The Janata Sahakari Bank established in 1949, committed to helping the social causes in Pune. The aim of the bank is to provide loans to the economically weaker section of society. The bank has carved a niche for themselves in being a bank for the masses. The bank got its final nod from the Reserve Bank of India in 1988 to function as a scheduled co-operative bank. Since 2012 the bank has been a multi-state bank.
The Udyam Vikas loan offered by the bank is to enhance your professional career, you can use the finance from this loan to purchase office premises, office furniture, requirement of any machinery, leasing or procuring any professional equipment’s. This loan cannot be used to purchase any vehicles.
Who is eligible for the Udyam Vikas loan?
Any individual who is degree holder in any course is eligible for this loan
The individual can be an experienced individual or fresher as well.
Serviceman as well can apply for this loan, but again will have to be a degree holder.
The features and benefits of the Udyam Vikas loan
The loan can be given to a maximum of Rs. 30 lakhs, for applicant living in Mumbai, Pune and PCMC areas.
For applicant from any other cities in the country the maximum loan amount is Rs. 20 lakhs.
The bank will be need one person who will stand as a guarantor for the loan amount.
The repayment tenure is a maximum of 7 years which also includes a moratorium period.
A total margin of 5% of the total project cost will be set towards application contribution.
20% of the project cost, will be set as the margin for seed capital loans.
In case the loan is taken as a term loan then a 75% of the project cost will be as the margin.
The interest rate charged by the Janata Sahakari Bank for the Udyam Vikas loan will be a 15.25%. The rate mentioned is subject to change at the discretion of the bank.
The documents that may be required by Janata Sahakari Bank are
The income proof of the applicant.
An address proof of the applicant such as passport, utility bills etc.
IT returns of the applicant for the last 2 years.
The loan application form for the Udyam Vikas loan.
Passport sized photographs of the applicant.
The guarantor’s details such as ID proof, address proof etc.
Other documents may also be required by the bank during the application process.