• J&K Bank Car Loan

    Get car loans for both old and new cards at attractive rates starting from RLLR + 0.75% p.a. with Jammu and Kashmir Bank. You can take a loan of up to 90% of the on-road price for a tenure ranging from 1 year to 7 years. The processing fee charged is up to 0.5% of the loan amount.
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    Jammu and Kashmir Bank Car Loan Interest Rate

    Interest Rate
    • RLLR + 0.75% p.a. (floating rate for new cars)
    • RLLR + 1.75% p.a. (fixed rate for new cars)
    Processing Fee Up to 0.50% of the loan amount + GST. However, the minimum and maximum fee that can be levied are Rs.1,500 and Rs.15,000, respectively.
    Jammu and Kashmir Bank Car Loan

    Published On : 2020-09-23

    Car Loan Schemes Provided by Jammu and Kashmir Bank

    Car Loan

    Key Highlights

    • Flexible tenures of up to 7 years
    • Financing of up to 90% of the total cost of the vehicle
    • Attractive rates starting from RLLR + 0.75% p.a.

    Car Loan for Used Cars

    Key Highlights

    • Flexible tenures starting from 12 months onwards
    • No upfront fee charged
    • Discount in interest rate for women applicants
    • No prepayment penalty

    How to Calculate EMI on Jammu and Kashmir Bank Car Loan

    It’s always recommended to calculate your EMI (Equated Monthly Instalment) beforehand so that you can manage your finances in a better way.

    Your car loan EMI (Equated Monthly Instalment) depends on multiple factors, including the loan amount, interest rate, loan tenure, and processing fee. To calculate your monthly instalment amount, you can use BankBazaar Union Bank of India Car Loan EMI Calculator.

    The entire computation process is simple and hassle-free with a quick turnaround time.

    Top Banks’ Car Loan Interest Rate Comparison with the Lowest EMI

    Name of the Bank Interest Rate (p.a.)
    State Bank of India 7.70% and 10.50%
    HDFC Bank 8.80% onwards (Rack Interest)
    Axis Bank 8.75% p.a. onwards
    ICICI Bank 7.90% p.a. onwards
    Canara Bank 7.30% p.a. onwards
    Federal Bank of India 8.50% p.a. onwards
    Union Bank of India 7.40% p.a. onwards

    How to Apply for Jammu and Kashmir Bank Car Loan

    Step 1: Visit the official website of Jammu and Kashmir Bank.

    Step 2: Under the “Personal” section, click on “Car Loan Scheme”.

    Step 3: Click on “Apply Online” located on the middle right-hand corner of the page.

    Step 4: You will be redirected to another page where you have to fill in the required fields and click on the “submit” button to complete your application.

    Jammu and Kashmir Bank Car Loan Eligibility Criteria

    Age
    • 18 years onward
    Type of Employment Salaried or self-employed
    Minimum Income Requirement
    • Rs.2 lakh to Rs.4 lakh

    Documents Required

    For salaried

    • Identity proof
    • Address proof
    • Last 6 months’ salary slips
    • Form 16
    • Last 1 year’s Income Tax Return

    For self-employed

    • Identity proof
    • Address proof
    • Last 3 years’ Income Tax Returns
    • Profit and loss account statements along with balance sheet

    Get car loans at attractive rates and flexible tenures with Jammu and Kashmir Bank. Read the fine print thoroughly before applying to avoid any confusion in the future.

    FAQs

    1. I am a family pensioner. Can I apply for a car loan from J&K Bank?
    2. No, family pensioners cannot apply for a car loan from Jammu and Kashmir Bank.

    3. What is the minimum and maximum processing fee charged by the bank?
    4. The bank will charge 0.50% of the loan amount as processing fee subject to a minimum of Rs.1,500 and maximum of Rs.15,000.

    5. What is the minimum eligible age to apply for a car loan from Jammu and Kashmir Bank?
    6. The minimum age of eligibility to apply for a car loan from Jammu and Kashmir is 18 years.

    7. What should be the minimum work experience to apply for a car loan from Jammu and Kashmir Bank?
    8. You must have a minimum work experience of 3 years to be eligible to apply for a car loan from Jammu and Kashmir.

    9. Can I apply for a car loan from Jammu and Kashmir for commercial use?
    10. You cannot apply for a car loan from Jammu and Kashmir for commercial use. You can only avail a loan if you wish to buy a car for private use.

