Jana Small Finance Bank Personal Loan
Though Jana Small Finance Bank started functioning in 2017, it had the advantage of a readily available customer base. All the customers of Janalakshmi Financial Services automatically became customers of Jana Small Finance Bank. They can have access to all the products and services provided by Jana Small Finance Bank.
Apply for a Jana Small Finance Bank Personal Loan @ 15% Interest Rates
Overview of Loans from Jana Small Finance Bank
#1. Personal Loans for Individuals
| Product | Ideal For | Maximum Loan | Interest Rate | Repayment Tenure |
|---|---|---|---|---|
| Home Loans | Satisfy all housing requirements | 35 Lakhs | 14% to 15% | 20 years |
| Agri Individual Loan | Expand your agricultural activity | 1.50 Lakhs | 24% to 26% | 12 to 36 months |
| Gold Loan | Immediate funds for personal and business use | 1 Lakh | NA | Bullet payment |
| Home Improvement Loan | Repairs and renovations to an existing house | 1.25 Lakhs | 23% to 24% | NA |
| Agri Group Loan | Meet financial requirements of agriculturists | 65,000 | 24% to 26% | 12 to 24 months |
#2. Business Loans for Individuals & Business Entities
| Product | Ideal For | Maximum Loan | Interest Rate | Repayment Tenure |
|---|---|---|---|---|
| Business loans for individuals | A unique product for women borrowers | 60,000 | 22% to 26% | 24 months |
| Business Loan for Entity | Expansion of business | 10 Lakhs | 24% | 60 months |
| Secured Business Loan | Business activity | 10 Lakhs | NA | Five years |
| Secured Plus Business Loan | Business expansion and purchase of long-term assets | 1 Crore | 13% to 17% | NA |
Features & Benefits of Jana Small Finance Bank
- Easy to apply
- Relaxed eligibility norms
- No collaterals
- Competitive rates of interest
- Flexible repayment schedules
Jana Small Finance Bank Loan Details
#1. Objective: Finance all housing and mortgage requirements
- Purpose of the loan
- Purchase of a new flat or house
- Buy flats or homes on resale
- Loans for the construction of houses
- Purchase flats under construction
- Avail a loan against property, residential, and commercial
- Balance transfer of existing loans from banks and financial institutions
- Top-up loans available
- Loan amount
- Maximum loan of 35 lakhs
- Rate of Interest
- Housing Loan - 14% to 15%
- Non-housing loans - 17% to 20%
- Repayment tenures
- Easy EMIs for a maximum of 20 years
- Features:
- Facility to open Zero balance savings bank account with a debit card
- Rate of interest on savings accounts - 5%
- Other convenient services
- Minimum documentation
- Doorstep services
- Safe custody of the property documents
- Perfect due diligence on the title of the property
- Balance transfer facility along with a top up
- Insurance facility
- Credit Life Insurance for applicant and co-applicant
- Subsidy
- Eligible beneficiaries can avail PMAY subsidy up to 2.67 lakhs
- Eligibility Criteria
- New, as well as the existing customers of the bank, are eligible for home loans
- Salaried employees and self-employed individuals are eligible for home loans
- Professionals with cash income can also apply
- Minimum household income of 10,000 per month
- Minimum age - 25 years
- Maximum - 75 years at maturity
- Documents required
- Application form completed in all respects
- KYC documents - Age proof, ID proof, proof of residential address, signature proof
- Business continuity documents, GST certificates, and so on
- Bank statement for a minimum of six months as income proof
- ITR and other income documents for a minimum of two years
- Photocopy of property documents to prove ownership
- Loan repayment track record if applicable
- Login Fee Cheque as applicable
- Service charges - Home Loan
- Loan Origination fee
- Up to 10 lakhs - 1,000
- Up to 20 lakhs - 1,500
- More than 20 lakhs - 2,000
- Processing fee
- 2% of the sanctioned amount
- Login fee is an upfront fee and not netted against the processing fee
- Cheque Bounce charges - 300
- Foreclosure charges
- Floating rate loans - Nil
- Fixed-rate loans and loans of non-individuals - 2% for home loans and 4% on LAP
- Part Payment Charges
- Part-payment of 25% is allowed every year without any charge
- Amounts above 25% - prepayment charge of 2% on HL and 4% on LAP
- Part-payment charges are only applicable to the fixed-rate of interest loans
- Agri Individual Loan
#2. Objective: Help customers involved in agricultural activities to expand their existing set-up.
- Purpose: Finance all kinds of farming activities like acquiring seeds, fertilisers, dairy activities, and so on
- Loan Amount
- Minimum - 60,000
- Maximum - 1.50 lakhs
- Features
- Credit life insurance for the applicants
- Doorstep banking at every stage
- Rate of interest
- Competitive rates in the range of 24% to 26%
- Loan repayment tenure
- 12 to 36 months
- Who is eligible?
- Existing customers carrying out agricultural activities are eligible
- New customers involved in agriculture are also eligible for this credit facility
- Applicant should be residing in the same village or town for a minimum of two years.
