Jana Small Finance

Years

Apply Jana Small Finance  Personal Loan

About Jana Small Finance Bank

India is a vast country with a massive population. A significant proportion of the population does not have access to proper banking facilities. Though India has a robust banking network comprising of the public sector, private sector, and cooperative banks, there are still unserved and underserved pockets. Microfinancing institutions are the ideal solution to cater to such a clientele. Janalakshmi Financial Services was one of the top micro-financing institutions in the country that had developed a customer base of more than 56 Lakhs over the past two decades. Seeing the progress, Reserve Bank of India accorded the status of a small finance bank to Janalakshmi Financial Services. This new entity started functioning under the name of Jana Small Finance Bank from 2017.

Jana Small Finance Bank - Products and Services

Though Jana Small Finance Bank started functioning from 2017, it had the advantage of a readily available customer base. All the customers of Janalakshmi Financial Services automatically became customers of Jana Small Finance Bank. They can have access to all the products and services provided by Jana Small Finance Bank.

Jana Small Finance Bank offers the following products and services to both its existing and new customers.

Product Description

Savings Accounts

Available to resident Indian individuals to encourage the savings habit among the underserved section of the population

Current Accounts

Enable business entities and individuals to route their business dealings through Jana Small Finance Bank

Fixed Deposits

Attractive rates of interest available on fixed deposits with the bank. Separate schemes for deposits under 2 Crores and more than 2 Crores

Loans

A range of loan products available to individuals, business entities, agriculturists, and others to cater to their various requirements

Cards

Rupay Debit cards to savings and current account holders for use at ATMs, POS outlets, and ecommerce websites

Payments

Access to individuals and other account holders to fund transfer facilities like IMPS, NEFT, and RTGS

Jana_Small Finance Bank - Loans

Jana Small Finance Bank offers different types of loans for personal and business purposes. The features of Jana Small Finance Bank loans are as follows.

  • Relaxed eligibility and simplified processing
  • Easy to apply online and at the branch level
  • Range of products available to suit your requirements
  • Competitive rates of interest amongst its peer institutions
  • Transparent fee structure
  • Flexible repayment tenures with modes like daily, weekly, or monthly repayment
  • Loans available with and without collateral
  • Business loans up to 3 Lakhs without collateral
  • Group loans available for business and agricultural activity
  • Home loans and home improvement loans available

Jana Small Finance Bank - Loans at a Glance

Personal Loans - for individuals

Product

Ideal for

Maximum loan

Interest rate

Repayment tenure

Home Loans

Satisfy all housing requirements

35 Lakhs

14% to 15%

20 years

Agri Individual Loan

Expand your agricultural activity

1.50 Lakhs

24% to 26%

12 to 36 months

Gold Loan

Immediate funds for personal and business use

1 Lakh

NA

Bullet payment

Home Improvement Loan

Repairs and renovations to an existing house

1.25 Lakhs

23% to 24%

NA

Agri Group Loan

Meet financial requirements of agriculturists

65,000

24% to 26%

12 to 24 months

Business Loans - For individuals and business entities

Group Loan

Business loans for individuals

A unique product for women borrowers

60,000

22% to 26%

24 months

Business Loan for Entity

Expansion of business

10 Lakhs

24%

60 months

Secured Business Loan

Business activity

10 Lakhs

NA

Five years

Secured Plus Business Loan

Business expansion and purchase of long-term assets

1 Crore

13% to 17%

NA

Jana Small Finance Bank - How to Apply

  • Jana Small Finance Bank offers facilities to apply for your personal loans online. Access the official website and proceed to click on "Apply Now." Submit the details like name, email ID, and mobile number. The bank's representative will call you to complete the formalities.
  • Customers can also apply for personal loans by visiting the nearest branch of the bank and submitting their applications in person.

