Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan | Features, Benefits, Eligibility Criteria, Documents Required, How To Apply?

February 21, 2024 / Loan / By

Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan: Personal loans can be seen as a form of installment credit. It is different from a credit card because a personal loan makes a one-time cash payment to borrowers

This article helps the reader better understand details related to Loan application, such as-Kallappanna Awade Ichalkaranji Janata Sahakari Bank interest rates, Kallappanna Awade Ichalkaranji Janata Sahakari Bank internet and mobile banking login, Kallappanna Awade Ichalkaranji Janata Sahakari Bank loan status check, and much more.

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Kallappanna Awade Ichalkaranji Janata Sahakari Bank

Kallappanna Awade Ichalkaranji Janata Sahakari Bank Overview

The bank has total deposits of more than 2230 crores and is one of the biggest co-op banks in the state. Kallappanna Awade Ichalkaranji Janata Sahakari Bank has co-opted the Small Industrial Development Bank of India for implementation of Technology up-gradation Funds Scheme of 5% interest rate subsidy allocated/allotted by the Central Govt. for the development of the textile industrial sector.

About the Kallappanna Awade Ichalkaranji Janata Sahakari Bank  

The Kallappanna Awade Ichalkaranji Janata Sahakari Bank is a Cooperative bank with its foundations in India. The bank has its headquarters in Ichalkaranji, Maharashtra. The Kallappanna Awade Ichalkaranji Janata Sahakari Bank was founded in the month of April in the year 1982. It is one of the largest cooperative banks that exist in the state of Maharashtra.

Kallappanna Awade Ichalkaranji Janata Sahakari Bank Features

  • The maximum loan application is available for all applicants that match the criteria
  • The loan can be paid off in various methods, like with other mortgages and in various other methods
  • Loans can be paid off in installments; the EMI payment method is very helpful in rural areas where poorer people cannot pay huge amounts at a single time.

Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan Features

  • Maximum loan amount: The borrower can avail of the full amount of loan allowed by the bank. This helps a lot in crises when someone requires a substantial amount of money and wants to avail of a Personal loan.
  • Multiple loan repayment options: In the Bank scheme, the borrower doesn’t need to pay back the borrowed amount just via money; one can also use different payment methods like mortgaging something of equivalent value.
  • Fast & easy processing of personal loan applications: Kallappanna Awade Ichalkaranji Janata Sahakari Bank has one of the quickest processing times for personal loans. As personal loans are taken out mainly during an emergency where one needs money, fast processing is a lifesaver.
  • Quick loan approval: If a person’s submitted documentation and papers are in order, this Bank has the fastest loan approval system helping its customers tackle emergencies easily.
  • The bank does not insist upon a guarantor: The approval of the personal loan does not need another person as guarantor to be present and to be held accountable if the borrower fails to pay for the money.
  • Attractive & competitive interest rates: A personal loan of a certain amount of money borrowed for a particular time will charge the borrower an interest rate of 16 per cent. However, this interest rate changes with the amount of money borrowed and the time that it is borrowed for.
  • The bank offers special schemes and discounts for employees of large companies: The Bank offers special schemes with a more extended time for a personal loan to employees of big MNC companies.
  • Usually, no security is required for availing the personal Loan: No security payment or mortgages for a sense of security for the personal loan is asked of by the bank for the personal loan.

Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan Eligibility Criteria

  • Age: 21 to 58 years.
  • The borrower needs to be a permanent employee of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
  • Salaried / Self – Employed with regular income.
  • The borrower has to be employed for a minimum period of three years to be eligible for the loan.

Documents Required for Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan

  • The signed and filled up personal loan application form with the necessary details. One must also make sure that the borrower’s details are accurate.
  • Photographs of the passport size need to be submitted to the bank branch along with the signed loan application. Mostly the bank requires more than one copy of the current photograph.
  • Proof of identity for the person who is asking for the loan. Viable proofs of identity include Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card.
  • The borrower has to provide proof of his income, i.e. his salary certificate, along with the latest salary slip.
  • Proof of income- Income Tax Returns of 2 previous financial years (for other than salaried individuals)
  • Proof of Address – Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass a copy of the PassBook of the bank one has an account in having entries of the last six months.

How to Apply for a Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan?

Online Method

One can apply for a Personal Loan by following these easy steps below.

  • Step 1: Visit the bank website, find the personal loan option, and select the option for Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan. Click on apply, and a new screen will open.
  • Step 2: A new screen will open, essentially a form. The form needs to be filled up with essential details like name, address and other personal information.
  • Step 3: After putting in the personal details, one must click on apply for loan. After this, a new window opens where one has to put in other essential information like account numbers and the documents needed for loan approval. Finally, after double-checking the information, click on submit to submit your loan demand.

Offline Method

It is not just the online method via which one can apply for a loan. For the offline method, the borrower needs to visit any Bank branch, fill out the form with all the essential required details, and submit it with whatever documents are required.

Reasons for Personal Loan Rejection

  • Poor Credit Score: Credit Score defines the borrower’s credibility to repay the loan, and thus a low credit score will cancel the loan proposal.
  • Higher size of existing debt: The bank can reject a borrower’s loan application if the borrower already has a big existing debt.

Types of Personal Loans offered

  • Education Loan
  • Car Loan
  • Gruha Sajawat Home Loan
  • Sawali Home Loan
  • Pradhan Mantri Awaas Yojana

Myths about the Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan

  • Prepayment of a private mortgage always draws Penalty: It is a myth that if one pays the price of a private mortgage in advance, it extracts a penalty. It depends absolutely upon lenders to charge any penalty on prepayment.
  • Lengthy Private Loan Reimbursement Term is favourable: It is not true that the longer the reimbursement term, the greater the rate of interest.
  • Your loan application is denied if you do not have a regular income : It is a myth that if one does not have a steady source of income, the loan might not get approved. Loan permission can be granted if one adds a joint owner that has a steady source of income.
  • Interest Rates are not flexible: The rate of interest charged for private loans differs from client to client. Clients with good credit counts and a decent portfolio can negotiate interest rates and can get comparatively poorer rates of interest in loans.
  • Decent Credit value ensures acceptance of a personal loan: Holding a favorable credit total does not assure private loan authorisation as it is not the only criteria one has to fulfill to get a personal loan. There are various other condition that is assessed during the loan authorisation procedure

Takeaway from the Article

Thus, this concludes the article detailing personal loans and, in particular, Kallappanna Awade Ichalkaranji Janata Sahakari Bank Personal Loan.

The information about personal loans is not just limited to this article. One must always read carefully the terms and conditions a specific bank puts out before applying to it for a loan.

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