Jana Small Finance

Years

Apply Jana Small Finance  Business Loan

About Jana Small Finance Bank

Jana Small Finance Bank has a rich legacy of providing microfinance to the unserved and underserved sections of society. Before its incorporation as a small finance bank, it was a prominent microfinancing institution, Janalakshmi Financial Services. In its previous avatar, the company had an excellent reputation for providing timely financial assistance to micro-enterprises and self-help groups. On becoming a bank, it has carried forward the excellent work on a larger scale.

Jana Small Finance Bank Loans

Jana Small Finance Bank has various loan products in its arsenal. It caters to the requirements of individuals and businesses. One of the positive aspects of this financial institution is that it has a very low loan rejection rate. The objective of this small finance bank is to provide timely and adequate financing to the unserved sections of the population.

Jana Small Finance Bank Loans - Features

  • Loans available for individuals and business entities alike
  • These loans cater to various purposes like housing, business requirements for individuals and groups, agricultural financing, and so on.
  • Loans are available with and without collateral, depending on your requirements.
  • The bank charges competitive rates of interest when compared to its peers in the market.
  • Facility to apply for business loans and other loans online
  • Simplified eligibility norms and secure processing of loans
  • Flexible repayment schedules like daily, weekly, or monthly instalments depending on the income generation of the entity
  • Facility for the opening of a zero-balance current account for the customer
  • Credit insurance available for the applicants and co-applicants
  • Doorstep delivery of services and collection

Jana Small Finance Bank Loans - At a Glance

Jana Small Finance Bank offers easy loans to both individuals and businesses.

Jana Small Finance Bank - Loans for Individuals

Loan Product

Purpose

Maximum loan

Interest Rate

Maximum tenure

Home Loans

All housing requirements of individuals

35 Lakhs

14% to 15%

20 years

Group Loan

For women to carry out business activities

50,000

22% to 26%

24 months

Business Loan for Individuals

For the expansion of existing business

1 Lakh

25% to 26%

NA

Agri Individual Loan

For carrying on agricultural activity

1.50 Lakhs

24% to 26%

36 months

Gold Loan

Loan for meeting personal and business needs

1 Lakh

NA

One year

Home Improvement Loan

Carry out repairs and renovations to the house

1.25 Lakhs

23% to 24%

NA

Agri Group Loan

Agricultural activities

65,000

24% to 26%

12 to 24 months

Jana Small Finance Bank - Loan for Business Enterprises

Business Loan for Entity

Cater to all business needs

10 Lakhs

24%

12 to 36 months

Secured Business Loan

Expand business and achieve other goals

10 Lakhs

NA

Five years

Secured Plus Business Loan

Create long-term income-generating assets

1 Crore

13% to 17%

12 years

Jana Small Finance Bank Business Loan - How to Apply

  • Visit the branch office of Jana Small Finance Bank in your city and apply for the business loan in person. The bank's relationship manager will guide you through the application process.
  • Contact the bank either through phone or email. The customer care executive will fix up an appointment with the relationship manager. Complete the loan application process with their help.

Jana Small Finance Bank Business Loan - In Detail

Business Loans for Individuals

Objective

  • Business loans for individuals who are looking to expand their business

Features

  • Minimum loan amount - 50,000
  • Maximum amount - 1 Lakh
  • No collateral requirement
  • Direct disbursement into the current account
  • Repayment through ECS mode thru NACH
  • Minimum documentation
  • Doorstep services like collection
  • Rate of Interest - Ranging between 25% and 26%

Eligibility

  • Existing Jana Small Finance Bank customers who have a history of 18 months
  • Successful business experience of a minimum of two years
Group Loan for Women

Objective

  • Group Loan for women customer who is willing to guarantee each other

Features

  • Group loan to women for carrying out micro businesses
  • Minimum loan - 15,000
  • Maximum - 60,000
  • Age criteria - between 18 and 18 years
  • Repayment tenure - Maximum of 24 years
  • Security - Group guarantee
  • Processing fees - 0 to 2% of the loan amount
  • Rate of Interest - Range of 22% to 26%

Eligibility

  • The applicant should fulfil all KYC norms
  • Should be between 18 and 58 years
  • Should have a good credit record
  • Meet the credit norms of Jana Small Finance Bank
  • Should be a part of the group of women who are willing to provide a guarantee to each other for the repayment of the loan
Business Loan for Entity

Objective

  • Help businesses to fulfil their business goals and future expansions

Features

  • Loans available with and without collateral
  • Loan amount without collateral - 1 Lakh to 3 Lakhs
  • A loan with collateral - 3 Lakhs to 10 Lakhs
  • Tenure of the loan - Unsecured loans - up to 36 months
  • Tenure of the loan - Secured loans - 12 to 60 months
  • The facility of opening a Zero-balance current account
  • Credit Life insurance facility available to the applicant and the co-applicant
  • Rate of interest - Up to 24% per annum
  • Doorstep services such as the collection of documents, instalments, and so on

Eligibility

  • Existing customers of Jana Small Finance Bank are eligible for this loan
  • New customers of Jana Small Finance Bank are also eligible provided they have an existing business venture of a minimum of three years of existence.
Secured Business Loans

Objective

  • Expansion of business and achieve other business objectives

Features

  • Minimum amount - 5 Lakhs
  • Maximum amount - 10 Lakhs
  • Repayment tenure - Up to five years
  • Security - Collateral in the form of mortgage of land, residential or commercial building
  • The facility of a zero-balance current account
  • Credit Life Insurance for the applicant and co-applicant
  • Doorstep Banking Services
  • Attractive rates of interest

Eligibility

  • Existing or new customers of the bank are eligible
  • Should be running a successful business enterprise for a minimum of three years
  • Own at least a house, shop, or factory
Secured Plus Business Loans

Objective

  • Expansion of existing business and achieving long-term business goals
  • Create long-term business assets for generating income

Features

  • Minimum loan amount - 10 Lakhs
  • Maximum amount - 1 Crore
  • Repayment tenure - Up to 12 years
  • Security - Mortgage of land, residential, or commercial property
  • Facility to open a zero-balance current account
  • Credit life insurance for the applicant and co-applicant
  • Doorstep banking services
  • Rate of interest - Between 13% and 17%

Eligibility Criteria

  • Existing and new customers of the bank are eligible
  • Should be in the business for a minimum of three years
  • Own any one of the following - shop, factory, or residence

Jana Small Finance Bank Business Loan - Documents Required

The applicants should provide the following documents when applying for business loans.

