The bank commenced business on July 4, 1939, and was considered the first of its nature and composition as a State owned bank in the country. The bank was established as a semi-State Bank with participation in capital by State and the public under the control of State Government.J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the banking business of the Central Government, besides collecting central taxes for CBDT. To know more, follow some simple steps given below to get attractive deals.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
3.00 Lakh per annum
Loan capped @
90% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Processing Fees||0.50% of Loan amount (Minimum Rs.500)|
|Loan Tenure||1 year to 7 years|
Some people believe that possessing a car will make it easier for them to travel from one place to another. But when it comes to buying a car, the cost makes them cancel their ideas of owning one. Today, these people can easily buy a car by opting for car loans. Car loans make it easier for people to purchase their own four- wheeler. A lot of banks provide car loans for new and used cars with a good rate of interest. One such bank is the Jammu and Kashmir (J&K) Bank.
Jammu and Kashmir Bank was founded in 1938 and became the first state owned bank in India. The bank works as an universal bank in J&K and as a specialized bank in the rest of the country. It has over 800 branches with its headquarter in Srinagar.
J&K Bank provides attractive car loans for both new and used cars to its customers. The bank provides good rates of interest and high amount of car loans to its customers, helping them in buying their dream car. Its car loan is available for all groups of people. Be it the people working in the public sector or private sector, people who are self employed, professionals, agriculturalists, etc., the loan is available for all if they match the bank’s eligibility criteria.
Maximum Amount of Loan
J&K Bank provides up to Rs. 50 Lakhs to its customers under its car loan scheme for new cars and for used cars, the bank provides loan up to Rs. 15 Lakhs. This feature of the bank helps people buy the best car for themselves.
Flexible Repayment Period
J&K Bank provides its customers with flexible options for repaying their car loans. A person can repay his J&K Bank car loan, taken for a new car, in equated monthly installments (EMI) ranging from 12 to 84 months. In case of used cars, the repayment period is maximum 72 months if the car is less than 3 years old. If the car is 3 years old or above (up to 5 years old), then the maximum repayment period is 48 months.
Competitive Interest Rates
The bank provides competitive rates of interest on car loans to its customers. It provides both floating and fixed rates of interest options. In case of new cars, the fixed rate of interest is 10.35% p.a. with monthly rests and the floating is base rate plus 1% p.a. with monthly rests. The bank also provides the benefit of a rebate of 0.25% in the interest rate to its women customers.
BankBazaar.com is the best place for a person who wishes to buy a car loan. It provides people with a platform where they can compare quotes provided by different banks and understand the features and rates of the different loan schemes. The website guides people in choosing the best car loan which suits their requirement. Bank Bazaar helps a person through the entire process of getting a car loan, from application to finally achieving it.
J&K Bank car loans have different rates of interest for new and used cars. It provides the option of both fixed and floating rates of interest on car loans for new cars to its customers while for used cars, there is a fixed rate of interest.
For new cars -
For used cars -
To check the latest rate of interest, one should visit the bank’s website.
Calculating the equated monthly installment (EMI) in advance helps a person decide important things about the car loan he plans to buy. To calculate the EMI, one can use the EMI calculator found in the ‘finance tools’ section on Bank Bazaar’s website. A person should have information such as the amount of loan, the rate of interest and processing fee with him as it is required for calculating the EMI.
To use the calculator, you should first enter the amount of loan on tenure on the sliders. Then, you have to fill in the rate of interest and processing fee in percentage. After filling in all the information, click on ‘calculate’ to get the EMI and details such as the amortisation table. A person can use the details on the result to choose the best car loan for himself.
The processing fee is 0.50% of the loan amount. This fee is a minimum of Rs.500.
If you are taking the car loan for a new car, then you do not have to pay any penalty for prepayment of the loan. In case of a used car, there is a 2% penalty for prepayment of the loan and prepayment is allowed only after 6 months of taking the loan.
To contact J&K Bank, one has to call up on their customer care number which can be found on their website.
For new cars, the loan margin is 10% of ex-showroom or on road price for permanent government employees, people working in the government undertakings or autonomous bodies, who draw their salaries from J&K Bank account and have a letter of undertaking from their employers. The same percentage is also applicable for people who have J&K Bank’s gold or platinum current accounts. For everyone else, the loan margin is 15% of ex- showroom or on road price.
