Janakalyan Sahakari Bank Personal Loan: Do you need a personal loan to cover your vacation expenses, or maybe you need a loan to clear out any existing loans? Janakalyan Sahakari Bank Personal Loan has got you covered. This article will have insight into the Janakalyan Sahakari Bank Personal Loan interest rates, eligibility criteria for Janakalyan Sahakari Bank Personal Loan, and how to apply for Janakalyan Sahakari Bank Personal Loan.
Want to compare Janakalyan Sahakari Bank 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.
Janakalyan Sahakari Bank
- Janakalyan Sahakari Bank Overview
- Janakalyan Sahakari Bank Personal Loan Benefits
- How To Apply for Janakalyan Sahakari Bank Personal Loan
- Janakalyan Sahakari Bank Personal Loan Eligibility Criteria
- Janakalyan Sahakari Bank Personal Loan Documents Required
- Janakalyan Sahakari Bank Personal Loan Reasons for Rejection
- Janakalyan Sahakari Bank Personal Loan Features
- Types of Personal Loan offered by the Janakalyan Sahakari Bank
- Myths about the Janakalyan Sahakari Bank Personal Loan
- Conclusion on Janakalyan Sahakari Bank Personal Loan
Janakalyan Sahakari Bank Overview
Janakalyan Sahakari Bank Ltd. was founded on May 29, 1974, under the Maharashtra State Co-operative Societies Act, 1960, and began operations on August 15, 1974, after receiving a license from the Reserve Bank of India. On January 30, 1998, the bank was granted the coveted Scheduled status.
The bank strives for total customer satisfaction by utilizing modern technology by providing efficient, quick, and diverse services at a reasonable cost. The bank is always striving to provide the best services to all its customers, who primarily belong to the middle class of society.
When it comes to service delivery, customer satisfaction is of the utmost importance. The bank is constantly developing customized services and products for individuals, the business fraternity, women entrepreneurs, SSI, SMEs, and the general trade.
Janakalyan Sahakari Bank Personal Loan Benefits
- The personal loan application is processed and approved quickly, making it more convenient for consumers.
- Their applicant has a wide variety of options to choose from for the repayment of the loan.
- In comparison to the current market, the interest rates for Janakalyan Sahakari Bank Personal Loan are relatively appealing and competitive.
- Employees from large firms can take advantage of special deals and discounts from the bank.
- Minimal documentation is required to be submitted to the bank.
- The bank does not require the individual to have any security for the loan up to a specific limit.
How To Apply for Janakalyan Sahakari Bank Personal Loan
Janakalyan Sahakari Bank gives you the option to apply for a personal loan both in an online and offline format. Choose the option according to your convenience.
Online: To apply online, visit the Janakalyan Sahakari Bank website. Go to the personal loan section and click apply. From there, fill in the form with your personal details and job information, and upload any required documents. Submit the form along with all the documents that the bank asks you for.
Offline: To apply offline, visit the nearest branch of Janakalyan Sahakari Bank with all the required documents, fill in the form with all the personal information and job details, and submit it to the counter to get your loan approval process started.
Janakalyan Sahakari Bank Personal Loan Eligibility Criteria
- The age criteria start from 21 years of age to 58 years of age.
- The individual should be salaried or self-employed with a regular monthly income.
- For salaried applicants, the individual must have completed at least one year of confirmed service under their present organization.
- Applicants who are self-employed must have a profit-earning for at least the past 12 months.
Janakalyan Sahakari Bank Personal Loan Documents Required
- The documentations for Janakalyan Sahakari Bank Personal Loan are more or less the same for salaried and self-employed individuals, with just a few exceptions.
- Two passport-sized photographs of the individual are required.
- Applicants must submit a copy of any of the following as their proof of identity: Passport, Driver’s License, Aadhar card, Voter ID card, or PAN Card.
- Applicants must submit a copy of any of the following as their proof of address:
- For salaried individuals: Rent Agreement for a minimum of one year at the address, Utility Bills, Electricity Bill, Ration Card, Passport as proof of residence.
- For self-employed individuals: an existing housing lease agreement, the most recent power bill, the most recent credit card statement, or the most recent mobile/telephone bill.
- For salaried individuals, income Tax Returns for the last two fiscal years, salary slips for the last six months, and bank statements of the individual for the last three months are required as proof of income.
- For self-employed individuals, all financial documents, from company documents to Income Tax Return files, are taken into account.
- Any other documents must be submitted to the bank by the applicants.
Janakalyan Sahakari Bank Personal Loan Reasons for Rejection
- The bank uses credit scores to evaluate the creditworthiness of an applicant. If your credit scores are below 750, the bank will reject the loan application.
- The bank rejects loans for applicants with a higher amount of existing debts.
- Too many inquiries for loans can also lead to the rejection of loan applications.
Janakalyan Sahakari Bank Personal Loan Features
- The individual can borrow up to the maximum loan amount of Rs. 5 lakhs.
- The bank gives the personal loan with an interest rate of 13.00% per annum.
- Individuals can return their loans over a period of 12 EMIs to a maximum of 60 EMIs.
- The bank allows the individual to make repayments through automated Electronic Clearing Service, Internet Banking, Mobile Banking App, etc.
- No security is required for a personal loan of up to Rs. 50,000. Anything above that, the applicant must have the security of 5% of the loan amount as a Fixed Deposit or National Savings.
Types of Personal Loan offered by the Janakalyan Sahakari Bank
The Janakalyan Sahakari Bank Personal Loan is a multipurpose loan that any individual can apply for with a genuine justifiable reason. You could use the loan to:
- Home Renovations
- Marriages
- Traveling
- Repayment of Existing Loans
- Credit Card Bill Payments
Myths about the Janakalyan Sahakari Bank Personal Loan
- Prepayment of the Personal loan does not always result in penalties. It completely depends on the bank to decide whether or not any penalty is to be charged in case of a prepayment.
- You should understand that the lowest interest rate personal loans are not always the best. Other components like processing fees, tenure of loan repayment, service issues, processing fees, other terms of the loan, etc., all play a major role in deciding whether the personal loan is best for you or not.
- When interest rates rise, loans obtained at fixed rates of interest are unaffected. If EMIs are not required rise, you can extend the term of your floating-rate loan.
- It is not true that you cannot get a personal loan if you do not have a regular income. Your loan application can still get approved if you have a joint holder with a regular income.
- It is not true that a longer repayment term results in a lower amount of EMIs. The individual will have to pay interest rates for a longer period of time.
- It is an assumption that interest rates are not negotiable. Any applicant with good credit scores and good regular incomes can negotiate the interest rates at their convenience.
- Good credit scores always are not the only thing that the bank considers to approve a loan. Factors like income, regularity of income, employment type, etc., are also considered by the bank before the approval of your loan application.
- Poor credit scores do not mean you cannot get a personal loan. Just like the previous statement, it is only one of the things that the bank considers during the approval of the loan. You can still get a personal loan but with higher interest rates.
Conclusion on Janakalyan Sahakari Bank Personal Loan
In this article, we discuss all the information you must know to apply for a personal loan at Janakalyan Sahakari Bank. However, you can visit the bank website or the nearest branch for more detailed information.