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Jammu and Kashmir Bank Personal Loan

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Apply Jammu and Kashmir Bank Personal Loan

About J&K Bank Personal Loan

The Jammu and Kashmir Bank (J&K Bank) was established in the year 1938 under a patent issued by Shri Maharaj Hari Singh, Maharaja of Jammu and Kashmir. Eminent investors became the founding directors and shareholders. It commenced business in the year 1939 and was considered the first state-owned bank in the country. It was declared as an 'A class' bank by RBI in the year 1976.

Headquartered at Srinagar, it operates as a universal bank in Jammu and Kashmir state and as a specialised bank in the rest of the country. It has a wide range of retail products and their Personal Loan scheme is a popular one.

Banks consider Personal Loans as high-risk loans since there are no securities offered for this loan and it is considered a clean loan. The interest rates on Personal Loans are normally higher compared to interest on other products only to cover up the risk. However, this is the best option when immediate funds are required for multiple purposes.

J&K Bank offers many Personal Loan schemes to cater to the needs of all categories of customers including salaried, self-employed, government employees, journalists, and so on. You can avail these loans for various purposes like purchasing consumer durables, laptops, smartphones, funding festival celebration expenses, and so on.

J&K Bank Personal Loan�Interest Rate - Dec 2019
Interest rate	12.35 %
Loan tenure	4�Years
Loan turn around period	1-7 Days
Processing Charges	250�of loan sanctioned + Taxes
Who can apply?	Self-employed professionals
	Salaried individuals
	Indian residents
Dishonour Charges	750 per instance
Lowest EMI	2,651� Per Lakh

Why Apply for J&K Bank Personal?

Reasons to take Jammu & Kashmir Bank Personal Loan:

You can take a loan under any of the numerous categories of Personal Loans available at the bank.
It is easy to find a customisable loan option
Quick processing and simple documentation
Competitive rate of interest charged on reducing balance
For some of the Personal Loan schemes disbursement is made by cash. So, the end use is not really insisted.
The loans can be availed for purchasing consumer durables, laptops, smartphones, funding festival celebration expenses, and other personal needs.

Features of J&K Bank Personal Loan

Here are some common features of J&K Bank Personal Loans:

You can avail up to a maximum loan of 10 Lakhs, depending on your occupation, loan scheme, and repayment capacity.
The repayment tenure varies from 10 months to 4 years, depending on your occupation, loan scheme, and repayment capacity.
Zero charges for loan foreclosure

J&K Bank Personal Loan Interest Rates

The rates of interest on J&K Bank Personal Loans are linked to the 1-year Marginal Cost of Funds based Lending Rate (MCLR) of the following, which is 8.85% as updated on 10.07.2019.

Following are the interest rates applicable on all Personal Loans schemes offered by the bank:�

Type of Loan	Interest Rate	Type of Interest Rate
Saholiat/ Saral Loan Schemes for Salaried Employees/ Pensioners of Central or State Government (including Rehaber-a-Taleem Teachers), State and Central Public Sector Undertakings, Autonomous Bodies & Other Institutions	Applicants who are maintaining their salary accounts with the J&K Bank: 1-Y MCLR + 3.50% = 12.35%	Fixed
	Applicants who are not maintaining their salary accounts with the J&K Bank: 1-Y MCLR + 4.75% = 13.60%
	Professionals/ Self-employed Persons/ Businessmen: 1-Y MCLR + 5.50% = 14.35%
	Central / State Government pensioners, including family pensioners, maintaining pension accounts with the Bank: 1-Y MCLR + 3.50% = 12.35%
Saral/Saholiat Finance Scheme for Pensioners	1-Y MCLR + 3% = 11.85%	Fixed
Consumer Loan	For salaried: 1-Y MCLR + 2.75% = 11.60%	Fixed interest rate with monthly rests
Consumer Loan	For others 1-Y MCLR + 3.50% = 12.35%	Fixed interest rate with monthly rests
JK Bank Laptop/PC Finance	1-Y MCLR + 1.75% = 10.60%	Fixed interest rate with monthly rests
J&K Bank Saral Finance to Small Businessmen	1-Y MCLR + 3.25% = 12.10%	Fixed
Finance for purchase of Domestic LPG Connections	1-Y MCLR + 0.50% = 9.35%	Fixed
J&K Bank Cash Credit Scheme	1-Y MCLR + 3.50% = 12.35%	Fixed interest rate with monthly rests
Festival Advance Scheme	1-Y MCLR + 3.50% = 12.35%	Fixed interest rate with monthly rests
Smartphone Finance	1-Y MCLR + 3% = 11.85%	Fixed
J&K Bank Sahafat Finance Scheme	For Term Loan: 1-Y MCLR + 3.4% = 12.25%	Floating with monthly rests
J&K Bank Sahafat Finance Scheme	For Cash Credit: 1-Y MCLR + 3.4% = 12.25%	Floating with 1 year reset clause

