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    Overview about Kalyan Janata Sahakari Bank Tourism Loan

    Kalyan Janata Sahakari Bank was established in 1973, and has been serving the city of Kalyan, and nearby areas, for over 4 decades. The bank was established predominantly to help the middle class section of society with financial needs and today it is a bank with 26 branches all across Maharashtra, in cities like Mumbai, Nashik, Kolhapur and more. Today the bank has grown, and has a business mix of almost Rs. 2,710 crores. Their clientele is over 3 lakh satisfied customers. In the year 2009 they signed a Memorandum of Understanding with the Satara Merchants Co-operative Bank opening many banking avenues in the western parts of Maharashtra.

    What is the purpose of the Kalyan Janata Sahakari Bank Tourism Loan?

    The Tourism Loan offered by the Kalyan Janata Sahakari Bank is meant to meet the needs of the applicant while travelling either within the country or overseas. The loan will help them cover all expenses related to travel, from travel tickets, boarding and lodging, to food during travel and at the destination, and more.

    Who is eligible for this Kalyan Janata Sahakari Bank Tourism Loan?

    Any individual who is has a regular source of income can apply for this loan, they can be:

    • Salaried individuals
    • Businessmen who have been running their own business for at least 3 years.
    • Self-employed individuals
    • Professionals

    The features and benefits of Tourism Loan are:

    • A maximum of Rs. 5 lakhs will be provided under this loan.
    • The loan will have no margin if the amount is a maximum of Rs. 50, 000. The margin for any amount above Rs. 50, 000 will be 25%.
    • Repayment tenure will be a maximum of 3 years or 36 months.
    • Kalyan Janata Sahakari Bank will require 2 guarantors for this loan if the amount is over Rs. 50, 000 and they will also require 100% collateral such as immovable property, or financial assets like NSCs, deposits, etc. There will be no need for a guarantor if the loan amount is less than Rs. 50, 000.
    • The interest rate for this loan will be 14.50% per annum for an amount up to Rs. 5 lakhs. These rate are provided at the bank’s discretion, and are subject to change.
    • The bank will charge a processing fee of 1% of the loan amount that is sanctioned.
    • A rate of 2.5% will be charged on the outstanding balance as prepayment charges for closing before the due date.
    • The guarantors required by the bank will need to have net worth income that is accepted by the bank.

    Documents required for the Tourism Loan are:

    • Applicant will need to provide the bank with a proof of identity, such as Voter’s ID card, Passport, Driver’s license, Employee ID, etc.
    • Address proof will need to be submitted, documents such as Passport, Ration Card, any utility bills such as electricity bills, telephone bills, etc. will be accepted by the bank.
    • Financial documents such as balance sheets, profit and loss accounts for the last 3 years, will be required from self-employed or businessmen.
    • A copy of the bank account statement or passbook will be required.
    • If the applicant has any existing loans, then the sanction letters of those loans will need to be submitted as well.
    • Any documents related to immovable property provided as security such as property documents, sales agreement, and certificate of no dues from the society, valuation reports, title clearance, etc.
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