Jammu & Kashmir Bank offer car loans at attractive interest rates. Loans are offered for new cars as well as for used cars.
Features | New Car Loan Scheme | Used Car Loan Scheme |
Interest Rates |
| RLLR + 3.75% p.a. onwards |
Repayment Period | Ranges between 12 and 84 months in EMIs |
|
Prepayment Charges | Nil | 2% for the prepaid amount |
Processing Fee | 0.50% of the total loan amount with minimum amount of Rs.500 | Nil |
Loan Amount | Rs.15 lakh | 2.5 times the net yearly income or Rs.15 lakh, whichever amount is lower |
Features | New Car Loan Scheme | Used Car Loan Scheme |
Margin |
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Maximum Finance for Car Purchase at Ex-Showroom Prices |
| - |
Age of Applicant |
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Minimum Gross Annual Income of Applicant |
| - |
J&K Bank Car Finance Scheme interest rates for the purchase of a new vehicle are based on either fixed or floating interest rate. This particular rate of interest shall remain invariable throughout the loan tenure. J&K Bank offers a fixed interest rate of 8.70% for all new/fresh cars. The rate of interest you are eligible for will be dependent on various factors which have been mentioned below:
Yes, you can use the online EMI calculator by BankBazaar to calculate your EMI beforehand. Enter your loan amount and yearly interest rate and click on "Calculate". The desired results will be displayed on the screen.
Yes, you can use the bank's eligibility calculator to check if you are eligible to apply for the car loan. If you are a salaried individual, you have to enter your monthly income, duration, and rate of interest. If you are a businessman, you have to enter the following information:
Other than the above-mentioned information, self-employed individuals will also be required to enter their interest rate and select a duration.
Yes. You can apply for the loan online on the official website of Jammu and Kashmir Bank.
The used car's value shall be ascertained based on the current market value of the new car of same variety and configuration, minus the depreciation which is as follows:
Vehicle's Age | Depreciation % |
Not more than 6 months | 5% |
More than 6 months but less than 1 year | 15% |
More than 1 year but less than 2 years | 20% |
More than 2 years but less than 3 years | 30% |
More than 3 years but less than 4 years | 40% |
More than 4 years but less than 5 years | 50% |
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