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  • The Kalyan Janata Sahakari Bank Personal Loan

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  • 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
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    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 
    • Salary Account Holders: 13.10% p.a. for loans and 12.80% p.a. for overdraft 
    • Others: 13.5% p.a. 
    Up to Rs.5 lakh  0.75% of the sanctioned loan amount 

    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   The Kalyan Janata Sahakari Bank  Citibank Personal Loan  Bajaj Finserv Personal Loan  HDFC Bank Personal Loan 
    Interest Rate  13.10% for salary account holders and 13.5% for others   (12.80% for overdraft)  10.99% p.a. to 18% p.a.  12.99% p.a. onwards  15.50% p.a. to 21.50% p.a.  
    Processing Fee  0.75% of the sanctioned loan amount  Up to 3% of the borrowed loan amount  Up to 3.99% of the loan amount  Up to 2.50% of the loan amount 
    Preclosure/Foreclosure Fee  Nil  Up to 4% of the outstanding principal  4% plus applicable taxes  2% to 4% of the outstanding principal 
    Late Payment Fee  As per the lender’s terms and conditions  Nil  2% of the monthly EMI plus takes or Rs.200  As per the lender’s terms and conditions 

    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.  

    Frequently Asked Questions (FAQs)

    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. 

    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 
    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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