Types of J&K Bank Personal Loans

The bank offers the following types of Personal Loans:

Saral/Saholiat Finance Scheme

There are the following four categories of loans under this:

1. Saholiat/Saral Finance Scheme for Employees

Features of the loan:

Purpose	The loan can be used by salaried employees for any personal needs
Type of facility	Term loan
Loan amount	Up to gross salary 36 months
Repayment tenure	Up to�84�months or period of service left, whichever is lower
Who can apply	Permanent employees of central/state government, PSUs, autonomous bodies, and institutions
Security	If salary accounts of employees are maintained with the bank: Nil For others: Third party guarantee of a person having sufficient net worth for loan repayment ECS or RECS mandate has to be obtained, (or PDCs if ECS/RECS is not available)
Margin	Nil

2. Saholiat/Saral Finance Scheme for Professionals

Features of the loan:

Purpose	The loan can be used by professionals for any personal/professional needs
Type of facility	Term loan
Loan amount	Up to 2.5 times of applicant's net annual income OR 30 months' net monthly income OR 10 Lakhs, whichever is lower
Repayment tenure	Up to 60 months
Who can apply	Professionals like Engineers, Doctors (MBBS, BDS, etc.), Architects, Lawyers, and CAs, who are self-employed and earn their income through their profession
Security	Third party guarantee of 2 persons ECS or RECS mandate has to be obtained, (or PDCs if ECS/RECS is not available)
Margin	Nil

3. Saral/Saholiat Finance Scheme for pensioners

Features of the loan:

Purpose	The loan can be used by pensioners for any personal needs
Type of facility	Term loan
Loan amount	Up to 70 years of age:� Net pension of 18 months Above 70 years and up to 75 years of age: Net pension of 12 months Family Pensioner up to 70 years of age: Net pension of 12 months or 2 Lakhs, whichever is lower
Repayment tenure	Up to 70 years of age: Up to 60 months or up to 75 years of age, whichever is earlier Above 70 years of age: Up to 48 months or up to 75 years of age, whichever is earlier Family Pensioners: Up to 48 months or up to 75 years of age, whichever is earlier
Who can apply	Pensioners of central or state government drawing pension through J&K Bank including family pensioners
Security	Loan will be grated in the name of the pensioner as well as an eligible family pensioner (guarantee of any family member or third-party, if the family pensioner is not available)
Margin	Nil

4. Saholiat/Saral Finance Scheme for Businessmen

Features of the loan:

Purpose	The loan can be used by businessmen for any personal needs
Type of facility	Term loan
Loan amount	Net monthly income of 30 months or 5 Lakhs, whichever is lower
Repayment tenure	Up to 60 months
Who can apply	Existing borrowers with minimum satisfactory dealings of 3 years with J&K Bank and availing loan facility in the form of cash credit/term loan/secured overdraft Platinum and Gold Current Account holders having minimum 1 year standing in the said category and with maximum 2 penalties for non-maintenance AMB during the period.
Security	Third party guarantee of 1 person ECS or RECS mandate has to be obtained, (or PDCs if ECS/RECS is not available)
Margin	Nil

Consumer Loan

Features of the loan:

