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    Overview about Kalyan Janata Sahakari Bank Personal Overdraft Scheme

    Kalyan Janata Sahakari Bank was established to serve the people of Kalyan and nearby areas. The Personal Overdraft Scheme, offered by them, can be used to meet any kind of the personal agendas of the customer. Often people tend to take a personal loan for any expenses that their salaries will not cover, such as weddings, purchasing of electronic products, renovating their homes, meeting any medical emergencies, etc.

    What is the purpose of the Personal Overdraft Scheme?

    The Personal Overdraft Scheme offered by the Kalyan Janata Sahakari Bank is meant to meet the needs of the applicant. These needs could be of personal nature or could even use this personal overdraft scheme for a business purpose as well.

    Who is eligible for this Personal Overdraft Scheme?

    Any salaried individual with a regular source of income, who has the capacity to repay, that meets the bank’s criteria can apply for this loan. The applicant can be either an existing customer or can even be a new account holder as long as the complete the know your customer compliance details.

    The features and benefits of Personal Overdraft Scheme are

    • The maximum amount available under this loan will be a sum of Rs. 5 lakhs and a minimum will be an amount of Rs. 1 lakh.
    • This loan will require the security of financial assets such as NSCs, LICs, KVPs, or will require gold ornaments as collateral.
    • The loan will have a margin of 20% of the face value or sale value of the assets provided as collateral as the case may be, or 20% of the market rate of the gold ornaments.
    • The interest rate for this loan will be 13.50% per annum with monthly rest of payments allowed. This rate will be on a floating basis. These rate are provided at the bank’s discretion, and are subject to change.
    • The bank charges processing fees as a percentage of the loan sanction amount, for a new loan the fee charged will be 0.50% of the loan amount sanctioned. In case of the loan amount being renewed the processing fee charges will be 0.25% of the loan amount sanctioned.
    • Valuation charges are also charged, and will be on an actual basis.
    • Prepayment charges of Rs. 500 will be charged on the outstanding balance in case the loan is paid before the term is completed.

    Documents required for Kalyan Janata Sahakari Bank Personal Overdraft Scheme

    • A proof of identity, such as Voter’s ID card, Passport, Driver’s license, Employee ID, etc will be needed by the bank.
    • The applicant will need to submit a proof of address, such as Passport, Ration Card, any utility bills such as electricity bills, telephone bills, etc.
    • Balance sheets, profit and loss accounts and other financial documents will need to be submitted for the last 3 years in case the loan is taken by an applicant who runs his/her own business or is self-employed.
    • A bank account statement copy, will be required by the bank.
    • Existing loans if taken previously by the applicant, then the sanction letters of those loans will need to be provided by the bank.
    • All documents related to the provided collateral such as, property documents, sales agreement, certificate of no dues from the society, valuation reports from a government official, title clearance, etc, will need to be provided to the bank.
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