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 loans can be procured by a wide array of customers included in the below given list -
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
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.
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.
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