Purpose	For purchase of the following household items for personal use: TV (LED, LCD, 3D, etc.) Washing machines Refrigerators & deep freezers Vacuum cleaners Home theater & music systems AC (split/window) Water purifiers Geysers Heating equipment's (LPG Heaters/ �Bukharis/ Electric Heaters like oil fired Heaters) Non-kerosene generators Invertor batteries Invertors complete kit Furniture (steel and wooden) Cooking range
Type of facility	Term loan
Loan amount	Up to 1.50 Lakhs
Repayment tenure	Up to 48 months
Who can apply	Permanent employees of central/state government, government/ semi-government undertakings, and autonomous bodies Contract-based employees with the central/state government, government/ semi-government undertakings, and autonomous bodies are also eligible if they are in the current job for a period at least 1 year & the remaining period of the contract is longer than the repayment period Teachers under Rehaber-a-Taleem and J&K government Officials under Rehaber-a-Zeerat and J&K government State/central government pensioners drawing monthly salaries or pension through J&K bank Employees of private organisations, private limited companies, reputed establishments, with minimum 1 year relationship with J&K bank (assets or liabilities) Professionals/self-employed individuals/ businessmen/ proprietorship concerns, with a minimum 1 year relationship with J&K bank (assets or liabilities) Regular teachers of recognised private schools (who are permanent residents of J&K) Employees on Adhoc basis are not eligible Minimum age:�21 years Maximum age at loan maturity: For employees: 1 month before retirement For pensioners: 70 years For others: 65 years
Security	Primary: For loans up to 40,000: Nil For loan above 40,000: Hypothecation of goods to be purchased Collateral: Nil for Permanent government employees who are drawing salary through J&K Bank branch and where the letter of confirmation is available (For pensioners, the spouse is taken as co-borrower) For Platinum, Gold, and Premium plus Current account holders, who have maintained satisfactory accounts for minimum last 6 months Cash Credit or SOD account holders with a sanctioned limit of above 5 Lakhs and minimum average utilisation percentage of above 70% from at least 6 months before this facility. Customers holding Fixed Deposit accounts (of more than 4 months old on disbursal) of more than 5 Lakhs in the business unit For all other categories Third party guarantee of 1 person
Margin	10% of the value of consumer durable item(s)

J&K Bank Cash Credit Scheme (Salaried Employees)

Features of the loan:

Purpose	To provide hassle-free cash credit facility to salaried employees
Type of facility	Cash credit
Loan amount	Minimum: 50,000 Maximum: Up to 6 times average of last 3 months' salary credited in the account or 6 Lakhs, whichever is lower
Repayment tenure	The facility is revolving in nature up to 52 years of age or 8 years before the applicant's retirement age, whichever is earlier
Who can apply	Permanent employees of central government/ government/ semi-government undertakings/ autonomous bodies who are drawing a salary from J&K Bank
Security	Nil
Margin	Nil

Laptop/ PC Finance

Features of the loan:

Purpose	To provide loan for purchase of Laptop/ PCs/ Tablets/ Netbooks
Type of facility	Term loan
Loan amount	Up to 1.50 Lakhs
Repayment tenure	12-48 months
Who can apply	Permanent/contractual employees, self-employed individuals, professionals, proprietorship concerns Teachers under Rehaber-a-Taleem and J&K government Officials under Rehaber-a-Zeerat and J&K government State/central government pensioners drawing monthly salaries or pension through J&K Bank Employees of private organisations, private limited companies, reputed establishments Regular teachers of recognised private schools (who are permanent residents of J&K) Regular students of recognised schools, colleges, and universities Minimum age:�18 years Maximum age at loan maturity: For employees: Date of retirement or 60 years, whichever comes earlier For others: 65 years
Security	Primary: For loans up to 50,000: Nil For loan above 50,000: Hypothecation of Laptop/PC/Netbook to be purchased Collateral: Nil for Permanent government employees who are drawing salary through J&K Bank branch and where the letter of confirmation is available (For pensioners, the spouse is taken as co-borrower) For Platinum, Gold, and Premium plus Current account holders, who have maintained satisfactory accounts for minimum last 6 months Cash Credit or SOD account holders with a sanctioned limit of above 5 Lakhs and minimum average utilisation percentage of above 60% from at least 6 months before this facility. Customers holding Fixed Deposit accounts (of more than 3 months old on disbursal) of more than 5 Lakhs in the business unit For all other categories Third party guarantee of 1 person
Margin	10%

