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    Jammu and Kashmir Bank Personal Loan Reviews

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    Personal Loan BYTES FROM OUR KITCHEN

    J&K 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. Bank 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. J&K Bank provides personal loans in the following categories like Consumer Loan, SAHOLIAT/SARAL Finance, SAHOLIAT/SARAL Finance for pensioners, Saral Finance to Small Businessmen, Laptop/PC Finance, Scooty Finance for Girls/ Ladies. All you have to do is to follow some simple steps to get attractive deals.


    You’re probably eligible for an Jammu and Kashmir Bank Personal Loan if you are

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    Jammu and Kashmir Bank Personal Loan Minimum Age

    At least 21 years old

    Jammu and Kashmir Bank Personal Loan Maximum Age

    Less than 58 years old

    Jammu and Kashmir Bank Personal Loan Eligible Employment Type

    Salaried with regular income

    Jammu and Kashmir Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Jammu and Kashmir Bank Personal Loan amount eligibility is based on these factors

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    Jammu and Kashmir Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Jammu and Kashmir Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 15 lakhs

    Jammu and Kashmir Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Jammu and Kashmir Bank Personal Loan amount by these steps

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    Jammu and Kashmir Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your Credit Card bills

    “Jammu

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Jammu and Kashmir Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Jammu and Kashmir Bank Personal Loan Interest RatesUpdated on 10 Dec 2016

    Jammu and Kashmir Bank Personal Loan Details
    Interest Rate 12.90% to 14.90%
    Processing Fees NIL
    Loan Tenure 5 Years
    Guarantor Requirement Guarantor required

    About Jammu Kashmir Bank Personal Loan

    Jammu Kashmir Bank is the only private sector bank designated as RBI’s agent for banking business and it carries out the banking business of the Central Government it also collects central taxes for CBDT. Jammu Kashmir Bank was incorporated in the year 1938 and it operates on the principle of socially empowering banking and seeks to deliver innovative financial solutions to the household, small and medium scale enterprises.

    Jammu Kashmir Bank offers Personal Loan for Consumer Goods, Saral Finance for government employees, Saral Finance for pensioners, for solar lighting and photo voltaic finance, laptop or PC finance and scooty finance for girls or ladies.

    Why Choose Jammu Kashmir Bank Personal Loan?

    Jammu Kashmir Bank aims to offer quality financial service and solutions and to be a super-specialist bank. The bank offers variety of specialised personal loans like:

    • Consumer loan is provided to purchase durable consumer goods like desktop computer, motorcycle, scooter, air conditioner, color television, DVD player, VCR, generator, washing machine, cooking range, refrigerator, dish antenna, DTH equipment, kerosene room heater, vacuum cleaner, water filter cum purifier, CD players, cassette players, cooler etc.
    • SAHOLIAT/ SARAL Finance is provided to the permanent employees of central or state government, public sector undertakings, autonomous bodies and institutions.
    • SAHOLIAT/ SARAL Finance Scheme for pensioners is given to central and state government pensioners drawing pension through the Jammu Kashmir Bank.
    • Solar lighting and photo voltaic finances are provided for purchasing and installation of off-grid solar photo-voltaic systems from eligible suppliers.
    • Laptop or PC finance is provided to finance the purchase of laptops/PCs/Netbooks/Tablets.
    • Scooty finance for girls/ladies is given to purchase new Scooters for working ladies and girl students.
    1. Consumer loan:

      Loan amount Rs.3,000 to Rs.40,000 per article.
      Maximum finance Rs.75,000 subject to 12 times the net monthly salary.
      Security Primarily the product financed and a third party guarantee of one person is needed as a collateral.
      Repayment 60 months is the maximum repayment term.
      Margin 25%.
      Processing fee No processing fee is charged.
    2. SAHOLIAT/ SARAL Finance:

      Loan amount 36 months gross salary or Rs.20 lakhs, whichever is lower.
      Features The loan is disbursed in cash.
      Revolving type facility is available based on the borrower's request provided:
      • Outstanding balance is below 40% of the loan amount.
      • Applicant must have sufficient years of service.
      • Fresh D.P Note for full amount of loan.
      • Borrower must not have had more than two arrears in any point.
      • Borrower must furnish an undertaking from drawing and disbursing officer for intimating the bank about the transfer and that the outstanding and the instalment is forwarded to the next drawing and disbursing authority.
      Repayment 84 monthly instalments or remaining service period, whichever is lower.
      Margin There is no margin.
    3. SAHOLIAT/ SARAL Finance Scheme for pensioners:

