Consolidation Loans from Jana Small Finance Bank
A wide array of loan schemes for different people.
Jana Small Finance Bank, a small finance bank based in Bengaluru, offers multiple financial products to different segments of its customer base. As of October 2020, the bank offers a wide range of loans to suit the needs of its customers.
Jana Small Finance Bank Consolidation Loans
Jana Small Finance Bank offers specially designed loan schemes to its customers for their varied needs in addition to standard loan options such as home loans, education loans, business loans, etc. One of these options is a consolidation loan.
A debt consolidation loan, simply referred to as a consolidation loan, helps bank customers consolidate all their debts into one loan which they can repay by choosing terms as per their preference. It can be an unsecured loan like a personal loan or secured loan like loan against property, gold, securities, etc. Balance of transfer loans and home loan top-ups also fall into this category simply because they can be used to consolidate debts.
Like most banks in the country, the bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans that can be used to consolidate your debt. Here are some of the loan schemes offered by Jana Small Finance Bank that you can avail as a consolidation loan:
- Gold Loan
- Loan Against Property
- Home Loan Balance Transfer
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Jana Small Finance Bank Gold Loan
This scheme helps borrowers access needed funds by leveraging the power of their gold jewellery. This loan can be used to meet any personal financial needs such as for a wedding, overseas trip, higher education, home renovation, debt consolidation, etc. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 25 lakh.
Features of Jana Small Finance Bank Loan Against Gold
Why this Loan?
- The Jana Small Finance Bank Gold Loan is meant for borrowers who want to get funds by pledging their gold jewellery to meet their financial needs
- It can also be availed by borrowers as a consolidation loan
- Borrowers can also avail this loan against gold coins subject to a maximum of 50 grams per borrower
Jana Small Finance Bank Loan Against Property
This loan helps borrowers get access to funds by pledging their residential property to meet their urgent financial needs such as child’s wedding, dream vacation, medical emergencies, home repair / renovation / extension, debt consolidation and so on.
Features of Jana Small Finance Bank Mortgage Loan
Why this Loan?
- The Jana Small Finance Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan can also be repurposed into a consolidation loan to pay off high-interest debts
Jana Small Finance Bank Home Loan Balance Transfer
This scheme is designed for home loan borrowers from other banks to help them transfer it to Jana Small Finance Bank and avail a top-up loan to meet their personal needs. This is the perfect consolidation loan scheme for home loan borrowers since the bank offers flexible loan tenure and a competitive interest rate.
Features of Jana Small Finance Bank Home Loan Balance Transfer
Why this Loan?
- The Jana Small Finance Bank Home Loan Balance Transfer is meant for home loan borrowers who want to transfer their home loan from other banks to Jana Small Finance Bank
- The bank offers flexible loan tenures and competitive interest rates on this scheme
Important Note: Jana Small Finance Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Jana Small Finance Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the one-year MCLR of Jana Small Finance Bank is 11.52%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Reference Facts
- Jana Small Finance Bank Website: www.janabank.com
- Headquarters: Bengaluru, Karnataka
- Call Centre Toll-free Number: 1800 2080