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    Jammu and Kashmir Bank Car Loan Reviews

    • Jammu Kashmir Bank
      "Good Service"
      0.5 4.5/5 "Excellent!"
      Being a local bank they always consider the local customers. I've been banking with them for a while. The documentation was really good and they took care of the documentation. Overall it was a good experience with the car loan application. Overall it was a good.
      Was this review helpful? 2
      , srinagar
      Reviewed on May 15, 2018
    • Jammu Kashmir Bank
      Jammu Kashmir Bank
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Applied Car loan with J & K bank . Jammu and Kashmir bank just took 2 to 3 days to disburse my loan. The required loan amount has been approved and disbursed. I am satisfied with the loan amount The rate of interest is nominal with Jammu and Kashmir car loan.
      Was this review helpful? 5
      , jammu
      Reviewed on Aug 12, 2017
    • Jammu Kashmir Bank
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      I had raised my request for my car loan with Jammu And Kashmir Bank, The staffs cooperated with me very well. They were given proper response about my loan. Due to personal issue I was post pond my plan for the next 3 months. In future when I am planning to take car loan, definitely I will approach Jammu And Kashmir Bank for the same.
      Was this review helpful? 3
      , udhampur
      Reviewed on Feb 22, 2017
    • Jammu Kashmir Bank
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      I have applied for car loan with J& K bank. Initially they have contacted me for the same, after which they have not followed up on my request. Since it has been an average experience, I would not wish to recommend this bank to others. I am unable to rate them on the charges as I do not remember the same.
      Was this review helpful? 4
      , delhi
      Reviewed on Feb 20, 2017
    • Jammu Kashmir Bank
      "Good Experience"
      0.5 4.0/5 "Great!"
      I had applied for my car loan with Jammu And Kashmir Bank through online. I had received calls from the bank, I wanted loan for commercial car, they said they will get back to me, but after that I didn't receive any call from them. They are not giving loan for commercial car, So they denied my application.
      Was this review helpful? 4
      , gurgaon
      Reviewed on Feb 16, 2017
    • Jammu Kashmir Bank
      "Good response"
      0.5 5.0/5 "Blown Away!"
      Jammu &Kashmir bank is a good bank in the customer services. I had applied for a car loan and they were quick to contact me and give me information about the loan details. I could not proceed for the loan due to reasons known to me. I do not wish to rate the bank on the interest rate and charges as I have not taken the loan.
      Was this review helpful? 7
      , jammu
      Reviewed on Feb 14, 2017
    • Jammu Kashmir Bank
      "smooth..."
      0.5 5.0/5 "Blown Away!"
      This car loan is in my name but my brother is paying the payments. Interest rate would be 12 to 13%, I believe. On and average the Jammu and Kashmir bank processed within three to four days the car loan. Customer service and support was very nice at that time.
      Was this review helpful? 7
      , jammu
      Reviewed on Jan 15, 2016
    • Jammu Kashmir Bank
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      The service provided in Jammu &Kashmir bank is too good and the employees are also good. They took only 2 days for the disbursing my car loan.Interest rate offered was around 9% they have not charge any processing fee and documentation process was very easy.
      Was this review helpful? 4
      , new delhi
      Reviewed on Sep 21, 2015
    • Jammu Kashmir Bank
      "Car loan"
      0.5 5.0/5 "Blown Away!"
      I already had purchased a card from bank , I opted for car loan. The loan was sanctioned in just 2 days at simple interest. No lox charges were charged for the loan and tenure was also 7 years which means my EMI was low , the bank often contacts me regarding the loan and keep me updated , also it informs me about the insurance of the vehicle though I haven't taken insurance from the bank itself
      Was this review helpful? 6
      , srinagar
      Reviewed on Jun 19, 2015
    • Jammu Kashmir Bank
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from Jammu and Kashmir bank.The service is awesome. I just went twice to the bank for the process of the loan with the documents. The loan got approved within 10 days. Jammu and Kashmir is the best bank to take care of the customers.
      Was this review helpful? 10
      , srinagar
      Reviewed on May 14, 2015
    • Jammu Kashmir Bank
      "Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      Car loan with jammu and kashmir bank it was nice experience they approved my loan and disbursed the loan amount in weeks time. Interest rate was 11% it was bit high they would have reduced on that. The customer relationship was best. Overall it was hassle fee service.
      Was this review helpful? 15
      , srinagar
      Reviewed on Oct 24, 2014
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