      Loan amount For pensioners below the age of 65 years – Rs.2.50 lakhs or 18 months net pension, whichever is lower.
      For pensioners above the age of 65 years to 70 years – Rs.1.50 lakhs or 12 months net pension, whichever is lower.
      For pensioners above the age of 70 years – Rs.0.70 lakhs or 9 months net pension, whichever is lower.
      Features The loan is disbursed in cash.
      No questions asked about how the money is spent.
      Repayment Up to 65 years: 48 months.
      Above 65 years to 70 years: 36 months.
      Above 70 years: 24 months.
      Margin There is no margin.
      Security Family member or a third party guarantee which is considered good for the amount of advance is required.
    4. Solar lighting and photo voltaic finances:

      Loan amount Individuals: 12 times the net monthly salary.
      SHGs, JLGs, Farmers Club: The loan amount must not exceed the maximum finance allowed to the group or its individual members under the normal appraisal applicable to it.
      Rural households: The loan amount can be a maximum of 2 times the net annual income as certified by the concerned Sarpanch.
      Repayment The maximum of 5 years in EMIs. There is a minimum lock-in period of 3 years.
      Full adjustment of loan before completion of 3 years is not allowed.
      Margin 10% of the project cost is to be deposited upfront.
      Security Primarily the asset installed is kept as the security.
      Third party guarantee is not required if the borrower is a permanent employee of government, semi-government undertaking or autonomous body. Letter of confirmation is not required for loans up to Rs.15,000.
      For others, third party guarantee of one person is required.
    5. Laptop or PC finance:

      Loan amount Maximum of Rs.50,000 is given as a loan.
      For purchase of Macintosh or Mac series PCs, Laptops and Tablet designed by Apple Inc, the maximum finance provided is Rs.1 lakh.
      Repayment 36 EMIs for loans up to Rs.50,000 and 48 EMIS for loans above Rs.50,000.
      Margin 10% is the margin.
      Security Primary:
      • No security is needed for loans up to Rs.50,000.
      • The product itself is the collateral
      Collateral:
      • Government employees drawing salary from Jammu Kashmir Bank branches do not have to provide collateral.
      • Platinum/ gold/ premium plus current account holders who have maintained the accounts satisfactorily do not have to provide a collateral.
      • Cash credit account holders having above Rs.5 lakhs minimum average utilization percentage need not provide collateral.
      • Customers who have FD accounts of more than Rs.5 lakhs need not provide collateral.
      For other categories a third party guarantee of one person is required.
      Processing Charge No processing fee is charged.
      Prepayment There is no penalty charged on prepayment or foreclosure of the loan.
    6. Scooty finance for girls/ladies:

      Loan amount 85% of the Scooty is subject to the loan amount or to a maximum of Rs.50,000.
      In case of working ladies, their take home salary after the instalment payment must not be less than 40% of the gross monthly income.
      In case of girl students, either one of their parents must be co-borrower and their take home salary after the instalment payment must not be less than 40% of the gross monthly income.
      Margin 15% of the invoice value.
      Repayment Maximum of 60 months.
      The borrower can opt for any tenure within the maximum ceiling.
      Security The Scooty itself is the collateral.
      Third party guarantee is not required if you are a government employee.
      If you are a non-government employee, guarantee of one person is required.
      If you are a girl student, then either one of your parent must be a co-borrower.
      Insurance The bank and the borrower jointly draws a Comprehensive insurance of the vehicle against all types of risk.
      Prepayment Prepayment is allowed and no charges are imposed.

    Jammu and Kashmir Bank personal loans can be used for multiple purposes, with the interest on these decided by the bank on a case to case basis. Two of the key factors impacting the final interest rate are the MCLR benchmark and Base Rate, with any changes in these directly affecting the interest payable.