Jana Small Finance Bank - Features and Benefits

  • Easy to apply
  • Relaxed eligibility norms
  • No collaterals
  • Competitive rates of interest
  • Flexible repayment schedules

Jana Small Finance Bank - Details

Home Loans

Objective

  • Finance all housing and mortgage requirements

Purpose of the loan

  • Purchase of new flat or house
  • Buy flats or homes on resale
  • Loans for construction of houses
  • Purchase flats under construction
  • Avail a loan against property, residential and commercial
  • Balance transfer of existing loans from banks and financial institutions
  • Top up loans available

Loan amount

  • Maximum loan of 35 lakhs

Rate of Interest

  • Housing Loan - 14% to 15%
  • Non-housing loans - 17% to 20%

Repayment tenures

  • Easy EMIs for a maximum of 20 years

Features

  • Facility to open Zero balance savings bank account with a debit card
  • Rate of interest on savings accounts - 5%

Other convenient services

  • Minimum documentation
  • Doorstep services
  • Safe custody of the property documents
  • Perfect due diligence on the title of the property
  • Balance transfer facility along with a top up

Insurance facility

  • Credit Life Insurance for applicant and co-applicant

Subsidy

  • Eligible beneficiaries can avail PMAY subsidy up to 2.67 lakhs

Eligibility Criteria

  • New, as well as the existing customers of the bank, are eligible for home loans
  • Salaried employees and self-employed individuals are eligible for home loans
  • Professionals with cash income can also apply
  • Minimum household income of 10,000 per month
  • Minimum age - 25 years
  • Maximum - 75 years at maturity

Documents required

  • Application form completed in all respects
  • KYC documents - Age proof, ID proof, proof of residential address, signature proof
  • Business continuity documents, GST certificates, and so on
  • Bank statement for a minimum of six months as income proof
  • ITR and other income documents for a minimum of two years
  • Photocopy of property documents to prove ownership
  • Loan repayment track record if applicable
  • Login Fee Cheque as applicable

Service charges - Home Loan

Loan Origination fee

  • Up to 10 lakhs - 1,000
  • Up to 20 lakhs - 1,500
  • More than 20 lakhs - 2,000

Processing fee

  • 2% of the sanctioned amount
  • Login fee is an upfront fee and not netted against the processing fee
  • Cheque Bounce charges - 300

Foreclosure charges

  • Floating rate loans - Nil
  • Fixed-rate loans and loans of non-individuals - 2% for home loans and 4% on LAP

Part Payment Charges

  • Part-payment of 25% allowed every year without any charge
  • Amounts above 25% - prepayment charge of 2% on HL and 4% on LAP
  • Part-payment charges are only applicable to the fixed rate of interest loans
Agri Individual Loan

Objective

  • Help customers involved in agricultural activities to expand their existing set-up

Purpose

  • Finance all kinds of farming activities like acquiring seeds, fertilisers, dairy activities, and so on

Loan Amount

  • Minimum - 60,000
  • Maximum - 1.50 lakhs

Features

  • Credit life insurance for the applicants
  • Doorstep banking at every stage

Rate of interest

  • Competitive rates in the range of 24% to 26%

Loan repayment tenure

  • 12 to 36 months

Who is eligible?

  • Existing customers carrying out agricultural activities are eligible
  • New customers involved in agriculture are also eligible for this credit facility
  • Applicant should be residing in the same village or town for a minimum of two years.
  • The applicant should have an existing agricultural set-up.

Documents necessary for processing

  • Primary ID - Aadhar Card
  • Secondary ID - PAN Card
  • If PAN Card is not available, the applicant should submit Form 60 along with one of the following documents
  • Passport
  • Voter's ID Card
  • Driving Licence
  • NREGA Card
  • Letter issued by NPR containing details of the name and address of the applicant
  • Residence Proof
  • Anyone of the KYC documents containing the address
  • Utility bill not older than 60 days

Service Charges

  • Processing fee - up to 2%
  • Late payment charges - 24% on the overdue amount
Gold Loan

Objective

  • Easy personal loan against gold jewellery for meeting personal and business requirements

