Shikshak Sahakari Bank Personal Loan @ 11% | Documents Required, How To Apply?, Interest Rates, Reasons and Features

Shikshak Sahakari Bank Personal Loan: If you are deciding on applying to the Shikshak Sahakari Bank, you would be delighted to know that their loan application method is quite simple. To know the ideal loan that is perfect for an individual, one needs to understand facts about the Shikshak Sahakari Bank Personal Loan in detail.

Read this article to better understand details related to Loan application, such as Shikshak Sahakari Bank interest rates, Shikshak Sahakari Bank login, Shikshak Sahakari Bank balance check, and much more.

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.

Shikshak Sahakari Bank

Shikshak Sahakari Bank Personal Loan Overview

The Shikshak Sahakari Bank has highly developed loans in various industries such as MIDC, Hingna, Nagpur, Butibori, etc. and consists of fixed commercial purposes. It also provided development to traders and transporters, devoting almost 70% of the Shikshak Sahakari Bank’s growth to business and industrial purposes.

The Shikshak Sahakari Bank has been contributing to a variety of social services, including disaster relief, and is known to regularly make donations to the Member Welfare Fund for the benefit of its members.

About the Shikshak Sahakari Bank

Shikshak Sahakari Bank was established in the year, 1979 to help teachers meet their financial needs. The idea of ​​establishing a bank had grown in the minds of its founders in the years prior.

However, originators of the Bank finally accomplished this aim in January of 1979. The Bank was established with a budget of Rs. 3.50 lacs only. The founders of the Bank were professional teachers themselves, belonging to the enlightened section of society. It can be said that the Shikshak Bank was set up by teachers for teachers.

In time, however, the Bank did not remain fully committed to its membership, and instead, it opened its membership to all for its betterment.

Shikshak Sahakari Bank Personal Loan Features

  • A maximum loan amount is available for all applicants
  • Multiple loan repayment options are readily accessible to any individual applying for a loan
  • The processing period of loan applications in the Shikshak Sahakari Bank is quite efficient
  • The approval process of Loans is Straightforward and hassle-free
  • The bank does not insist upon any guarantor or guarantors while applying for a Personal Loan
  • The Shikshak Sahakari Bank offers special schemes and discounts for workers of considerably large companies
  • No security fee or is mandated for availing any loan
  • Just like deposits, the Bank additionally provides numerous facilities to its customers

Shikshak Sahakari Bank Personal Loan Eligibility Criteria

  • The ones eligible for opting for the personal loan are State Government employees, Research Institutes and Universities, The Approved and confirmed employees or Limited Companies of reputed PSUs, Lecturers of Colleges or Universities, Central Government employees.
  • All individuals who have a minimum total income of Rupees Ten Thousand on a monthly basis are eligible to apply for the personal loan.
  • The individuals to get their propositions sanctioned need to be at least (minimum age) 25 years old and up to 60 years old (maximum age) which stands for the retirement age (from service).

Shikshak Sahakari Bank Personal Loan Documents Required

The records that need to be provided before one can be held as an eligible candidate for the Personal Loan are described below:

  1. Your Original Aadhar Card
  2. Your Original PAN Card

Your Original Address Proof which can be any of these as listed below:

  1. Voter ID Card
  2. Passport
  3. Driving License
  4. Bank Statement
  5. Electricity Bill
  6. Telephone Bill
  7. Registered Lease Deed or Sales Agreement

Identity Proof which can be any of these as listed below:

  1. Voter ID Card
  2. Driving License
  3. Passport

Other Documents

  • Relationship Proof (if you are asked to furnish one/ if applicable)
  • Passport Size Photograph of yourself
  • Any other valid Photo ID card(s) as issued by the state or central government.

Reasons for Rejection of the Loan

  • If the individual has a poor credit value
  • More loan inquires might lead to denial of the loan application.
  • A huge amount of general obligation.

Shikshak Sahakari Bank Personal Loan Features

  • Impressive and competitive interest rates
  • Offers outstanding strategies and rebates for workers of large corporations
  • Payment in EMI.
  • Generally, no assurance is needed for getting a personal loan
  • Quick loan authorization

How to Apply for a Personal Loan in the Shikshak Sahakari Bank?

Online Application Method

One can apply for Shikshak Sahakari Bank Personal Loan by following these stated easy steps detailed below.

  • Step 1: Visit the official bank’s website, find the personal loan option, and select the option for Shikshak Sahakari Bank Personal Loan. Select apply, and a fresh wall will start.
  • Step 2: A new screen will open, and it is a form. The form has to be filled up with important elements like the name of the applicant, residential address, and other private information.
  • Step 3: After putting in the personal details, one has to click on apply for a loan.
  • Step 4: A new window opens where the person has to put in other essential information such as- account numbers and the statements needed for loan approval.
  • Step 5: Finally, after checking the information twice, then send your loan request form.

Offline Application Method

One can also apply for a loan by visiting the bank too. For the offline method, the borrower needs to visit any Shikshak Sahakari Bank branch, and fill out the form with all the important required components and submit it along with the documents that are required.

Shikshak Sahakari Bank Personal Loan Types

  • Home Loan
  • Office Loan
  • Car Loan
  • Doctor’s Loan
  • Business Loan
  • Gold Loan
  • Credit Card Loan
  • Education Loan
  • Term Loan

Myths about the Shikshak Sahakari Bank Personal Loan

  • Prepayment of private mortgage always draws Penalty: It is not valid that the pre-price of a private mortgage usually brings a penalty. It depends upon lenders to charge any pre-price penalty.
  • Lengthy Private Loan Reimbursement Term is favorable: It is not correct that a lengthier reimbursement term gives rise to a greater rate of interest. The person will have to spend interest rate for a greater duration.
  • Your loan application is denied if you do not have a regular income: If you do not have a usual source of earnings, there are chances while you may get the loan approved. Loan permission can be granted if you add a joint owner maintaining regular earnings.
  • Interest Rates are not flexible: The rate of interest in private loans differs from client to client. Clients with good credit counts and decent earning can adjust rates with the loan giver 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 authorization as there are different characteristics like earnings, frequency of salary, etc., which the lender assesses during the loan authorization procedure.

Takeaway from the Article

This article covers the basics and intricacies of the methods to apply for personal loans, a few of the important things to know and understand in order to apply for a personal loan. Hence, one must always read carefully the terms and conditions a specific bank puts out before applying to it for any loan.

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