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Jammu and Kashmir Bank offers consumer loans for individuals to give them the chance to purchase consumables that they require.
Interest rate for loans offered for as low as 12.45% p.a.
Processing fee is set at a maximum of Rs.500 + GST
Minimum age of the applicant is 21 years old and maximum age limit is 70 years old.
Jammu and Kashmir Bank offers personal loans for a variety of purposes at interest rates starting from 10.25%. The maximum repayment tenure varies from scheme to scheme, with 84 months being the highest, and the maximum amount you can borrow is Rs.20 lakh.
Personal loan details offered by J&K Bank
Consumer Loan
Interest Rate 11.75% onwards for salaried employees of State and Central Government, and 12.50% onwards for others
Loan Amount Up to Rs.75,000, subject to 12 times net monthly income
Processing Fees Nil
Tenure 60 months
Saholiat/Saral Finance
Interest Rate 12.50% onwards for those who maintain salary accounts with Jammu and Kashmir Bank 13.75% onwards for those who do not have salary accounts with Jammu and Kashmir Bank 14.50% onwards for businessmen, self-employed persons and professionals apart from the salaried class 12.50% onwards for pensioners of the State or Central Government, including family pensioners who maintain pension accounts with Jammu and Kashmir Bank
Loan Amount Rs.20 lakh or 36 months gross salary, whichever is lower
Processing Fees Nil
Tenure 84 months
Saral/Saholiat Finance Scheme for Pensioners
Interest Rate 12.50% onwards
Loan Amount The lower of Rs.3 lakh or 18 months net pension for pensioners under 70 years of age The lower of Rs.3 lakh or 12 months net pension for pensioners who are between 70 and 75 years of age The lower of Rs.2 lakh or 12 months net pension for family pensioners who are under 70 years of age
Processing Fees Nil
Tenure 36 months for loans up to Rs.50,000 and 48 months for loans above Rs.50,000
Laptop/PC Finance
Interest Rate 11.75% onwards
Loan Amount Up to Rs.50,000; can be extended up to Rs.1 lakh for the purchase of Mac series of PCs and tablets sold by Apple Inc
Processing Fees Nil
Tenure 36 months for loans up to Rs.50,000 and 48 months for loans above Rs.50,000
Scooty Finance for
Interest Rate 10.25% onwards
Loan Amount Up to 85% of the price of the Scooty subject to a maximum of Rs.50,000
Processing Fees Nil
Tenure 60 months
Festival Advance Scheme
Interest Rate 12.50% onwards
Loan Amount Rs.5,000 to Rs.75,000
Processing Fees Nil
Tenure 10 months
Smartphone Finance
Interest Rate 12% onwards
Loan Amount Rs.10,000 to Rs.75,000 or 12 months net income
Processing Fees Rs.250
Tenure 30 months
Modular Kitchen Finance
Interest Rate 12% onwards for employees and pensioners of State/Central Government, and 12.50% onwards for others
Loan Amount Up to Rs.5 lakh or 80% of the price of modular kitchen or 60 months net income, whichever is lower
Processing Fees 0.50% of the loan amount
Tenure 72 months for amounts up to Rs.2.5 lakh and 84 months for amounts above Rs.2.5 lakh
Sahafat Finance Scheme
Interest Rate 12.40% onwards
Loan Amount Rs.50,000 to Rs.3 lakh
Processing Fees Rs.200 + GST applicable
Tenure 60 months
Eligibility Criteria for Jammu and Kashmir Bank Personal Loan
Loan Scheme Eligibility Criteria
Consumer Loan Must be an employee of the Government, civic bodies, or must be self-employed
Saholiat/Saral Finance Must be a permanent employee of the State/Central Government, State or Central and Semi-Government Public Sector Undertakings, Autonomous bodies or institutions
Saral/Saholiat Finance Scheme for Pensioners Must be a pensioner of the State/Central Government who draws pension via Jammu and Kashmir Bank (family pensioners included)
Laptop/PC Finance Must be a permanent employee of the State/Central Government, State or Central and Semi-Government Public Sector Undertakings, Autonomous bodies or institutions, or An employee of a private organisation, private limited company, reputed esta
NATURE OF THE FACILITY
Term loan
PURPOSE
For purchase of the following House hold Goods (not for Commercial Activity):
TV (LCD, LED, 3D etc.)
Refrigerators and Deep freezers.
Washing Machines.
Home theater and Music systems.
Vacuum Cleaners.
Water Purifiers.
Geysers.
AC (Split as well as Window)
Heating Equipment’s (Electric Heaters including Oil fired Heaters, LPG Heaters / Bukharis)
Generators (only non-kerosene).
Invertors Complete Kit.
Invertor batteries
Furniture (Steel & Wooden)
Cooking Range ETC.
ELIGIBILITY
Permanent Employees of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies.
Employees on contractual basis with Central / State Govt, Government / Semi-Government Undertakings & Autonomous bodies shall be eligible, if they have been in current contractual job for a period not less than I year and the remaining contract period is longer than the chosen repayment period .
Teachers under Rehaber-a-Taleem, J&K Govt.
Officials under Rehaber-a Zeerat, J&K Govt.
Pensioners both State / Central drawing their monthly salaries / pension through our bank.
Employees of Private Limited Companies, Private Organizations, Reputed Establishments having a minimum 1 year relationship with our bank (Assets or liabilities).
Professionals, self-employed individuals (businessmen included) & proprietorship concerns, having a minimum 1 year relationship with our bank (Assets or liabilities)
Finance under this scheme shall also be provided to regular teachers of recognized private schools (must be permanent residents of J&K State).
NOTE: Employees on Adhoc basis shall not be eligible.
AGE OF THE APPLICANT
Minimum Age: 21 years.
Maximum age of applicant at loan maturity:
For employees: one month before retirement
For pensioners: 70 Years.
For others: 65 years.
QUANTUM OF FINANCE
Maximum: Rs. 1,50,000 / -
MARGIN
10% of the cost of Consumer Durable Item (s).
SECURITY
PRIMARY:
For loans Up to Rs. 40000 / -: NIL
Loan amount Above Rs. 40,000.00: Hypothecation of Goods be purchased.
COLLATERAL:
Nil for:
Permanent Government employees drawing salary through our Branches & where letter of confirmation is available. For pensioners the spouse of the pensioner should be taken as Co- Borrower.
Platinum / Gold / Premium plus current account holders, having maintained satisfactory accounts for at least last 6 months.
Cash Credit / SOD account holders having a sanctioned limit above Rs 5 lacs and minimum average utilization percentage above 70% from at least 6 months prior to this facility.
Customers having Fixed Deposit accounts of value more than Rs. 5 Lakh in the Business unit sanctioning the facility. The deposit should be more than 4 months old at the time of disbursement of the loan.
Third Party Guarantee of one person for all other categories.
PROCESSING CHARGES
For loans up to Rs. 75000.00: Rs 250.00 plus applicable GST.
For Loans above Rs. 75001.00: Rs 500.00 plus applicable GST.
RATE OF INTEREST (SUBJECT TO CHANGE)
3 year MCLR plus 3%, fixed rate of interest with monthly rests.
Click here for rate of interest
REPAYMENT
Maximum loan tenor 48 months
PRE-PAYMENT CHARGES
NIL
MORATORIUM PERIOD.
Nil
RELATED LOANS
Housing Loan
Consumer loan
Saral / Saholiat Finance
Saral / Saholiat Finance Scheme
for pensioners
Solar finance
Laptop / PC Finance
Scooty Finance for Girls / Ladies
Festival Advance Scheme
Education Loan Scheme