Festival Advance Scheme

Features of the loan:

Purpose	To provide loan for celebrations of festivals like Eid-ul-Adha, Eid-ul Fitr, Nowroz, Diwali, Gurupurab, Baisakhi, Losar, Maha Shivratri, Christmas, and Ashura
Type of facility	Term loan
Loan amount	Minimum: 5,000 Maximum: Average net salary of the previous 3 months, subject to a maximum of: 40,000 if the average is less than� 50,000 60,000 if the average is greater than or equal to� 50,000 but less than� 80,000 75,000 if the average is 80,000 or above For pensioners: Up to 70% of the net pension or 20,000, whichever is lower
Repayment tenure	Up to 10 EMIs
Who can apply	Permanent employees/ pensioners of central government/ government/ semi-government undertakings/ autonomous bodies who are drawing a salary from J&K Bank Minimum age: 18 years Maximum age: 1 year less than the retirement age, i.e., 59 years if the retirement age is 60 years and 57 years if the retirement age is 58 years Maximum for pensioners: Up to 69 years
Security	Nil
Margin	Nil

Smartphone Finance

Features of the loan:

Purpose	To provide loan for the purchase of Mobile Phones (IOS, Android, Blackberry, and Windows based)
Type of facility	Term loan
Loan amount	Minimum: 10,000 Maximum: Up to 75,000 or net income of 12 months for purchasing up to 3 Smartphones or 90% of the value of the invoice of the Smartphone, whichever is lower Maximum loan in case of individual small businessmen who don't file their ITR and don't maintain financial statements is 10% of the credits in their operative account during the last 12 months or 90% of the value of the invoice of the Smartphone, whichever is lower.
Repayment tenure	Up to 30 EMIs
Who can apply	Permanent employees/ pensioners of central government/ government/ semi-government undertakings/ autonomous bodies who are drawing a salary from J&K Bank and where the letter of undertaking is available from the employer Customers already availing any credit facility (for over 2 years) without any past dues of more than 1 month on the loan Minimum age: 21 years Maximum age: 60 years or employee's date of retirement, whichever is earlier (for salaried) and 65 years for others
Security	Nil
Margin	10% of the value of the invoice

J&K Bank Sahafat Finance Scheme

Features of the loan:

Purpose	To provide loan to journalists/media personnel & employees of newspaper or media houses for any personal as well as professional needs like the purchase of necessary equipment (books, journals, cameras, tablets, laptops, or other media equipment) It is a revolving facility to meet cyclic liquidity needs
Type of facility	These are Composite Loan wherein 75% is Term Loan and 25% is Cash Credit
Loan amount	Minimum: 50,000 Maximum: 3 Lakhs
Repayment tenure	Up to 60 EMIs and the first instalment should start after 30 days from the �first disbursement
Who can apply	A working journalist under the definition of Working Journalists & other� Newspaper� employees (Condition of Service) & Miscellaneous Provisions Act, 1955 Media Personnel whose principal job is reporting or editing for news channels of TV/radio/web- based services and who is employed for either full-time or part-time, in such establishments & includes news reporter, editor, cameraman, photojournalist, photographer, stringer journalists, managerial/administrative capacity, supervisory capacity/accounting, etc. Employees of newspapers/media houses with daily/weekly/monthly circulation of minimum 2000 copies Employees of newspapers/media houses/radio channels/private TV/magazines having served for at least 3 years The borrower should have their salary account with J&K Bank for minimum 6 preceding months Minimum age: 18 years at loan application Maximum age: 65 years at loan maturity
Security	Nil
Margin	Nil

Documentation Required for J&K Bank Personal Loan

The bank requires the following documents from applicants:

Duly filled application form for Personal Loan with passport size photograph
Proof of identity
Proof of age
Proof of signature
Proof of residential address
Proof of income

Why Apply for J&K Bank Personal Loan at MyMoneyMantra?