KYC Documents - ID Proof

  • Primary ID proof - Aadhar Card
  • Secondary ID proof - PAN Card
  • In the absence of PAN card, the applicant should provide Form 60 along with any one of the following documents.
  • Passport
  • Voter's ID Card
  • Driving licence
  • NREGA card
  • Letter issued by NPR containing name and address

KYC Documents - Proof of Residence

  • Any of the valid KYC documents
  • The latest copy of the utility bill

Jana Small Finance Bank Business Loan - Service Charges

Particulars Business Loans for Individuals

Loan processing charges

2% of the loan amount

Documentation charges

Depends on the state where the execution of the documents takes place

Prepayment charges

Nil

Late payment charges

Nil

Foreclosure charges

Nil

Bounce charges

Nil

Particulars Group Loan

Loan processing charges

0% to 2% of the loan amount

Documentation charges

Nil

Prepayment charges

Nil

Late Payment charges

Nil

Foreclosure charges

Nil

Bounce charges

Nil

Particulars Business Loan for Entity / Secured Business Loan / Secured Plus Business Loan

Loan Processing charges

3% of the loan amount

Documentation charges

Nil

Prepayment charges

5% of the prepaid amount

Late Payment charges

24% per annum

Foreclosure charges

5% of the amount prepaid before the completion of 75% of sanctioned tenure

Bounce charges

500

Jana Small Finance Bank Business Loan - Contact Details

  • Phone - 080-46020100
  • Email - customercare@janabank.com
  • Banking Toll-free - 18002080 (24 X 7)
  • MFI Toll-free - 18004200 (7 am to 10 pm)

Jana Small Finance Bank Business Loan - Frequently Asked Questions

What types of business loans does Jana Small Finance Bank offer?

Jana Small Finance Bank offers various business loans to suit the requirements of their clients. It includes collateral-free business loans to individuals, group loans for women, and loans with/without collateral to business entities. Businesses can use these loans for expansion of their activities, meet working capital requirements, and for procuring long-term assets.

What is the USP of Jana Small Finance Bank Business Loan?

The USP of Jana Small Finance Bank Business Loans is as follows.

  • Loans available for amount as low as 15,000 to women to carry on small businesses
  • Loans available without collateral to business entities up to 3 Lakhs
  • Maximum business loans up to 1 crore against collateral

What is the concept of credit life insurance?

Jana Small Finance Bank Business Loans are available with a credit life insurance feature for both the applicant and co-applicants. This feature secures the life of the borrower up to the loan amount in the case of accidental death. Under such circumstances, the insurance company repays the loan. The burden does not fall on the legal heirs of the borrowers.

What are the different types of repayment options available with Jana Small Finance Bank Business Loans?

Jana Small Finance Bank Business loans offer flexible repayment options like daily, weekly, or monthly instalments depending on the category of the business and the modes of collection. It also provides repayment modes like ECS mandates and post-dated cheques.

Does Jana Small Finance Bank offer cash credit or overdraft loans?

No, Jana Small Finance Bank does not offer cash credit or overdraft loans to business entities. It offers term loans that are repayable on monthly instalments. These loans are useful for the expansion of the business or procurement of long-term assets.

What is the interest rate structure of Jana Small Finance Bank?

Jana Small Finance Bank offers business loans at interest rates ranging between 22% and 26% per annum. It also provides secured business loans at lower rates of interest. The Secured Plus Business loans up to a maximum of 1 crore are available at rates of interest ranging between 13% and 17% per annum. Thus, one can say that the bank offers competitive interest rates for its business loans.

What are the factors that affect the rate of interest on the business loans offered by Jana Small Finance Bank?

The rates of interest on business loans offered by Jana Small Finance Bank depend on the following factors.

  • The nature of the loan
  • The quantum of the loan
  • The value of collateral available
  • The credit rating of the borrower

What are the benefits available to the individuals and business entities when they apply for business loans at Jana Small Finance Bank?

Apart from simplified eligibility and documentation norms, the following benefits are available to individuals and business entities.

  • They can open a current account with zero balance.
  • The individual applicant and co-applicant can avail the benefit of credit life insurance.
  • The bank offers excellent repayment options such as daily or weekly repayments, as well.
  • The borrowers can avail the benefit of doorstep delivery.

What type of business entities can avail business loans from Jana Small Finance Bank?

New and existing customers can avail business loans from Jana Small Finance Bank. The business entity should be active in the line of business for a minimum of three years. Sole proprietorships, partnership firms, and limited companies can apply for business loans. Individuals can also apply for business loans depending on the nature of the business they do.

Up to what amount can the business entity avail a business loan from Jana Small Finance Bank without offering any collateral.

Business entities can avail such business loans from Jana Small Finance Bank up to an amount of 3 Lakhs without offering any collateral. All loans more than 3 Lakhs should be backed by adequate collateral in the form of mortgage of land, residential, or commercial property.

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