    Jammu and Kashmir Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Customers who have availed a personal loan after April 1, 2016 will be required to pay an interest which is computed according to MCLR. This benchmark takes current operating costs into account, offering a realistic interest option to borrowers. The table below highlights these rates for the current month.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.25%
    1 month 9.30%
    3 months 9.35%
    6 months 9.40%
    1 year 9.45%
    2 years 9.55%
    3 years 9.60%

    Personal loan interest rates (MCLR)

    Given the number of personal loan products on offer, J&K Bank can charge differential rates, depending on the purpose, tenure and loan quantum. In most cases, the bank will add certain percentage points to the MCLR benchmark, thereby making the final interest higher than the current MCLR.

    Jammu and Kashmir Bank Base and Prime Lending Rates (For existing borrowers)

    The table below indicates the Base and Prime Lending Rates applicable at J&K Bank.

    Base Rate 9.50% per annum, effective July 1, 2015
    Prime Lending Rate 14% per annum, effective July 1, 2015

    J&K Bank personal loan interest rate (Based on base rate)

    Borrowers who availed a personal loan before MCLR benchmarks were introduced can choose to continue with their existing interest platform or migrate to an MCLR based system. Members who refrain from moving to MCLR will pay an interest according to their profession, with the table below highlighting these rates.

    Borrower Profile Interest Rate
    Central/state government employees with J&K Bank salary account 14.25% per annum
    Salaried individuals without J&K Bank Salary account 15.25% per annum
    Self-employed individuals 16.25% per annum

    Note: All interest rates mentioned above are as of June 10, 2016. Jammu and Kashmir Bank reserves the right to modify/change these rates without any intimation. Borrowers should check final rates with the bank before applying for a loan.

    Eligibility Criteria for Consumer loan:

    • You must be employee of government, semi-government, civic bodies.
    • You can be self-employed with an assured income.

    Eligibility Criteria for SAHOLIAT/ SARAL Finance:

    • You must be a permanent employee of central or state government, public sector undertakings, autonomous bodies and institutions.

    Eligibility Criteria for SAHOLIAT/ SARAL Finance Scheme for pensioners:

    • You must be central or state government pensioner drawing pension through the Jammu Kashmir Bank.

    Eligibility Criteria for Solar lighting and photo voltaic finance:

    • Individuals that are confirmed employees of government/semi-government undertakings, Autonomous bodies and private sector undertakings or permanent employees of private companies or reputed institution with minimum 2 years association with the current employer or businessmen and professionals standing for 2 years.
    • Rural households having adequate income from farming and non-farming activities.
    • SHGs, JLGs, NGOs and Farmers Club should be maintaining their accounts with the Jammu Kashmir Bank and they must have adequate income to repay the loan.
    • Unit could be located in urban and rural areas.
    • Only pre-approved models can be financed.
    • Systems manufactured and installed by dealers not approved by MNRE are not covered.

    Eligibility Criteria for Laptop or PC finance:

    • Permanent employees of government.
    • Employees of reputed institutions.
    • Contractual government employees.
    • Teachers and officials under Rehaber-a-Taleem, J&K Govt.
    • Pensioners drawing pension through Jammu Kashmir Bank.
    • Professional, self-employed and proprietors.
    • Regular students of recognised colleges and universities.

    Eligibility Criteria for Scooty finance for girls/ladies:

    • Working ladies with adequate regular income.
    • Girls who are studying and do not have a documented regular income.
    • Indian citizen.
    • Borrower must be above the age of 18 years.
    • In case of girl student who need a co-borrower, then he or she must have adequate regular income
    • Maximum age of co-borrower at loan maturity must be 58 years or age of retirement, whichever is higher for employees and it is 65 years for the others.
    • The employed ladies must be working for at least 1 year in a company that has been standing for at least 2 years.
    • Borrower must have a valid driving license.

    You will have to submit the following documents while applying for Jammu Kashmir Bank Personal Loan:

    • Application form duly signed and attached with your photograph.
    • Copy of passport/ Voter ID/ driving license.
    • Your last 6 months’ bank passbook statement.
    • If you are salaried, latest salary slip and current dated salary certificate with the latest Form 16.
    • If you are self-employed, latest bank statement and latest ITR or Form 16.

    Before taking a loan, you must calculate and see if the EMI is affordable every month without you having to sacrifice on any other financial requirement. In order to do that, you can check the EMI that you will have to pay based on the tenure, interest and the loan amount. You can fill in the required information on the EMI Calculator available on BankBazaar.com.

