Jammu and Kashmir Bank

Jammu and Kashmir Bank Personal Loan

Years

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 - Oct 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

 

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

  • 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

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