- The applicant should have an existing agricultural set-up.
- Documents necessary for processing
- Primary ID - Aadhar Card
- Secondary ID - PAN Card
- If PAN Card is not available, the applicant should submit Form 60 along with one of the following documents
- Passport
- Voter's ID Card
- Driving Licence
- NREGA Card
- Letter issued by NPR containing details of the name and address of the applicant
- Residence Proof
- Anyone of the KYC documents containing the address
- Utility bill not older than 60 days
- Service Charges
- Processing fee - up to 2%
- Late payment charges - 24% on the overdue amount
- Gold Loan
#3. Objective: Easy personal loan against gold jewellery for meeting personal and business requirements
- Purpose: Meet personal and business needs
- Features
- Gold loans available for as low as 5,000
- Maximum loan up to 1 lakh
- Repayable options like quarterly, half-yearly, and annual bullet payments
- Instant disbursements
- Gold is safe in the bank's vaults
- Transparent Pricing
- Rate of Interest
- Attractive and competitive
- Eligibility
- All Indians aged between 18 and 60 years
- Documents
- All KYC documents as applicable to other loans
- Service charges
- No processing fees
- Penal charges - 4% on the overdue amount
- Home Improvement Loan
#4. Objective: Meet the requirements for repairing and renovating the existing home
- Purpose: Facility available to existing customers to refurbish their homes
- Loan Amount
- Minimum - 60,000
- Maximum - 1.25 lakhs
- Features
- The loan was disbursed through the savings account
- Repayment collection through NACH
- No requirement for collateral
- Doorstep service
- Rate of Interest
- 23% to 24%
- Eligibility Criteria
- Existing customers with an 18-month history
- Should own a house
- Documents
- As required for other personal loans
- Service charges
- Processing fee - 1% of the approved loan amount
- Documentation charge - Depends on the State laws
- Agri Group Loan
#5. Objective: Finance the requirements of the farming community to carry on with agricultural and allied activities
- Purpose: Meet all agricultural requirements
- Loan amount
- Minimum - 25,000
- Maximum - 65,000
- Group Loan
- Minimum of 3 members with a maximum of 20
- Features
- Credit life insurance facility
- Doorstep service
- Rate of interest
- Competitive rates in the range of 24% to 26%
- Repayment tenure
- 12 to 24 months
- Eligibility conditions
- Existing Jana Small Finance Bank customers with a minimum of six years
- The minimum group size should be three members involved in agricultural activities from the same village
- Applicants should be residing in the same village or town for a minimum of two years and have an existing
- agricultural set-up
- Documents
- Same as that of other loans
- Service charges
- Processing fee - 2% of the sanctioned amount
- Late payment charges - 24% per annum on the overdue amount
Jana Small Finance Bank Loan Offers
Jana Small Finance Bank offers different types of loans for personal and business purposes. The features of Jana Small Finance Bank loans are as follows.
- Relaxed eligibility and simplified processing
- Easy to apply online and at the branch level
- A range of products is available to suit your requirements
- Competitive rates of interest amongst its peer institutions
- Transparent fee structure
- Flexible repayment tenures with modes like daily, weekly, or monthly repayment
- Loans available with and without collateral
- Business loans up to 3 Lakhs without collateral
- Group loans are available for business and agricultural activity
- Home loans and home improvement loans are available
How to Apply for a Jana Small Finance Bank Personal Loan
- Jana Small Finance Bank offers facilities to apply for your personal loans online. Access the official website and proceed to click on "Apply Now." Submit the details like name, email ID, and mobile number. The bank's representative will call you to complete the formalities.
- Customers can also apply for personal loans by visiting the nearest branch of the bank and submitting their applications in person.
FAQs
The primary difference is that the Jana Small Finance personal loans do not require collateral. The housing loan and the LAP are the ones that come with security. Business loans require security over a specific threshold amount.
No, as of this date, Jana Small Finance Bank does not have any such product where you get a personal loan against salary.
Various factors affect the rate of interest on Jana Small Finance personal loans.
- The purpose of the loan - Loan against gold and home loans have a comparatively lower interest rate
- The credit rating of the borrower - The lower the credit rating, the higher the rate of interest on the loan
- The security available - Home loans, LAP, and gold loans are cheaper in comparison to other loans.
The other women in the group should stand as guarantors for the loan availed by one of them.
There is no penalty for individual borrowers who choose the floating rate of interest on home loans. Non-individuals are liable to pay a foreclosure penalty for closing their home loans before its maturity.
If the borrower is an existing home loan borrower, the equitable mortgage on the house will continue for the new loan, as well. If the borrower does not have any housing loans, there is no stipulation of any collateral on home improvement loans.
No, the LAP is available only on residential or commercial properties.
The bank has not stipulated any specific LTV ratio in the product details. However, the industry ration of 75% to 90% should apply for Jana Small Finance Bank home loans.
This concept allows the borrower to repay the loan in a single instalment.
The margin amount depends on the policies of the bank. It can change from time to time.