Apna Sahakari Bank Limited Personal Loan | Benefits, Application Process, Eligibility Criteria, Application Process and Loan Amount

February 26, 2024 / Loan / By

Apna Sahakari Bank Limited Personal Loan: With 174 branches in India, Apna Sahakari Bank, better known as Apna bank, is a cooperative bank in India. The Apna Sahakari Bank has its headquarters in Mumbai, Maharashtra, which was established in 1968 on the 29th day of March, celebrated as an auspicious day in India called Gudhi Pandav. Apna Bank is well known for providing all the required services to its customers, may it be saving deposit, fixed deposit, recurring deposit, personal loan, home loan, education loan, gold loan, car loan, lockers, PPF account, internet banking, mobile banking, E-Wallet, RTGS, IMPS, RTGS, Pradhan Mantri Jandhan Yojna, Pradhan Mantri Suraksha Yojna, Pradhan Mantri Jeevan Jyoti Bima Yojana, Persian Yojna, and so on.

Apna Sahakari Bank continues to undergo continuous upgrades to provide all its clients with the quality service they deserve. Read below to find further details like eligibility, documents required, margins, repayment tenure, interests, and other details for applying for a personal loan in Apna Sahakari Bank Limited.

Want to compare Apna Sahakari Bank Limited Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

Apna Sahakari Bank

Apna Sahakari Bank Limited Personal Loan Benefits

  • Maximum loan amount
  • Quick loan approval
  • Easy and speedy processing of your loan application
  • Multiple options for repayment of the loan
  • Competitive rates of interest
  • Bank does not insist on any guarantor
  •  Bank usually does not demand any security amount for sanctioning the personal loan

Apna Sahakari Bank Limited Personal Loan Application Process

There are two general ways for applying for a personal loan from Apna Sahakari Bank:

  1. Online: an applicant may choose to apply for the loan online by visiting the bank website, filling in the necessary personal and professional information, and uploading the required documents.
  2. Offline: offline mode refers to the typical way of application by visiting any Bank branch, filling up the loan application form, and presenting all the essential documents.

Apna Sahakari Bank Personal Loan Purpose

The main purpose of Apna Sahakari Bank personal Loan is to ensure that the customer meets all the financial needs, may it be for a household shifting, a marriage in the family, any medical emergency, payment of a credit card bill, repaying another preceding loan or for planning a vacation abroad. We also do not keep any belongings like property for sanctioning your loan.

Personal Loan Eligibility at Apna Sahakari Bank

The eligibility criteria for application of a personal loan in Apna Sahakari Bank include:

  • Permanent employees of any State/ Central Government Sector, Public Sector, Corporations, Private sector Companies, and reputed establishments.
  • Being 21 – 60 years of age
  • Salaried or self-employed with regular income
  • Net Monthly income of 15,000 – 25,000
  • At least three years of practice in the present job/ business.
  • A CIBIL Score above 750
  • The loan amount must be within Rs. 50,000 – 25 lakh.

Documents Required for Apna Sahakari Bank Personal Loan

Any identity proof like your voter’s ID Card, Passport, Driving License, or PAN Card.

  • Any address proof like utility bills or your passport
  • Income proof like a bank statement of your salary for the past two years or the audited financial statement of the past two years.
  • Bank statement or bank passbook with the entries of the last six months
  • Filled as well as the signed application form for the personal loan.
  • Passport size photographs

Apna Sahakari Bank Limited Personal Loan Amount

Starting from a bare minimum of Rs. 50,000, you are eligible to borrow an amount up to 25 lakh.

Repayment of Personal Loans in Apna Sahakari Bank

The repayment of your loan amount cab done within a maximum of 60 installments. The repayment, however, starts with 12 EMI installments. However, the repayment period of your loan is highly dependent upon your credit score as well.

There are, however, a few methods of repayment of the loan:

  • Following the standing instruction registration at your bank
  • Automated Payment via Electronic Clearing Service (ECS)
  • By using Post Dated Cheques (PDC)
  • With the help of NACH or National Automated Clearing House
  • Through the mobile banking app
  • Via Internet Banking

When Can Your Application for A Personal Loan In Apna Sahakari Bank Be Rejected?

Understandably, your application for a personal loan is liable for undergoing rejection. Some of the most common reasons for the rejection of personal loans are as under:

  1. Poor credit score: credit score determines whether or not you are capable of paying off the loan in the mentioned tenure. Thus, having a low or poor credit score makes it very likely for your loan to be rejected. On average, an applicant is required to have a credit score exceeding 750. A credit score below 750 will lead to the rejection of your loan application.
  2. A huge amount of existing loan: if you are applying for a loan to repay a preceding loan, and its loan–to–income ratio is over 40%. Your application for a personal loan is rejected.
  3. A higher number of loan inquiries: the lender places an inquiry on applying for a personal loan or asks you to present your credit report. Your credit report thus contains these inquiry reports known as hard inquiries. An increased number of such hard inquiries negatively impacts the lender and makes your loan application likely to be rejected.

Some Common Misconceptions Related To Personal Loans

A personal loan with low interest is the best

Although most loan applicants prefer a personal loan with a very low-interest rate, there is no connection with a low-interest rate being the best personal loan option. This is because there are innumerable things to consider when it comes to applying for a personal loan, like the processing fee, eligible amount, repayment tenure, service issues, and other terms and conditions of a loan.

The longer the tenure of loan repayment, the better

Even though a long loan repayment tenure gives a moment of relief to the applicant, it is important to understand that a longer repayment tenure does not mean that the EMIs are lower. Longer tenure often brings a higher interest amount as you must pay the interest for a longer period.

Prepayment of a personal loan leads to a penalty

Prepayment of a personal loan does not always lead to a penalty. Prepayment of personal only leads to a penalty if the lender charges you with one. In many cases, the lender does not charge any penalty on the prepayment of a loan.

Lack of regular income leads to the rejection of your loan application

Your loan may be approved even if you do not have a regular income, especially if you have a joint holder with a regular personal income. Furthermore, you can even borrow from peer-to-peer lenders.

Rates of interest are not negotiable

The interest rate may be negotiable if you have a strong credit score and a good income, making you eligible for opting for lower interest rate loans.

A hike in the rate of interest causes an increase in EMI for a personal loan

The EMIs are only increased in case of a hike in interest rate if you have a floating rate loan. This, too, can be avoided by increasing the tenure of repayment of the personal loan. Loans with a fixed interest rate, however, remain unaffected.

You are guaranteed personal loans if you have a good credit score

Despite you possessing a good credit score, you might still not be sanctioned a personal loan. This is because the approval of a personal loan also depends on several other factors like your income, the regularity of your income, your employer, the type of employment, and many more.

You will not be granted a personal loan with a poor credit score

A credit score is one of the major determinants of your loan approval is assumed to be the only factor that determines the approval of a loan. However, the approval of your loan depends on several other important factors like your income, the regularity of your income, and several other crucial factors as well. A positive these other factors may overshadow a poor credit score, and your loan might be approved.

Conclusion on Apna Sahakari Bank Limited Personal Loan

Apna Sahakari Bank Limited is a bank that serves its customers with every essential service. It ensures that the personal loan of its customers are sanctioned so that any and every financial requirement of the client is met. Although there are several important factors, including the applicant’s credit score, that ultimately constitutes the approval of the client’s loan, you might be eligible for a loan even with a poor credit score or may undergo rejection of a loan with an excellent credit score too. Apna Sahakari Bank Limited is there to serve you at any time. As the name suggests, Apna Sahakari Bank considers all its clients ‘apna’ or a part of their family.

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