The microfinance institution, Janalakshmi offers wide range of products to satisfy the consumer’s financial wants and needs. The Financial Service company has received the licence by RBI to set up a Small Finance Bank and will soon be known as Jana Small Finance Bank. The variety of products offered by the company can help the people at various stages of their life. The aim is to provide the right guidance and monetary advice according to their changing needs and wants. The company ensures the maximum benefit of the customer. It provides right financial assistance and help them fulfill their monetary targets.
The Janalakshmi Loan are available for various purposes and at the competitive pricing. The company sticks to the social norms and principles. The principles it work on is what makes it a reliable financial partner. The company follows the following guidelines:
- The company ensures that the customer doesn’t borrow more than their ability to repay
- All costs, terms and conditions are communicated clearly so that the customer can make informed decisions
- The interest rates are fair and competitive and any price advantage is passed on to the borrower
- The company has strict policies that ensure the customers are always treated with respect
- The personal information of the applicant is kept confidential
- The customer can contact anytime through a multi-layered grievance redress mechanism, including a toll-free helpline and get the required information
Eligibility Criteria
All business units and entities covered under MSME category are eligible to apply for a loan. The company also lends the finance to individuals for purpose like education of the children, home improvement, working capital/ acceleration of business and Kisan loan.
Types of Loan offered by Janalakshmi
The loans offered to cater the various needs of the Enterprises are as follows:
Super Nano Loan - It is a credit facility designed to facilitate the growing credit requirements of micro or small enterprises belonging to existing Nano loan customers. The Super Nano loan is also offered to customers in the open market, who have a favourable credit history with other financial institutions. Under it, the customer can avail credit for the amount ranging from Rs. 2 lakhs to 6 lakhs for the period up to 5 years.
Micro Small and Medium Enterprise Loan - The MSME units in need of working capital and term loan can avail this facility where the company provides the credit of up to Rs. 50,00,000 for the period ranging from 12 months to 48 months. The rate on this loan varies from 18% to 26^% p.a.
Long-Term Business Loan - The long term loan is available against the self-owned
and occupied property that can be used for financing the long term projects and accelerate the business. The funds provided under this loan ranges from Rs. 5,00,000 to Rs. 50,00,000. The repayment period of this loan extends up to 60 months.
Equipment & Machinery Financing - For buying the new machinery and equipment to improve the business, the candidate can avail the loan of amount Rs.2,00,000 to 50,00,000 for the period of 5 years at the reasonable rate of interest.
Documents Required:
The customer availing any loan from the Janalakshmi Finance Service has to provide the mentioned documents along with the application form:
- PAN Card
- Identity Proof – Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership Proof of either residence or office either in the name of applicant or jointly with family members
- Business Continuity Proof – Any one document (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
- Letter certifying end use of the business loan funds on Business Letterhead
- Passport Size Photographs of all applicants and co-applicants
Janalakshmi Financial Services Branches
The company has its branches in the multiple States, the name of them are -
Punjab, Haryana, Uttarakhand, New Delhi, Rajasthan, Uttar Pradesh, Bihar, Madhya Pradesh, Gujarat, Jharkhand, West Bengal, Chattisgarh, Odisha, Maharashtra, Karnataka, Tamil Nadu
The Head Office of Janalakshmi Financial Services is located in Bengaluru, Karnataka.
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