Jammu and Kashmir Bank Personal Loan

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

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

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

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

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

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

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)

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

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%

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

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

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

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

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