Solapur Janata Sahakari Bank Personal Loan | Purpose, Benefits and Features, Eligibility, Myths and How To Apply?

May 11, 2023 / Loan / By

Solapur Janata Sahakari Bank Personal Loan: Solapur Janata Bank limited is a cooperative bank in India. It has its headquarter in Mumbai. The bank was founded on 23 April 1966. It has 42 branches overall. The main function of these c-operative banks is to provide all financial services to their customers like saving deposits, fixed deposits, recurring deposits, home loans, personal loans, Net banking, RTGS, NEFT, facility of lockers, car loans, mobile banking, etc.

The cooperative bank also provides other facilities like IMPS, E-Wallet, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Jandhan Yojana, Atal Pension Yojana, and many more to support the customers and make their life convenient.

Want to compare Solapur Janata 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.

Solapur Janata Sahakari Bank

Solapur Janata Sahakari Bank Personal Loan Purpose

With the help of this kind of personal loan, which can be availed at a lower interest rate, it helps you deal with all kinds of emergencies that you might face in your daily life, there are even many days to day expenses that one needs to pay for, and it becomes difficult such as repayment of the existing loan, paying credit card bill; any medical emergency. These cooperative banks provide loans at low-interest rates, which helps you deal with this kind of emergency easily without any stress.

Solapur Janata Sahakari Bank Personal Loan Benefits and Features

  • The loan approval is quite quick.
  • There is no need for any security for loan approval.
  • The application is easily processed and approved.
  • There are multiple loan repayment options.
  • There are many discounts for employees of large companies.
  • There is an option of the maximum loan amount.

Solapur Janata Sahakari Bank Personal Loan Eligibility Criteria

The eligibility for applying for a personal loan at Solapur Janata Sahakari Bank Personal Loan:

  • Age-21 to 58yrs
  • The number of years in present business/job or profession: should be up to 3 years.
  • Self-employed or Salaried -employed with regular income.
  • Permanent employees of the state, central government, corporation, private sector companies, and reputed establishments.

Mode Of Application for Applying for A Personal Loan

  • Online mode – Personal loans can be easily applied from the website of bank by filling up all the necessary information and uploading all documents. The eligibility should be checked before applying for a loan.
  • Offline Mode – The loan can be applied by visiting any bank branch, along with all the required documents. After filling up the form available at the branch, the approval process can be started.

Documents Required for Personal Loan Approval At Solapur Janata Sahakari Bank Limited

  • Proof of identity: Passport, Voter ID, Driving License, PAN card, Aadhar Card, Government department Id card.
  • Duly filled up the loan application form with correct information.
  • Bank statement or bank passbook having entries of last six months
  • Proof of income (If self-employed) – Income Tax Returns of 2 previous financial years.
  • Proof of income (if an employee) – Latest salary slip showing all deductions or Form 16 with recent salary certificate ( for salaried individuals.
  • Proof of Address – This includes the latest electricity bill /telephone bill / mobile bill, existing house lease agreement, latest credit card statement, etc
  • Photographs

Security Deposit for Applying for A Personal Loan

When it comes to security, cooperative banks are one of the banks that require no security deposit for issuing any personal loan.

Loan Repayment Methods Available At Solapur Janata Sahakari Bank Limited

Any one of the following methods can be used to repay the loan.

  • Mobile banking is provided by the bank.
  • Through an internet banking solution.
  • Standing instruction registration at the respective bank
  • Automated Payment through ECS (Electronic Clearing Service)

Loan Repayment Options

The loan repayment generally starts from 12 EMI and can be done up to 60 EMI’S. The repayment period also differs from one person to another depending upon their credit score.

Myths Regarding Personal Loans

  • There Is A Need For Regular Income For Personal Loans: There are chances where you can get your loan approved even if you don’t have a regular income. Loan approval can be easily given to you if you are a joint holder with a regular income source.
  • Prepayment Of A Personal Loan Attracts A Penalty: It depends from one lender to another to charge a penalty on prepayment. It has been generally observed that many lenders do not charge any penalty on prepayment.
  • Longer Loan Repayment Tenure Is Better: It is generally believed that longer loan repayment tenure is better, but it’s not true. Longer repayment tenure brings higher interest. This will make you pay interest for a longer period.
  • Hike In Interest Rate Increase Emi Of Personal Loan: When there is a hike in interest rate, loans generally obtained at fixed rate are not affected, but the loans obtained at the floating rate then there is an increase in interest rates.
  • Interest Rates Are Not Negotiable: There is a general misconception that we cannot negotiate interest rates, but people with good income and good credit scores can negotiate interest rates with the lenders and get comparatively lower interest rate loans.
  • A Good Credit Score Can Easily approve a Personal Loan: Only a good credit score does not confirm a personal loan. There are many more factors, such as regularity of income, employer, employment type, etc., which the lender considers before loan approval.
  • Personal Loans Cannot Be Approved With A Poor Credit Score: If the credit score is poor, you can get a personal loan but is generally approved on higher interest rates, ut the loan also depends on other factors such as borrower, age of the applicant, income of the applicant, etc. If major banks do not approve your loan, you may approve a loan from cooperative banks and NBFCs.

Various Reasons Why Personal Loan Is Rejected

  • Higher Loan Enquiries: The credit report asked by the credit bureau is called inquiry. The person should not make many queries even if it is free of cost. Too many queries lead to an effect on your credit score. The credit bureau considers such inquiries as hard inquiries and mentions in your credit report, which can lead to difficulty in your loan approval.
  • The Size Of Existing Debt: If the loan is already taken and the loan to net income ratio is above 40%, lenders can reject your loan application.
  • Poor Credit Score: A credit score defines the worth of any person. A credit score helps in determining the risk of default. Due to poor credit scores, personal loans can get rejected. Usually, a person with a credit score of less than 750 may face personal loan rejection. A credit score is generally seen by the lender while approving any loan.

Solapur Janata Sahakari Bank Limited Contact Details

  • Bank Official Website – Sjsbbank.com
  • Contact Numbers – 0217-2741100 To 05
  • Email Id – Info@sjsbbank.com
  • Total Branches – 42
  • Total Atms – 8
  • Headquarter – Mumbai
  • Bank Address – Shivsmarak, Gold Finch Peth, Solapur, Dist. Solapur, Maharashtra. Pincode-413305

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