Janalaxmi Coop Bank Personal Loan: Janalaxmi Coop Bank is a cooperative bank that originates in the state of Maharashtra, in India. The Bank focuses on providing aids and financial assistance to those in need. It is dedicated towards the social causes of the society and has always ensured to assist the economically backward classes of the society.
This article focuses on the personal loan facility provided by Janalaxmi Co-operative Bank. All the Janalaxmi Co Operative Bank Ltd. branches have the same facility in terms of personal loans. Throughout the years, Janalaxmi cooperative Bank’s career has been set as a very reliable and trustworthy bank.
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.
Janalaxmi Coop Bank
- About Janalaxmi Coop Bank
- Purpose of Janalaxmi Coop Bank Personal Loan
- Features and Benefits
- Eligibility Criteria of Janalaxmi Coop Bank Personal Loan
- How to apply for the loan?
- Documents required for Janalaxmi Coop Bank Personal Loan
- Janalaxmi Coop Bank Personal Loan Amount
- Janalaxmi Coop Bank Personal Loan Interest Rates
- Janalaxmi Coop Bank Personal Loan Repayment as Equated Monthly Installments (EMI)
- Janalaxmi Coop Bank Personal Loan Security
About Janalaxmi Coop Bank
Janalaxmi Co-operative Bank was founded on 14 February 1976 by people dedicated to social causes, namely to provide financial assistance to the underprivileged.
The Bank has always maintained the purpose of assisting the economically disadvantaged sections of society and has established a niche as a bank for the masses rather than just the classes. The Bank is making steady progress, and Shareholders, Customers, Employees, and Well-wishers are all important parts of it.
In February of 2000, the Bank was granted scheduled status.
Around the 1990s, the Bank began to computerize. In Northern Maharashtra, the Bank was the first to adopt technology-based banking. Since the branch’s founding in 1994, the first total branch automation took occurred.
It offers its customers various banking services such as savings deposits, recurring deposits, fixed deposits, home loans, car loans, personal loans, gold loans, educational loans, lockers, mobile banking, net banking, E-wallet, PPF accounts, NEFT, RTGS, Pradhan Mantri Jandhan Yojana, Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Yojana, Pradhan Man Bima Yojana, Pradhan Mantri Suraksha Yojana, and numerous other schemes.
Purpose of Janalaxmi Coop Bank Personal Loan
The aim of Janalaxmi Coop Bank Personal Loan is to satisfy a variety of financial necessities such as a vacation abroad, household relocation, family marriage, credit card bill payment, repayment of an existing loan, medical emergency, and many others without having to worry about retaining any collateral or property.
It serves as a low-interest rate loan to help the financially backward class people.
Features and Benefits of Janalaxmi Coop Bank Personal Loan
The Janalaxmi Coop Bank Personal Loan has a few distinctive features and benefits which the loanee can enjoy when taking a loan from the Bank. Before you apply for the loan, here are the features and benefits that you can go through:
- The loanee can take the maximum loan amount available to them.
- The loanee enjoys multiple options for loan repayment.
- The personal loan application is fast and easy to process.
- The Bank quickly approves the loan for the loanee.
- There is no obligation of providing a guarantor by the Bank.
- The Bank provides competitive and attractive interest rates.
- The Bank provides special discounts and schemes for the employees of large companies.
- There is not any obligation for any security insisted by the Bank while availing a personal loan.
Eligibility Criteria of Janalaxmi Coop Bank Personal Loan
The Bank has set certain eligibility criteria for individuals to avail the benefit of taking a personal loan from the Bank. Make sure to go through the following criteria before availing of the personal loan from the Bank.
- The individual has to be aged from 21 years to 58 years old.
- The individual must be a permanent employee of State or Central Government, Corporations, Public Sector Undertakings, Private Sector Companies, and of reputed establishments.
- The individual must be salaried or self-employed with a regular monthly income.
- The individual must have completed at least three years in the current job or business, or profession.
How to apply for the loan?
There are two ways to apply for a loan – online and offline. Avail of any of the two methods according to your convenience.
Applying for the loan online
After you have assessed your loan eligibility, you can head over to the bank website. On their official website, fill in the application form with your personal and job information and upload any necessary documents as per the requirements.
Then, simply click on apply, and your application form will be submitted for the personal loan.
Applying for the loan offline
After you have assessed your loan eligibility, visit the nearest bank with all the required documents. Fill the relevant form with all the required credentials and submit it to the counter to get your loan approval process started.
Documents required for Janalaxmi Coop Bank Personal Loan
To apply for the Janalaxmi Coop Bank Personal Loan, certain documentation is to be submitted along with the form to get the loan approval process started. The following are the documents that you will require to submit for the approval of the loan:
- The individual must carefully fill and sign the application form for the loan.
- Photographs of the individual.
- Any of the following proof of identity must be submitted – PAN card, Aadhar Card, Passport, Voter ID card, Driving license, Government department ID card.
- The following proof of income must be submitted – The most recent salary slip with all deductions, or Form 16, together with the most recent salary certificate (for salaried individuals).
- The individual must submit the Income Tax Returns documents of the previous two financial years (for other than salaried individuals).
- Any of the following proof of address must be submitted – Bank account statement, Existing house lease agreement, Latest electricity bill, Latest credit card statement, Latest mobile/telephone bill.
- Bank statement or bank passbook of the individual having entries of last six months.
Janalaxmi Coop Bank Personal Loan Amount
The Janalaxmi Coop Bank Personal Loan Amount will be determined according to the need of the loanee and will depend on the capacity for the same to repay.
Janalaxmi Coop Bank Personal Loan Interest Rates
The Janalaxmi Coop Bank has been known to provide very good and reasonable interest rates on their personal loans. According to the latest data, the interest rates vary around 15% of the loan amount.
Janalaxmi Coop Bank Personal Loan Repayment as Equated Monthly Installments (EMI)
The Janalaxmi Coop Bank Personal Loan allows a maximum of 60 EMIs for repayment of the personal loan. The repayment period will depend on the credit score of the individual. The loanee can choose any of the following methods for repaying the loan:
- The individual can opt for automated payment through Electronic Clearing Service.
- The individual can repay the EMIs through Internet Banking.
- The individual can repay by registering for normal rules at the Bank.
- If the Bank allows, the individual can use the Mobile Banking App to repay the EMIs.
Janalaxmi Coop Bank Personal Loan Security
The Janalaxmi Coop Bank generally approves personal loans without the need for any security. Individuals’ credit scores, income, and repayment capacities are thoroughly checked before approving the loan.