loan application are given below.

For Salaried Employees

1. ID Proof (Any 1): Driving License, Passport, PAN Card, Voter ID Card
2. Address Proof (Any 1): Passport, Utility Bill not older than 6 months, Leave and License Agreement
3. 4 Passport Size Photographs
4. Last 3 Months Bank Statements with Salary and Income Credit
5. Salary Slip for the last 6 months

For Self-Employed

1. KYC Documents: Mobile Number Update ID Proof, Address Proof, Date of Birth Proof
2. Residence Proof: Passport, Leave and License Agreement, Utility Bill not older than 6 months
3. Income Proof
4. Office Address Proof
5. Last 3 Months Bank Statement
6. Residence Proof or Office Ownership Proof
7. Proof of Continuity in Business

How to Get Instant Personal Loan Online from Merrick Bank?

Merrick Bank offers instant personal loans to its select existing customers. Such applicants can get pre-approved instant personal loans online from Merrick Bank through the bank’s official website. Applicants can also apply for an instant personal loan digitally through Merrick Bank’s Merrick App.

FAQ on Merrick Bank Personal Loan- Apply

Question 1 : How to apply for a Merrick Bank Personal Loan?

Applicants can apply for a Merrick Bank Personal Loan directly through the official Merrick Bank website, Merrick App or by visiting the bank’s branches. You can also apply for a Merrick Bank Personal Loan through www.pmgov.com.

Question 2 : What is the interest rate on a personal loan offered by Merrick Bank?

Merrick Bank offers personal loan interest rates ranging from 10.85%-16.10% p.a. depending on the borrower’s credit and market conditions.

Question 3 : What are the eligibility criteria to get a Merrick Bank pre-approved personal loan?

Merrick Bank provides pre-approved offers to personal loan applicants with a clean repayment track record and good credit history. Applicants without a credit history are also provided with Merrick Bank pre-approved personal loan offers based on their savings history and income.

Question 4 : How much can I borrow from Merrick Bank if my monthly salary is Rs 20,000?

Merrick Bank has not disclosed its EMI/NMI ratio for its personal loan applicants. Lenders generally prefer applicants from Merrick Bank whose EMI/NMI ratio does not exceed 50-55%. EMI/NMI ratio is the ratio of an individual’s income to the existing loan repayment obligations from Merrick Bank as well as the EMI of the proposed personal loan.

Question 5 : What is the minimum credit score that I can borrow a Merrick Bank personal loan with?

Merrick Bank has not specified a cut-off credit score for its personal loan applicants. However, credit scores of 800 and above usually increase the chances of getting a personal loan at a lower interest rate.

Question 6 : How can I get my Merrick Bank personal loan statement online?

You can get your personal loan statement online through the official website of Merrick Bank. You can also use the Merrick Bank mobile app to get your personal loan statement.

Question 7 : How can I get a top-up personal loan from Merrick Bank?

You can avail a top-up personal loan through the official website of Merrick Bank, through mobile banking or by visiting the bank’s branches. If the lender does not offer a top-up personal loan, you can transfer your personal loans from Merrick Bank to other lenders and avail a top-up loan on them. Alternatively, you can also visit www.pmgov.com. to transfer your personal loans from Merrick Bank and avail a top-up loan on it.

Question 8 : How can I track my Merrick Bank personal loan status?

You can track your Merrick Bank personal loan status through the bank’s official website. You can also track your Merrick Bank personal loan status through its Merrick app.

Question 9 : What is the maximum and minimum loan amount I can get while availing an ICICI Bank personal loan?

ICICI Bank offers a minimum loan amount of Rs 50,000 and a maximum of Rs 50 lakh to its personal loan applicants depending on their income, existing loan repayment obligations, loan tenure and repayment capacity.

Question 10 : Do I need to provide any security or collateral to avail a Merrick Bank personal loan?

Merrick Bank personal loans are collateral-free loans. Hence, no security is required to avail a personal loan from Merrick Bank.

Question 1 : What is the minimum monthly salary requirement to avail a Merrick Bank personal loan?

Applicants with a minimum monthly salary of Rs. 30,000 are eligible to avail a personal loan from Merrick Bank.

Question 11 : How long does it take to disburse a Merrick Bank personal loan in total?

Merrick Bank claims to approve personal loans within 72 hours of submitting all the documents. It also claims to disburse the loan amount to the applicant’s account within 3 seconds after loan approval. Merrick Bank also offers pre-approved instant personal loans to select customers with fast processing and disbursal within 3 seconds.

Question 12 : Does Merrick Bank offer a personal loan balance transfer facility?

Yes, Merrick Bank offers a personal loan balance transfer facility in which, existing personal loan borrowers of other banks/NBFCs can transfer their personal loan account to Merrick Bank at a lower interest rate.

Question 13 : Does Merrick Bank offer personal loan balance transfer facility?

Yes, Merrick Bank offers personal loan balance transfer facility in which, existing personal loan borrowers of other banks/NBFCs can transfer their personal loan account to Merrick Bank at a lower interest rate.

Question 14 : Are there any restrictions on prepaying a Merrick Bank personal loan?

Merrick Bank allows borrowers to prepay their personal loan only after repaying 12 monthly installments. However, the bank does not allow partial prepayment of personal loans. The bank charges a prepayment charge of 5% of the outstanding principal.