TJSB Sahakari Bank Personal Loan | Eligibility, Rate of Interest and Repayment Period

TJSB Sahakari Bank Personal Loan: A loan act often involves getting the assets for a specific period between the lender and the borrower. Financial institutions or workplaces such as banks and credit card providers have been the primary providers of loans.

Personal loans can be seen as a form of instalment credit. It is different from a credit card because a personal loan makes a one-time payment of cash to borrowers. The money is borrowed for a certain amount of time, and borrowers pay back the borrowed amount and interest in regular, monthly instalments over the “term” of the loan.

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, TJSB Sahakari Bank personal loan rate of interest 2021 and the TJSB Sahakari Bank personal loan EMI calculator.

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.

TJSB Sahakari Bank

Personal Loan and its Salient Features

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. The personal loan provided by the bank helps to meet any financial ends such as paying for the abroad trip, household shifting, marriage in the family, payment of credit card bills, payment of already existing debts, medical emergencies and many others. All these can be done without worrying about keeping collateral or property.

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

  • You can grant the maximum loan amount.
  • There are many repayment options.
  • Quick and easy processing of the loan sanction form.
  • Loan approval does not take much time.
  • The bank does not insist upon any guarantor.
  • The bank provides attractive interest rates.
  • The bank provides special offers and schemes of discounts for employees of big organisations.
  • The bank does not issue any security for applying for a personal loan.

Eligibility for TJSB Sahakari Bank Personal Loan

The applicant should have a minimum of three years 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.

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. Thus, the personal loan eligibility are

  • The individual should be between the age of twenty one to fifty-five.
  • The individual should be an employee of the State or the Central Government or in any other public sector or an employee of a reputed private sector corporation.
  • The individual should have a regular flow of income, be it salaried or self earning.
  • The individual should have three years of experience in the job or work the individual is doing while applying for the personal loan.

The documents required by the TJSB Sahakari bank for a personal loan are

  • A properly filled up and signed personal loan application form along with a photograph is required.
  • Proof of identity includes a driving license, Aadhar card, Pan card, government department ID card, etc.
  • Proof of regular income such as the latest salary slip or the recent salary certificate along with Form 16. Along with these, the individuals are required to provide income tax returns for the last two financial years.

However, all these are useless if one does not know how to apply for a loan. Thus, the ways for applying for a personal loan are

Online Application: One can apply for personal loans online through the 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 bank and all the documents and information required, fill-up the form and get their loan approval process to start.

Rate of Interest of the Loan

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. This means a rate of ten per cent is issued in the principal of five lakhs for five years. Hence, the individual’s total amount to be repaid calculates up to six lakhs thirty-seven thousand four hundred and forty, i.e. 6,37,000 in numbers.

Repayment Method and Period

The bank provides as long as up to sixty is for repaying the loan. Therefore, the number of emails varies from a minimum of twelve to a maximum of sixty. The credit score of the individual determines the repayment period.

  • The various methods of repayment issued by the TJSB Sahakari Bank are
  • Through a standing instruction registration at the bank.
  • You can repay the loan through an Internet Banking system
  • The loan can be repaid by Automated cash through Electronic Cleaning Service.
  • You can also repay the loan through Mobile Banking System but only if the bank provides such facilities.

Reasons for Rejection

Many times, a personal loan application is rejected by the bank for various reasons. However, there are majorly three reasons which we will discuss.

  • Bad credit score: The creditworthiness of an individual determines their credit score. A good credit score indicates the individual’s credibility in repaying the loan. Conversely, a bad credit score usually hinders the chances of getting the loan application approved. Usually, an individual with a credit score of less than 750 may face rejection for a personal loan.
  • An existing debt: If an individual has already taken out several loans and the loan to net income ratio is more than forty per cent, the bank might reject the loan application.
  • Loan Enquiries: The credit report of an individual provided by the credit bureaus is known as credit enquiries. Such enquiries are done the hard way and are hence mentioned in the credit report of the individual. Even if the loan enquiries are free of cost, one should not go into too much detail. This is because too many enquiries harm the approval process of the loan.

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