    You can adjust the tenure to see if the EMI is affordable. BankBazaar gives you the breakup of the loan, amortization, repayment details, interest etc.

    • Where can I check the status of the Jammu Kashmir Bank Personal loan application?

      If you have applied for the loan through BankBazaar, then you can follow up on the status on the website.

    • Where can I find the application form for the Jammu Kashmir Bank Personal Loan?

      You can find the application forms at all the Jammu Kashmir Bank Branches or it is easily available on the BankBazaar website.

    • Jammu Kashmir Bank Personal Loan statement available online?

      The loan statement is available online on the BankBazaar website that is if you have applied for it through BankBazaar.

    • Will BankBazaar charge any fee if I apply for the Jammu Kashmir Bank Personal Loan through their website?

      No, BankBazaar doesn’t charge any fee for its services.

    • Is prepayment allowed on the personal loans?

      Yes, prepayment is allowed for no charge.

    • Does Jammu Kashmir Bank charge a processing fee?

      No, Jammu Kashmir Bank does not charge any processing fee.

    • What are the main types of personal loans available from Jammu Kashmir Bank?

      The following are the major types of personal loans available from Jammu and Kashmir Bank:

      1. Consumer Loan
      2. SAHOLIAT/SARAL Finance
      3. SAHOLIAT/SARAL Finance for pensioners
      4. Solar Lighting & photo voltaic Finance
      5. Laptop/PC Finance
      6. Scooty Finance for Girls/ Ladies
      7. J&K Bank Festival Advance
    • What are the eligibility requirements for the consumer loan from Jammu and Kashmir Bank?

      The applicant should meet the following eligibility criteria’s to apply for a consumer loan under personal loans from Jammu and Kashmir Bank:

      • He or she should be employed under the government, semi-government or any of the civic bodies.
      • He or she could also be self-employed and apply as long as he or she can proof a source of stable and regular income.
    • What are the eligibility requirements for the SAHOLIAT/ SARAL Finance from Jammu and Kashmir Bank?

      The applicant should meet the following eligibility criteria’s to apply for SAHOLIAT/ SARAL Finance under personal loans from Jammu and Kashmir Bank:

      • The individual should be holding office under the central or state government or under any public or private undertakings, autonomous bodies and institutions.
    • What are the eligibility requirements for the SAHOLIAT/ SARAL Finance Scheme for pensioners from Jammu and Kashmir Bank?

      The applicant must be a central or state government pensioner, who is drawing pension through the Jammu Kashmir Bank.

    • For the Photovoltaic finance in Jammu and Kashmir Bank what are the criteria’s that are necessary of me as an applicant to meet?

    • For the Laptop or PC finance in Jammu and Kashmir Bank what are the criteria’s that are necessary of me as an applicant to meet?

      • The applicant should be a permanent employee of the Indian government, or. Person employed under reputed institutions.
      • Government employees under contracts.
      • The person could also be an official, educator or teacher but under Rehaber-a-Taleem, J&K Govt.
      • Pensioners drawing pension through Jammu Kashmir Bank.
      • Self-employed, Professionals and proprietors.
      • Adults who are studying at a reputed colleges and universities.
    • For the Scooty finance for girls/women in Jammu and Kashmir Bank what are the criteria’s that are necessary of me as an applicant to meet?

      Working women with source of regular income and:

      • The applicant should be a permanent employee of the Indian government, or. Person employed under reputed institutions.
      • Government employees under contracts.
      • The person could also be an official, educator or teacher but under Rehaber-a-Taleem, J&K Govt.
      • Pensioners drawing pension through Jammu Kashmir Bank.
      • Self-employed, Professionals and proprietors.
      • Adults who are studying at a reputed colleges and universities.
    • What are the documentations required to be Submitted for a Personal Loan?

      You will have to submit the following documents while applying for Jammu Kashmir Bank Personal Loan:

      1. Application form duly signed and attached with your photograph.
      2. Your last 6 months’ bank passbook statement.
      3. Copy of passport/ Voter ID/ driving license.
      4. If you are self-employed, latest bank statement and latest ITR or Form 16
      5. If you are salaried, latest salary slip and current dated salary certificate with the latest Form 16.
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