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 - Apr 2021 | |
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
|
For others 1-Y MCLR + 3.50% = 12.35% |
||
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 |
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 |
|
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 |
|
Repayment tenure |
|
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 |
|
Security |
|
Margin |
Nil |
Consumer Loan
Features of the loan:
Purpose |
For purchase of the following household items for personal use:
|
Type of facility |
Term loan |
Loan amount |
Up to 1.50 Lakhs |
Repayment tenure |
Up to 48 months |
Who can apply |
|
Security |
|
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 |
|
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 |
|
Security |
|
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 |
|
Repayment tenure |
Up to 10 EMIs |
Who can apply |
|
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 |
|
Repayment tenure |
Up to 30 EMIs |
Who can apply |
|
Security |
Nil |
Margin |
10% of the value of the invoice |
J&K Bank Sahafat Finance Scheme
Features of the loan:
Purpose |
|
Type of facility |
These are Composite Loan wherein 75% is Term Loan and 25% is Cash Credit |
Loan amount |
|
Repayment tenure |
Up to 60 EMIs and the first instalment should start after 30 days from the first disbursement |
Who can apply |
|
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 |
|
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