For used cars, the loan margin is 25% for vehicles which are less than 3 years old and 30% for vehicles which are 3-5 years old.
Central or State Government Permanent Employees, Semi – Government or Government Undertakings and Autonomous Bodies, Salaried Employees, Employees working on contract basis for a Government or Semi – Government Undertaking or Autonomous Body, Professionals, Self – Employed individuals, Proprietors, Retired Public Sector or State or Central Government Employees, etc. can apply for a car loan from J&K Bank.
Yes, people who are engaged in agriculture and allied activities can apply for a car loan from J&K Bank.
J&K Bank provides car loans for purchase of new cars or Jeeps or Vans or SUVs or Multi – Utility Vehicles.
Yes, J&K Bank provides car loan for used cars.
People can take a car loan from J&K Bank for the purpose of purchasing a new or a used car. The car they buy using J&K Bank car loan should be meant for private use only.
Yes, J&K Bank provides car loan to join borrowers.
The rate of interest on J&K Bank car loan is as follows –
These rates are changed by the bank from time to time.
Yes, there is a concession on the interest rates for women applicants of J&K Bank car loan. They get a rebate of 0.25 percent on the normal interest rates.
Yes, you can apply for a car loan from J&K Bank online on the website of the bank.
The minimum age requirement for J&K Bank car loan is 21 years.
The maximum age of Salaried Employees or Contractual Employees at the time of their J&K Bank car loan maturity should be 60 years or the retirement age (whichever is earlier).
The minimum period of employment that Salaried Employees or Contractual Employees should have in order to be eligible for a car loan from J&K Bank is 1 year.
Salaried Employees or Contractual Employees should have a minimum annual income of Rs.3, 00, 000 to be eligible for a car loan from J&K Bank.
The maximum age of Professionals/ Self Employed Individuals/Agriculturists at the time of their J&K Bank car loan maturity should be 70 years.
Professionals/ Self Employed Individuals/Agriculturists should have at least 3 years’ experience of their current business in order to be eligible for a car loan from J&K Bank.
Professionals/ Self Employed Individuals/Agriculturists should have a minimum annual income of Rs.4, 00, 000 to be eligible for a car loan from J&K Bank.
The maximum age of retired employees at the time of their J&K Bank car loan maturity should be 70 years.
Retired employees should have a minimum annual income of Rs.2, 00, 000 to be eligible for a car loan from J&K Bank.
If you are a salaried employee who plans to take car loan for a used car from J&K Bank, your maximum age at maturity should be 58 years. If the retirement age as per your institution is 60 years, then your age at loan maturity can be 60 years.
If you are a self- employed individual who plans to take car loan for a used car from J&K Bank, your maximum age at maturity should be less than 65 years.
Yes, you can choose to take a car loan from J&K Bank on the basis of the on – road price of the car. Here, apart from the ex – showroom price of the car, only the one time registration charge and the insurance premium for the first year will be considered.
People can avail a maximum of Rs.50 Lakhs through J&K Bank car loan.
The margin on J&K Bank car loan for new cars is mentioned below –
If you have a good CIBIL score, then yes it will help you get a car loan from J&K Bank.
Yes, J&K Bank charges 0.5 percent of the loan amount as processing fee from their car loan applicants. This fee is a minimum of Rs.500.
The minimum tenure for J&K Bank car loan is 12 months.
The maximum tenure for J&K Bank car loan is 84 months.
Yes, you can prepay the car loan that you have taken from J&K Bank.
No, J&K Bank will not charge any prepayment penalty in case you prepay your car loan.
If you qualify the eligibility criteria, have filled up the correct information in the car loan application form and submitted all the documents asked by J&K Bank, then they will verify, approve and process your car loan application very quickly. Once approved, the money will be disbursed within a few hours.
To get more details about J&K Bank car loan, you can contact the customer care of the bank. To get in touch with them, please call up on the toll – free number of the bank. You can find the number on the website of the bank. You can also visit any branch of the bank to get details about their car loan offers.