Purpose

  • Meet personal and business needs

Features

  • Gold loans available for as low as 5,000
  • Maximum loan up to 1 lakh
  • Repayable options like quarterly, half-yearly, and annual bullet payments
  • Instant disbursements
  • Gold is safe in the bank's vaults
  • Transparent Pricing

Rate of Interest

  • Attractive and competitive

Eligibility

  • All Indians aged between 18 and 60 years

Documents

  • All KYC documents as applicable to other loans

Service charges

  • No processing fees
  • Penal charges - 4% on the overdue amount
Home Improvement Loan

Objective

  • Meet the requirements for repairing and renovating the existing home

Purpose

  • Facility available to existing customers to refurbish their homes

Loan Amount

  • Minimum - 60,000
  • Maximum - 1.25 lakhs

Features

  • Loan disbursed through the savings account
  • Repayment collection through NACH
  • No requirement of collateral
  • Doorstep service

Rate of Interest

  • 23% to 24%

Eligibility Criteria

  • Existing customers with an 18-month history
  • Should own a house

Documents

  • As required for other personal loans

Service charges

  • Processing fee - 1% of the approved loan amount
  • Documentation charge - Depends on the State laws
Agri Group Loan

Objective

  • Finance the requirements of the farming community to carry on with agricultural and allied activities

Purpose

  • Meet all agricultural requirements

Loan amount

  • Minimum - 25,000
  • Maximum - 65,000

Group Loan

  • Minimum of 3 members with a maximum of 20

Features

  • Credit life insurance facility
  • Doorstep service

Rate of interest

  • Competitive rates in the range of 24% to 26%

Repayment tenure

  • 12 to 24 months

Eligibility conditions

  • Existing Jana Small Finance Bank customers with a minimum of six years
  • Minimum group size should be three members involved in agricultural activities from the same village
  • Applicants should be residing in the same village or town for a minimum of two years and have an existing agricultural set-up

Documents

  • Same as that of other loans

Service charges

  • Processing fee - 2% of the sanctioned amount
  • Late payment charges - 24% per annum on the overdue amount

Jana Small Finance Bank - Frequently Asked Questions

How do Jana Small Finance Bank personal loans differ from the business loan product?

The primary difference is that the Jana Small Finance personal loans do not require collateral. The housing loan and the LAP are the ones that come with security. Business loans require security over a specific threshold amount.

Does Jana Small Finance Bank offer personal loans against salary?

No, as on date, Jana Small Finance Bank does not have any such product where you get a personal loan against salary.

What factors affect the rate of interest on Jana Small Finance Bank personal loans?

Various factors affect the rate of interest on Jana Small Finance personal loans.

  • The purpose of the loan - Loan against gold and home loans have a comparatively lower interest rate
  • The credit rating of the borrower - The lower the credit rating, the higher is the rate of interest on the loan
  • The security available - Home loans, LAP, and gold loans are cheaper in comparison to other loans.

What is the security available for the Group Loan for Women?

The other women in the group should stand as guarantors for the loan availed by one of them.

Is there any penalty for foreclosure of a home loan?

There is no penalty for individual borrowers who choose the floating rate of interest on home loans. Non-individuals are liable to pay a foreclosure penalty for closing their home loans before its maturity.

What is the security available for a home improvement loan?

If the borrower is an existing home loan borrower, the equitable mortgage on the house will continue for the new loan, as well. If the borrower does not have any housing loan, there is no stipulation of any collateral on home improvement loans.

Can I apply for LAP against the agricultural property?

No, the LAP is available only on residential or commercial properties.

What is the loan to value ratio in the case of a home loan?

The bank has not stipulated any specific LTV ratio in the product details. However, the industry ration of 75% to 90% should apply for Jana Small Finance Bank home loans.

What is the Bullet payment concept in gold loans?

This concept allows the borrower to repay the loan in a single instalment.

What is the stipulated margin on the gold loan?

The margin amount depends on the policies of the bank. It can change from time to time.

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