The team at MyMoneyMantra has years of experience and expertise in managing requests for Personal Loans. That is why they are able to give advice based on elaborate research. This further helps find the most suitable loan option for the applicant without the individual having to spend much time on it.

Through MyMoneyMantra the process of application and documentation becomes very simple and stress-free as the whole thing is well assisted by experts.

Get accurate and customised loan solutions at MyMoneyMantra to ensure your specific needs are met. Users can expect to get a well-compiled report with detailed information on all options so that they make an informed choice.

The team helps find out your eligibility based on past loans, income, and payments made. Based on eligibility and other parameters such as processing fee, interest rates, and loan tenure you can compare products.

Be assured to get seamless assistance from the start of the process, right up to loan disbursement.

How to Apply for J&K Bank Personal Loan at MyMoneyMantra?

Here are the steps to follow to avail J&K Personal Loan through MyMoneyMantra:

Go to the Personal Loans page on MyMoneyMantra. You will find a form there; fill it up with all the required parameters such as age, income, name, occupation, etc.

These are required to assess your eligibility and provide you the best Personal Loan options along with their interest rate, loan tenure, and other important information.

Once the details are shared, the team from MyMoneyMantra will get in touch with you to understand your need in detail and help you through the process of getting a Personal Loan seamlessly.

Other Products by J&K Bank

Some of the other products offered by Jammu and Kashmir Bank are:

Housing Loan	Car Loan Scheme	Car Loan for Used Cars	Scooty Finance for Girls/ Ladies
Two-Wheeler Finance	Education Loan Scheme	Budshah Primary Education Finance	Term Loan For B.Ed/ M.Ed. Courses
Skill Loan Scheme	Coaching Fee Loan Scheme	Loan against Gold Ornaments and Jewellery	Modular Kitchen Finance
Commercial Vehicle Finance	Commercial Vehicle Finance (Used Vehicles)	School Bus Finance	Passenger Bus/mini-bus Finance
Dastkar Finance	Craft Development Finance	Khatamband Craftsmen Finance	Craftsmen Livelihood Finance Courses
Handicrafts Sustenance Finance (Under Tripartite Agreement)	Handicraft Sustenance Finance (Outside Tripartite Agreement)	Commercial Premises Finance	Help Tourism (For Kashmir valley only)
Contractor Finance	Establishment of Mini Sheep Farms in Private Sector	Construction Equipment Finance	Saral Finance to Small Businessmen
Loans against Mortgage of	Mortgage Loan for Trade & Service Sector	Fair Price Shop Scheme	Immovable Property
ATV / Snowmobile Finance Scheme	Start-ups Finance	All Purpose AgroTerm Loan	Giri Finance Scheme
Fruit Advances Scheme (Apple)	Commercial Floriculture Finance	Debt Swap Scheme for Farmers	Zafran Finance
Apiculture Finance	Seed Capital Fund Scheme under "Sher-e-Kashmir Employment and Welfare Programme for the Youth (SKEWPY)"	Mortgage loan scheme for traders of Agricultural Produce	NRE Savings Account
NRO Savings Account	Gold Current Account	Basic Current Account	Premium Current Account
Grameen Current Account	General Savings Account	Deluxe Savings Account	Student Savings Account
General Small Account	General Salary Account	Deluxe Salary Account	Pension Account
Saving Account-Government	Basic Saving Deposit	Premium Savings Account	Family Protection Savings Account
Cash Certificate Scheme	Fixed Deposits Scheme	Mehandi Deposit Scheme	Smart Saver Term Deposit Scheme
Tax Saver Term Deposit Scheme	Recurring Deposit Scheme	Depositor's Pension Scheme	Monthly Yield Deposit Scheme
Child-care Deposit Scheme	Flexi Recurring Deposit Scheme	Super Earner Deposit Scheme	Super Re-investment Deposit Scheme
Ladli Beti	Special Bachat Deposit Scheme	Daily Deposit Scheme	NRO Fixed Deposits
NRE Fixed Deposits	NRE Rupee Deposits	NRO Rupee Deposits	FCNR Deposits
Foreign Currency Non-resident-Banks (FCNR-B)	Deposit Plans for Returning Indians	Mutual Fund	Global Debit Card
Life Insurance	Non Life Insurance	Prepaid Cards	Empowerment Credit Card
J&K Bank Karobar Card	Merchant Acquiring	Payment Solutions

