The Akola Janata Commercial Cooperative Bank Personal Loan Eligibility, Myths and How To Apply?

The Akola Janata Commercial Cooperative Bank Personal Loan Eligibility, Myths and How To Apply?

The Akola Janata Commercial Cooperative Bank Akola Personal Loan: The Akola Janata Commercial Cooperative Bank Ltd., Akola. is a Cooperative bank in India. The Akola Janata Commercial Cooperative Bank Ltd was founded on 20-10-1969. It has no branches as of now, but its headquarter is in Nagpur.

The bank provides all sorts of financial services to its customers like saving deposit, fixed deposit, loans, personal loan, net banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, etc.

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.

The Akola Janata Commercial Cooperative Bank Akola Personal Loan Purpose

A person is generally tended to take a personal loan for many reasons. Some of these can be to meet all sorts of financial needs like a holiday trip abroad, marriage in the family, payment of credit card bill, household shifting, repayment of an existing loan, or some sort of medical emergencies and many other things without taking tension of keeping any collateral or property.

How To Apply for The Akola Janata Commercial Cooperative Bank Personal Loan?

  • Apply Online: One can apply for a personal loan through the website of Bank, and one can fill up the information required and upload the necessary documents. One should also check for your loan eligibility before applying for the loan.
  • Apply Offline: One can easily apply for a personal loan by visiting your nearest bank branch. All you need to do is fill-up the form and get your loan process started. You also need to carry all sorts of documents required for it.

What Documents Are Required to file for a Personal Loan in The Akola Janata Commercial Cooperative Bank Ltd?

  • One needs to bring a duly filled up and signed personal loan application form.
  • Your Photographs
  • One needs to carry identity proof like a passport, driving license, PAN card, Aadhar card, Voter Id card, etc.
  • Proof of income is also required, and it includes the latest salary slip showing all deductions or Forms 16 along with a recent salary certificate (for salaried individuals)
  • Proof of income can also be presented in the form of Income Tax Returns of 2 previous financial years if you are not a salaried person.
  • It can even be in the form of a bank account statement, electricity bill, mobile or telephone bill, house lease agreement, etc.
  • Even one can use a bank passbook which should have at least six entries of the previous month.

The Akola Janata Commercial Cooperative Bank Personal Loan Eligibility Criteria

  • The age limit required to take a personal loan is 21 to 58 years of age.
  • Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
  • People who are Salaried / Self – Employed with regular income.
  • A loan can also be given by calculating the number of years in the current job/ business/ profession is upto 3 years.

Myths Related To The Akola Janata Commercial Cooperative Bank Akola Personal Loan

Payment of a personal loan before mostly leads you to pay the penalty:

It is just a myth that prepayment of a personal loan would make you pay the penalty. It’s just a false statement that the people mostly assume. Prepayment penalty mostly depends upon the lenders, and it is the case in informal lending, not in the case of banks.

People assume that getting a personal loan at the lowest rate of interest is usually the beneficial one:

It is not always correct that a Personal Loan at the lowest interest rate is the best. Many factors matter a lot while choosing the best lender for personal loans. These factors may include the following: processing fee, eligible amount, tenure of loan repayment, service issues, other terms of the loan, etc. One needs to keep in mind all these factors, along with the lowest rate of interest.

Hike in Interest Rate increases EMIs of Personal Loan

Even though there is a hike in interest rate, loans that we obtain at a fixed interest rate do not get affected. In the case of floating rate loans, if a person does not want EMIs to go up or does not wish to pay more cost of EMI’s, you can opt for an increase in tenure.

One’s Personal Loan Application may get Rejected if you do not have Regular Income.

Even if you do not have a regular source of income, many banks offer a personal loan. Loan approval can be given to you if you add a joint holder with a regular income or borrow from peer to peer lenders.

People usually assume that longer Personal Loan Repayment Tenure is Better

It is mainly assumed that longer personal loan repayment tenure is better as the borrower will need to pay lower EMIs, which he/she can pay comfortably, but it is not the case now. You will need to pay interest for a more extended period. It also binds one to pay interest for a more extended period which results in a burden.

People generally have a perception that the Interest Rates of most of the banks are not Negotiable:

People generally assume that interest rates cannot be negotiated in most cases, but this is not it. Interest rates on personal loans vary from customer to customer. Customers with a high credit score and a good income can negotiate on interest rates with the lenders and get comparatively lower interest rate loans than others who do not have that good credit score or income.

Good Credit Score Guarantees Personal Loan Approval

Having a good CIBIL score cannot convince the lender to approve your loan as many other factors are associated. These are income, regularity of income, employer, employment type, etc.

You cannot Get a Personal Loan with a Poor Credit Score.

Most people think that having a good credit score may obtain them with a personal loan. Still, a credit score is just one of the few measures considered during the home loan approval process to decide whether to approve or reject the loan application. In some cases, your home loan application may be rejected despite having a good credit score if other factors are not up to the mark.

KYC Documents Required for a The Akola Janata Commercial Cooperative Bank Akola Personal Loan?

  • Your Proof of Identity is required, it may include – Passport / Voters ID card/ Driving License/PAN Card
  • One’s Address Proof is required such as-Ration card Tel/ Electricity Bill/ Lease agreement/ Passport
  • Copy of your PAN Card
  • Latest Passport size photo of the applicant (2 copies)

What are the Risks Associated with Personal Loan?

  • One of the significant risks associated with a personal loan is that if the borrower cannot repay it, the lender has the right to sue you and take you to court.
  • Secondly, if at any point in time you feel like you can pay off your loan too early, that is before a certain period, it may lead to a considerable penalty.
  • Thirdly, Most people get involved in a fake loan agreement. Therefore you need to keep in mind not to be lured by false advertising and enter into a fake loan agreement.

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