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

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