TJSB Sahakari Bank Personal Loan: Personal loans can be seen as a form of installment credit, due to which, is essential for people to know about TJSB Sahakari Bank personal loan rate of interest 2022. It is different from a credit card because a personal loan makes a one-time payment of cash to borrowers, for which the TJSB Sahakari Bank personal loan EMI calculator can be of use. Personal loans come to one’s rescue when one is short of money. It is straightforward to access personal loans, and they are granted so fast that many people take personal loans often to meet expenses. This article will discuss the TJSB Sahakari Bank personal loan rate of interest, and more about the bank.
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TJSB Sahakari Bank
- TJSB Sahakari Bank Overview
- TJSB Sahakari Bank Features
- How to Apply for a Personal Loan in the TJSB Sahakari Bank?
- TJSB Sahakari Bank Personal Loan Eligibility Criteria
- TJSB Sahakari Bank Personal Loan Documents Required
- TJSB Sahakari Bank Personal Loan Features
- Takeaways from this article
The bank had a modest opening when established in 1972. In 1972, Thana Janata Sahakari Bank’s first branch opened in Thane. This laid the foundation for TJSB Sahakari Bank Ltd which now has over 136 branches across the sub-continent.
The TJSB Sahakari Bank Ltd has certain features which make them completely different from their counterparts in the market. The features of the TJSB Sahakari Bank are
- It is a multi-state scheduled bank
- The TJSB Sahakari Bank is the first co-operative bank to go live with UPI
- The TJSB Sahakari Bank is the first bank to go live with BBPS
- The TJSB Sahakari Bank can deal with the Forex exchange in India because of its permanent AD-1 license.
- The bank has an award-winning payment system and a mobile application.
The ways for applying for a personal loan in the TJSB Sahakari Bank are
Online Application: One can apply for personal loans online through the bank’s website. Individuals can fill up their personal information and work details and upload all the necessary documents for the loan. Individuals can also apply after checking their eligibility for the loan.
Offline Application: Individuals can visit any branch of the TJSB Sahakari Bank and all the documents and information required, fill-up the form and get their loan approval process to start.
- The applicant should have a minimum of a year of service in the same organisation, and the borrowers should have an account with a branch of TJSB.
- The applicant should have permanent employment in central or state government, including departments, undertakings, entities, public sector undertakings, educational institutions, aided educational institutions and autonomous bodies.
- Other than these, the applicant can also be an employee of private universities, schools, and colleges as a teaching staff member.
- The applicant’s income should not be less than forty per cent of the gross salary after the likes of PF, IT and other statutory deductions.
- Thus, a salaried person is eligible for applying for personal loan in the bank. Businmen also have to fill in the same criteria.
- However, the only difference between a salaried individual and a businessman is that the latter has to have an establishment not younger than three years of old while the former has to confirm that they are providing service to their company in for one year. However apart from all this, deductions including proposed EMI of TJSB cash loans, loans granted by the employer, and any other loan subject monthly take of minimum ten thousand rupees.
- Other income sources like rents, interest, dividends and others are also taken into account to calculate the quantum of the loan.
- This is subject to documentary evidence in the form of IT returns and others.
- In case an applicant is an employee of the TJSB Sahakari Bank then their spouse or their parents are taken as guarantors by the bank if needed.
The documents required by the TJSB Sahakari bank for a personal loan are
A duly formed fill which contains
- The applicant’s income proof
- The guarantor’s incoem proof
- The applicant and the guarantor’s residentail proof
- The applicant’s and the guarantor’s s PAN card
- The applicant’s and guarantor’s KYC.
Apart from the above-mentioned documents the bank does not take anything for Prime security. Only two guarantors and two security holders are held by the bank. Often the security holder are taken in as guarantors.
The TJSB Bank issues ten per cent interest on personal loans issued by the bank, though this rate differs for every year.
Five lakhs is the maximum amount of principal issued by the bank for a personal loan. Therefore, the EMI of the bank is calculated in a way such as the amount of the loan taken from the bank is five lakhs for a tenure of five years.
As a co-operative bank, TJSB provides all the existing financial services to its customers, such as home loans, personal loans, fixed deposits, gold loan, PPF account, E-Wallet and many others.
Some salient features of the bank’s loan make those loans more useful and attractive than most other loans provided by other banks. Few features of the personal loan provided by the TJSB Bank are
- They have a high maximum limit of upto five lakhs.
- The repayment period can extend upto a period of sixty months.
- The bank does not issue any security for applying for a personal loan.
- The bank does not enforce any pre-payment penalty on its customers.
- The bank has a quick and easy processing of the loan application.
- The bank does not usually take much time in loan approval.
- The bank provides special offers and schemes of discounts for employees of big organisations.
The article will be helpful for individuals looking for a loan. The insights provided about the interest rates and the different features of the personal loan provided by the Madhya Bihar Gramin Bank will help individuals in choosing the personal loan they are looking for.