|Jana Small Finance Bank Personal Loan Highlights 2023|
|Interest rate||Up to 26% p.a.|
|Loan amount||Up to Rs 1.5 Lakh|
|Repayment tenure||Up to 3 years|
|Processing fee||Up to 2%|
Note: Interest rates as of 29th March 2023
Jana Small Finance Personal Loan Interest Rates
|Group Loan||22% p.a. to 26% p.a.|
|Agri Group Loan||22% p.a. to 26% p.a.|
|Agri Individual Loan||19% p.a. to 26% p.a.|
The final personal loan interest rates offered to the loan applicant would vary according to the credit score, monthly income, job profile, employer’s profile, etc. of the personal loan applicant.
Types of Personal Loans Offered by Jana Small Finance Bank
- Purpose: To meet the financial needs of women for various purposes.
- Security: Group guarantee.
- Loan amount: Rs 15,000 to Rs 60,000
- Loan tenure: up to 2 years
Agri Group Loan
- Purpose: To fulfill the financial needs of individuals having farm, dairy businesses and engaged in other related agricultural activities. The individual should be a part of a group engaged in agricultural activities and all members should reside in the same village. This group should have minimum 3 and maximum 20 members to avail Agri Group Loan. The bank also offers Credit Life Insurance facility for borrowers of agri group loans.
- Loan amount: Rs 25,000 to Rs 65,000 (collateral-free)
- Loan tenure: up to 2 years
Agri Individual Loan
- Purpose: To fulfill financial needs of individuals engaged in farming and other related agricultural activities, maintain or expand their business. The bank also offers credit life insurance for the borrowers of agri individual loans and doorstep banking service at every stage, starting from onboarding to servicing.
- Loan amount: Rs 60,000 to Rs 1.5 Lakh
- Loan tenure: Up to 3 years
Eligibility Criteria for Jana Small Finance Personal Loan
For Group Loan
- KYC Documents
- Age: 18 to 58 years
- No adverse credit record
- Should be a part of a group (women) who are willing to guarantee each other for loan repayment.
- The borrowers should meet the acceptable credit criteria as mentioned by the bank
For Agri Group Loan
- Existing customers with minimum 6 months of relationship with the bank
- Customers with minimum 3 group members involved in agricultural activities, residing in the same village.
- Applicants should be a resident of the current village / city for minimum 2 years and have an agricultural set-up.
For Agri Individual Loan
- Existing customers of Jana Small Finance Bank.
- Customers new to Jana Small Finance Bank and involved in agricultural activities.
- Applicants should be residents of the current village / city for minimum 2 years and have an agricultural set-up.
For Home Improvement Loan
- Existing customers of Jana Small Finance Bank who have completed 12 months
- House owner
Also read about 4 simple tips to improve your eligibility for a personal loan.
Documents Required for Jana Small Finance Bank Personal Loan
- Primary ID: Aadhaar
- Secondary ID: PAN Card/Form 60
- In case of non-availability of PAN card, applicants should submit one of the following documents: Passport/Voter ID/Driving License/NREGA/Letter issued by National Population Register containing details of names and address.
- Residence Proof: Any of the valid KYC documents or utility bills (not more than 60 days old)
Fees and Charges for Jana Small Finance Bank
Group loan: 0 to 2%
Agri Group Loan: up to 2%
Agri Individual Loan: up to 2%
Home Improvement Loan: 2% + G.S.T
Foreclosure and prepayment charges
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395