Jammu and Kashmir Bank Car Loan Overview

The J&K Bank car loan scheme is an all-inclusive financing solution provided to individuals or proprietorship firms to purchase new vehicles for private usage. Customers have the option of buying a new car, jeep, SUV, van or MUV with the loan amount sanctioned by J&K Bank. The loan amount that is approved by J&K Bank is based on the ex-showroom price or the on-road price of the purchased vehicle. Customers can avail higher car loan amounts with low processing fees and at competitive interest rates from the bank. The loan margin required for the vehicle loan is quite less at around 10% of the price of the vehicle financed. J&K Bank also offers flexible loan repayment tenures with customers opting for terms ranging between 12 to 84 months for any loan amount.

Jammu and Kashmir Bank Car Loan Eligibility

Jammu and Kashmir Bank car loans can be procured by a wide array of customers included in the below given list -

• Permanent employees of Government and Semi-Government undertakings, State or Central Government organisations and other autonomous institutions can avail this loan. Employees working on contract in these organisations are also eligible to apply for a car loan, provided they have been employed in their current position for atleast a year and the remaining contractual tenure is more than the repayment period opted by the borrower.
• Salaried employees working in private organisations and limited companies also qualify for a J&K car loan.
• Self-employed professionals, businessmen and other proprietorship firms can also apply for a car loan with J&K Bank.
• Agriculturists and individuals engaged in other allied agricultural activities are eligible for a J&K Bank car loan.
• Employees of State and Central Government and public sector undertakings who have retired also qualify for a car loan from J&K Bank.
• Customers can also include co-applicants when they apply for a J&K car loan.

Jammu and Kashmir Bank Car Loan Eligibility Criteria for Salaried Individuals and Government Employees

Applicants under this category need to be atleast 21 years to qualify. The maximum age limit permitted at the time of maturity of the car loan is 60 years or the retirement age, whichever is earlier. Individuals need to have a minimum gross annual income of Rs 3 lakhs and should have been employed at their current organisation for a minimum period of 1 year.

J&K Bank Car Loan Eligibility Criteria for Self-employed Professionals and Agriculturists

Self-employed applicants need to be atleast 21 years to qualify. The maximum age limit permitted at the time of maturity of the car loan is 70 years. Professionals should have been in business for atleast three years with a minimum gross annual income of Rs 4 lakhs.

J&K Bank Car Loan Eligibility Criteria for Retired Government / Public Sector Employees

• The maximum age of the retired applicant needs to be 70 years at the time of loan maturity, with a minimum gross annual income of Rs 2 lakhs.
• Joint borrowers should ensure that one of the applicants should be able to repay the car loan within the approved age limit of 60 or 70 years.
• All types of applicants except retired individuals who do not fulfill the required income criteria can get loans up to a value of 24 months of their net salary or two times their annual income, if they show an income of Rs 2 lakhs or more per annum.

Factors affecting J&K Bank Car Loan Eligibility

Here are the most common factors that might affect your eligibility criteria while applying for a Jammu & Kashmir bank car loan.

CIBIL Score - All banks consider an applicant’s credit score when they verify the eligibility information. Having a good credit history with regular bill payments, timely repayments and minimum debts always help you get easy sanctions. Banks tend to reject applications where individuals have poor CIBIL scores with irregular payment patterns.

Income - J&K Bank gives importance to the income amount of applicants and does not approve car loans for individuals falling below the requisite income eligibility criteria. Applicants have to show a consistent source of income, thereby establishing their capability to comfortably repay the loan.

Period of employment - Banks look for applicants who have continuous employment at any reputed organisation, without any significant breaks or disruptions. Loans are approved easily for individuals who show consistent employment, as they are considered to be more reliable in terms of loan repayments with regular sources of income.

How do you increase your eligibility for a J&K Bank Car Loan?

• In the case of married J&K car loan applicants, the certified income of their spouses can be included to improve their eligibility. The spouse should be added as a co-applicant in this case
• Any existing loans can be closed to ensure that your liabilities are lessened and your eligibility criteria for a J&K car loan increases drastically.
• If you do have another loan which cannot be immediately closed, then extend the loan tenure by decreasing your monthly EMIs. This will free some money up for you to bear the cost the new car loan.
• Opt for a loan with a higher tenure, so that you can get a higher loan amount with the same intended EMI amount.

J&K Bank Car Loan Eligibility Calculators

Before taking a car loan with J&K Bank, it is always advisable to check your eligibility with regards to income or age. Prospective borrowers can check their eligibility using intelligent tools like car loan eligibility calculators which are easily available on the internet. J&K Bank offers two types of eligibility calculator tools according to the nature of the applicant, namely for salaried professionals and self-employed businessmen. Salaried individuals can easily check whether they are eligible for a J&K car loan by entering only a few details like monthly income, loan tenure and interest rates. Self-employed businessmen need to input details like interest rates, average income from the business for the last three years, taxable income, average depreciation claimed by them for the last three years, income amounts that have been exempted and the loan tenure in years to calculate their eligibility for a J&K car loan.