Kalyan Janata Sahakari Bank Personal Loan
Kalyan Janata Sahakari Bank offers personal loans with competitive interest rates starting as low as 12.80% p.a.
The loans are available to both salaried individuals as well as self-employed persons. With low processing fees, easy repayment options, and long tenures, they can help fund your personal needs.
- Interest rate - 12.80% p.a. to 13.50% p.a.
- Loan amount - Up to Rs.5 lakh
- Repayment period - Up to 60 months (5 years)
- Processing fee - 0.75% of the loan amount
Kalyan Janata Sahakari Bank Personal Loan Details
The Kalyan Janata Sahakari Bank charges a nominal interest rate on its personal loan for the benefit of its customers. The interest rate that is charged by the lender along with a few other details are listed in the table mentioned below:
Interest Rate | Loan Amount | Processing Fee |
| Up to Rs.5 lakh | 0.75% of the sanctioned loan amount |
Kalyan Janata Sahakari Bank Personal Fees and Charges
The Kalyan Janata Sahakari Bank does not levy a pre-payment charge.
Why should You choose The Kalyan Janata Sahakari Bank Personal Loan?
- Affordable Rate of Interest
The interest rate that is charged by a lender can impact the cost of your loan. If you are charged a high interest rate, the total repayment amount will be higher, and vice versa. The Kalyan Janata Sahakari Bank charges a low interest rate of just 13.5% p.a. on its personal loans, thus reducing the financial burden on its customers. Further, the lender charges an even lower interest rate for salary account holders.
- No Restrictions on Usage
Unlike car loans or home loans, when you avail a personal loan from the Kalyan Janata Sahakari Bank, the lender does not impose any restrictions on how the borrowed loan amount can be used.
- No Security Required
Individuals who are applying to The Kalyan Janata Sahakari Bank for a personal loan need not offer security to the lender. However, the lender will require the applicant to have two guarantors.
- Low Processing Fee
The Kalyan Janata Sahakari Bank charges a low processing fee of just .75% of the approved loan amount. The processing fee is a one-time amount that is deducted from the loan amount before it is disbursed into the borrower's savings bank account. Being charged a low processing fee will help you keep the cost of the loan low.
- Borrowers Can Prepay the Loan
The lender allows borrowers to make prepayments towards the borrowed loan amount. Also, no prepayment penalty or fee is charged by the lender.
Who can Avail a Personal Loan from The Kalyan Janata Sahakari Bank?
To avail a personal loan from The Kalyan Janata Sahakari Bank, you must meet the lender's pre-specified eligibility criteria. The following individuals/entities can apply for a personal loan from the lender:
- Salaried employees
- Self-employed individuals
- Businessmen
- Business entities
- Professionals who earn a steady source of income
How the EMI calculation for Kalyan Janata Sahakari Bank personal loan work?
To explain how a personal loan taken from The Kalyan Janata Sahakari Bank will work, let us look at an illustration. Consider a scenario wherein Mr. Singh has taken a loan of Rs.1 lakh from The Kalyan Sahakari Bank for a tenure of 1 year. Mr. Singh is charged an interest rate of 13.5% p.a. The lender also levies a processing fee of .75% of the sanctioned loan amount.
As per the above-mentioned illustration, Mr. Singh will have to pay a monthly EMI of Rs.8,955. Also, Mr. Singh will be paying a total interest of Rs.7,462 over the course of the loan term. He will also be charged a processing fee of Rs.750. Thus, the total amount due, in this case, will be Rs.1,08,212, which includes the principal amount, the interest, and the processing fee.
This is what Mr. Singh's amortisation details or repayment schedule will look like over the course of the loan term:
Month | Principal Paid (A) | Interest Paid (B) | Total Amount Paid (A+B) | Outstanding Loan Amount |
1st Month | Rs.7,830 | Rs.1,125 | Rs.8,955 | Rs.92,170 |
2nd Month | Rs.7,918 | Rs.1,037 | Rs.8,955 | Rs.84,252 |
3rd Month | Rs.8,007 | Rs.948 | Rs.8,955 | Rs.76,244 |
4th Month | Rs.8,097 | Rs.858 | Rs.8,955 | Rs.68,147 |
5th Month | Rs.8,189 | Rs.767 | Rs.8,956 | Rs.59,958 |
6th Month | Rs.8,281 | Rs.675 | Rs.8,956 | Rs.51,677 |
7th Month | Rs.8,374 | Rs.581 | Rs.8,955 | Rs.43,304 |
8th Month | Rs.8,468 | Rs.487 | Rs.8,955 | Rs.34,836 |
9th Month | Rs.8,563 | Rs.392 | Rs.8,955 | Rs.26,272 |
10th Month | Rs.8,660 | Rs.296 | Rs.8,956 | Rs.17,613 |
11th Month | Rs.8,757 | Rs.198 | Rs.8,955 | Rs.8,856 |
12th Month | Rs.8,856 | Rs.100 | Rs.8,956 | Rs.0 |
The above-mentioned illustration gives you an idea of how much you will need to set aside if you were to avail a loan of Rs.1 lakh for a loan tenure of 1 year. It is advisable to use an EMI calculator before availing a personal loan to know if the monthly payable EMIs are affordable.
Compare Kalyan Janata Sahakari Bank personal loan with loans from other lenders
Particulars | Interest Rate | Processing Fee | Preclosure/ Foreclosure Fee | Late Payment Fee |
The Kalyan Janata Sahakari Bank | 13.10% for salary account holders and 13.5% for others (12.80% for overdraft) | 0.75% of the sanctioned loan amount | Nil | As per the lender's terms and conditions |
Citibank Personal Loan | 10.99% p.a. to 18% p.a. | Up to 3% of the borrowed loan amount | Up to 4% of the outstanding principal | Nil |
HDFC Bank Personal Loan | 10.85% p.a. to 21.00% p.a. | Up to 2.50% of the loan amount | 2% to 4% of the outstanding principal | As per the lender's terms and conditions |
How do I reach the lender?
The various channels through which you can reach the lender are as follows:
- Head office: 0251-231664, 0251-2315995
- Toll-free: 18002331919
- Email: response@kalyanjanata.in
About the Bank
Established in the year 1973, The Kalyan Janata Sahakari Bank Ltd., today, offers retail loans and corporate loans. The lender also offers a personal loan that can be availed by individuals for various purposes such as to repay any outstanding debts, to purchase appliances or electronic goods, to repair or renovate one's residence, to pay for healthcare needs, etc.
The Kalyan Janata Sahakari Bank is a reliable lender that offers flexible repayment terms, in addition to charging a low interest rate and processing fee. Ensure that you read through the various terms and conditions of the loan and check your eligibility before submitting an application to the lender.
FAQs on Kalyan Janata Sahakari Bank
- How do I go about applying for a personal loan from The Kalyan Janata Sahakari Bank?
You can visit the nearest branch of the lender to apply for a loan.
- What is the processing fee? Is it charged as part of the EMI?
No, the processing fee is a one-time amount that is charged by the lender at the time of disbursing the loan amount to your account.
- What is the required margin when applying for a personal loan to The Kalyan Janata Sahakari Bank?
A 10% margin is applicable.
- Am I required to submit any collateral to avail a loan from the lender?
Assignment of your life insurance policy may be required as collateral.
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