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Personal Loan - Term Loan Facility

Personal loans can be used for plenty of purposes! Whether you need funds for wedding for yourself or somebody special in the family, for a medical emergency in your family or to repair, refurnish & upgrade your home to a dream home. Irrespective of what your personal financial goals are, Kalyan Janata Sahakari Bank’s personal loan offers you the perfect solution.

Purpose :
To meet all types of personal need Including :
  • Marriage of self, son / daughter or any other religious ceremonies
  • Medical treatment of self or a family member
  • Purchasing consumer goods / home appliances / electronic goods
  • Repair / renovation of residence
  • Repayment of old debts
  • Any legitimate purpose acceptable to the Bank.
Eligibility :
  • Salaried employees
  • Businessmen
  • Self – employed
  • Professionals having regular source of income
SOURCE OF ELIGIBILITY :
  • In case of salaried individuals :
    • Total deductions, including the repayment of existing loan instalment and proposed term loan instalment should not exceed 65% of gross income of the Borrower.
  • In case of others :
    • Average 3 years Gross income to be considered for calculation of loan eligibility.
    • Total deduction including present and proposed loan obligation should not exceed 65% of average gross income of the Borrower.
    • If income is in decreasing trend, last year’s income to be considered.
Quantum :
  • Minimum : ₹ 25,000/ -
  • Maximum : ₹ 5,00,000/ -
Tenure :
  • 3 Years : For loan up to ₹ 1,00,000/ -
  • 5 Years : For loan above ₹ 5,00,000/ -
Basic Documents :
  • In case of new customer, applicant & guarantors need to open savings / current account
  • Duly filled & signed loan application form
  • Duly signed loan agreement
  • KYC documentation as per RBI guidelines, including proof of identity & address proof of applicant & guarantors with 3 passport sized photographs
  • Copy of updated passbook / bank statement for last one year
  • Details of existing on-going loan availed from banks / financial institution
  • Copy of Bank deposits / Life Insurance Policies / Other Investments (if any)
  • For Salaried individuals :
    • Last 3 months’ – salary slips
    • Form 16 or Income Tax Returns
  • If an applicant is a self-employed individuals :
    • Income tax returns of last 3 years, 26 AS from traces
    • Financial statements including balance sheet, profit & loss account and computation of income for last 3 years
    • Licenses / permissions from competent authorities
Additional Documents :
  • In case of marriage / religious ceremonies : invitation card & estimate of expenses
  • In case of medical treatment : estimate of medical expenses & medical bills thereafter
  • For purchasing consumer goods / home appliances / electronic goods: Pro-forma invoice / quotation
  • For repair / renovation of residence :
    • Self-declaration for the purpose and documentary proof of Ownership of House / Flat etc.,
    • Estimate of repairs and renovation expenses
  • For repayment of old debts / loans : Declaration from money borrowed /any other documentary proof
ROI :
  • Please click here to know about latest ROI & Service Charges.
Important Terms :
  • Applicant has to be a regular shareholder of the bank. The guarantors have to be either a regular member (shareholder) or a nominal member (in case of loan amount up to ₹ one lakh) of bank.
  • Standing Instruction (SI) Request / ECS or NACH instructions / Post Dated Cheques (PDC) to be submitted to the bank as per requirement.
  • For consumer durables, pay-order will be issued in favor of the dealer after disbursement. Stamped receipt received from dealer to be submitted to bank.
  • Collateral Securities, if stipulated, to be submitted before disbursement. In case of assignment of LIC policies, original policies to be deposited and assignment formalities to be completed before disbursement.
  • To purchase consumer durables, bank offers maximum ₹ one lakh to nominal members.
  • Before disbursement, applicant has to provide margin money and necessary amount to meet all the expenses (as mentioned above & as per service charges). Adequate amount for the purpose is to be deposited in the bank account in advance.

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