How to Calculate J&K Bank Personal Loan EMI?

The J&K Bank Personal Loan EMI is calculated using the following formula:

EMI = P*r* (1+r)^n/([(1+r)^n]-1)

In the above formula,

P = Loan amount.

r = Rate of interest per month

n = tenure in month

One can also use the Personal Loan EMI Calculator available on MyMoneyMantra, which helps the loan applicant to compute their EMI accurately in such a way that they can pre-plan their finances. It supports the borrower to calculate the exact amount of EMI that is payable every month towards the repayment of the Personal Loan availed. The Personal Loan EMI calculator is very easy and hassle-free to use.

You just need to open the EMI Calculator given under Financial Tools of MyMoneyMantra's homepage, enter the required details, and click on the Calculate button.

J&K Bank Personal Loan - Professing Fees & Other Charges

Following are the charges that are associated with J&K Bank Personal Loans:

Fees or Charges Levied	Fee
Processing fees	Consumer Loan: For loans up to 75,000: 250 + applicable GST For loans above 75,001: 500 + applicable GST J&K Bank Cash Credit Scheme: 0.2% of the loan amount sanctioned Laptop/ PC Finance: Nil Festival Advance Scheme: Nil Smartphone Finance: 250 J&K Bank Sahafat Finance Scheme: �200 + GST Saholiat/Saral Finance Scheme for Employees: Nil Saholiat/Saral Finance Scheme for Professionals: 0.50 % of the sanctioned loan amount (Minimum 500) + GST Saral/Saholiat Finance Scheme for pensioners: Nil Saholiat/Saral Finance Scheme for Businessmen: 1,000 + GST
Prepayment charges	Nil

J&K Bank - Customer Care

For all your queries related to the Personal Loan or other instruments call the bank or get in touch with them through the numbers mentioned below:

Contact Centre:�1800 1800 234
Customer Care:0194-2481999

FAQs - J&K Bank Personal Loan

How to apply for Jammu and Kashmir Bank Personal Loan?

An existing customer can approach the Jammu and Kashmir branch and handover the application along with the required documents. One can also download the application form from the official website of Jammu and Kashmir Bank and handover the same with required documents to the bank representative. If an existing customer with a long-standing relationship, then the loan processing will be done faster. For a new customer the process of applying for the loan remains the same but the loan processing may take considerably long time.

What is the maximum amount of loan that can be availed?

The maximum amount can go up to 10 Lakhs, depending on the type of loan scheme and repayment capacity of the borrower.

What is the processing fee charged?

Processing fees may vary from Nil to 1,000, depending on the loan scheme to be availed.

What are the documents that have to be submitted while applying for the loan?

The regular documents i.e., the identity proof, residence proof, income proof, and passport size photographs along with completed loan application.

What are the different types of Personal Loan schemes available at J&K Bank?

The bank offers:

Consumer Loan
Laptop/PC Finance
Festival Advance Scheme
Smartphone Finance
J&K Bank Cash Credit Scheme
J&K Bank Sahafat Finance Scheme
Saholiat/ Saral Finance Scheme for Employees
Saholiat/ Saral Finance Scheme for Professionals
Saholiat/ Saral Finance Scheme for Businessmen
Saholiat/ Saral Finance Scheme for Pensioners

Jammu and Kashmir Bank Personal Loan

About J&K Bank Personal Loan

Why Apply for J&K Bank Personal?

Features of J&K Bank Personal Loan

J&K Bank Personal Loan Interest Rates