Jammu and Kashmir Bank offers consumer loans for individuals to give them the chance to purchase consumables that they require.
Jammu and Kashmir Bank offers personal loans for a variety of purposes at interest rates starting from 10.25%. The maximum repayment tenure varies from scheme to scheme, with 84 months being the highest, and the maximum amount you can borrow is Rs.20 lakh.
| Consumer Loan | |
|---|---|
| Interest Rate | 11.75% onwards for salaried employees of State and Central Government, and 12.50% onwards for others |
| Loan Amount | Up to Rs.75,000, subject to 12 times net monthly income |
| Processing Fees | Nil |
| Tenure | 60 months |
| Saholiat/Saral Finance | |
|---|---|
| Interest Rate | 12.50% onwards for those who maintain salary accounts with Jammu and Kashmir Bank 13.75% onwards for those who do not have salary accounts with Jammu and Kashmir Bank 14.50% onwards for businessmen, self-employed persons and professionals apart from the salaried class 12.50% onwards for pensioners of the State or Central Government, including family pensioners who maintain pension accounts with Jammu and Kashmir Bank |
| Loan Amount | Rs.20 lakh or 36 months gross salary, whichever is lower |
| Processing Fees | Nil |
| Tenure | 84 months |
| Saral/Saholiat Finance Scheme for Pensioners | |
|---|---|
| Interest Rate | 12.50% onwards |
| Loan Amount | The lower of Rs.3 lakh or 18 months net pension for pensioners under 70 years of age The lower of Rs.3 lakh or 12 months net pension for pensioners who are between 70 and 75 years of age The lower of Rs.2 lakh or 12 months net pension for family pensioners who are under 70 years of age |
| Processing Fees | Nil |
| Tenure | 36 months for loans up to Rs.50,000 and 48 months for loans above Rs.50,000 |
| Laptop/PC Finance | |
|---|---|
| Interest Rate | 11.75% onwards |
| Loan Amount | Up to Rs.50,000; can be extended up to Rs.1 lakh for the purchase of Mac series of PCs and tablets sold by Apple Inc |
| Processing Fees | Nil |
| Tenure | 36 months for loans up to Rs.50,000 and 48 months for loans above Rs.50,000 |
| Scooty Finance for | |
|---|---|
| Interest Rate | 10.25% onwards |
| Loan Amount | Up to 85% of the price of the Scooty subject to a maximum of Rs.50,000 |
| Processing Fees | Nil |
| Tenure | 60 months |
| Festival Advance Scheme | |
|---|---|
| Interest Rate | 12.50% onwards |
| Loan Amount | Rs.5,000 to Rs.75,000 |
| Processing Fees | Nil |
| Tenure | 10 months |
| Smartphone Finance | |
|---|---|
| Interest Rate | 12% onwards |
| Loan Amount | Rs.10,000 to Rs.75,000 or 12 months net income |
| Processing Fees | Rs.250 |
| Tenure | 30 months |
| Modular Kitchen Finance | |
|---|---|
| Interest Rate | 12% onwards for employees and pensioners of State/Central Government, and 12.50% onwards for others |
| Loan Amount | Up to Rs.5 lakh or 80% of the price of modular kitchen or 60 months net income, whichever is lower |
| Processing Fees | 0.50% of the loan amount |
| Tenure | 72 months for amounts up to Rs.2.5 lakh and 84 months for amounts above Rs.2.5 lakh |
| Sahafat Finance Scheme | |
|---|---|
| Interest Rate | 12.40% onwards |
| Loan Amount | Rs.50,000 to Rs.3 lakh |
| Processing Fees | Rs.200 + GST applicable |
| Tenure | 60 months |
| Loan Scheme | Eligibility Criteria |
|---|---|
| Consumer Loan | Must be an employee of the Government, civic bodies, or must be self-employed |
| Saholiat/Saral Finance | Must be a permanent employee of the State/Central Government, State or Central and Semi-Government Public Sector Undertakings, Autonomous bodies or institutions |
| Saral/Saholiat Finance Scheme for Pensioners | Must be a pensioner of the State/Central Government who draws pension via Jammu and Kashmir Bank (family pensioners included) |
| Laptop/PC Finance | Must be a permanent employee of the State/Central Government, State or Central and Semi-Government Public Sector Undertakings, Autonomous bodies or institutions, or An employee of a private organisation, private limited company, reputed establishment or a contractual employee of the State/Central Government, or Government or Semi-Government Undertakings and Autonomous bodies, or A contractual employee of the State/Central Government, or Government or Semi-Government Undertakings and Autonomous bodies, or A teacher under Rehaber-a-Taleem, Jammu and Kashmir Government, or An official under Rehaber-a-Zeerat, Jammu and Kashmir Government, or A pensioner of the State or Central Government who draws salary or pension through Jammu and Kashmir Bank, or A proprietorship concern, self-employed individual or professional, or A regular student of a recognised school, university or colleges |
| Scooty Finance for Girls/Ladies | Must be a working lady with adequate an regular source of income (employees of Public Sector Undertakings, Government or Semi-Government Undertakings, private companies, Autonomous bodies or reputed establishments, or businesswomen and self-employed women or professionals, or Ladies or girls who are still studying and have no regular income Must be at least 18 years of age and an Indian citizen Must have a valid driving license |
| Festival Advance Scheme | Must be a permanent employee or pensioner of Central/State Government, or Government or Semi-Government Undertakings and Autonomous bodies who draws salary or pension from Jammu and Kashmir Bank |
| Smartphone Finance | Must be a permanent employee or pensioner of the Central/State Government, or Government or Semi-Government Undertakings and Autonomous bodies who draws salary through Jammu and Kashmir Bank Must be at least 21 years of age |
| Modular Kitchen Finance | Must be a permanent employee for at least three years with the State or Central Government, Semi-Government Departments, Autonomous bodies, Public Sector Undertakings, or reputed private or public limited companies, or A self-employed professional such as a lawyer, doctor, engineer or chartered accountant with at least two years’ standing, or A pensioner of the Central or State Government who draws pension through Jammu and Kashmir Bank Must be at least 18 years of age |
| Sahafat Finance Scheme | Must be a media personnel or journalist who works part-time or full-time (can be an editor, photographer or cameraman, reporter, stringer journalist, photo journalist, or someone in administrative or managerial capacity, accounting, supervisory capacity, etc., or An employee working for media houses or newspapers with daily or weekly or monthly circulation of 2000 copies, or An employee of a newspaper or a media house or a radio channel or a private TV or a magazine with a minimum of three years of service Must have a salary account with Jammu and Kashmir Bank for a minimum of six preceding months before applying for a loan |
If you are a salaried applicant:
For non-salaried applicants:
Jammu and Kashmir Bank offers personal loans for a variety of reasons ranging from the purchase of smartphones and PCs to the installation of modular kitchens and the purchase of scooties. Each loan has its own set of regulations for the use of funds. A Consumer Loan from Jammu and Kashmir Bank can be used to procure durable consumer goods such as PCs, laptops, air conditioners, scooters, motorcycles, TVs, VCRs, DVD players, washing machines, refrigerators, generators, cooking appliances, DTH equipment, dish antennae, vacuum cleaners, CD players, geysers, water filters, etc.
The tenure of a Jammu and Kashmir Bank personal loan varies based on the kind of scheme you avail. For instance, the tenure of a consumer loan is 60 months, the tenure of the Saholiat/Saral Finance scheme is 84 months, the tenure of the Saral/Saholiat Finance Scheme for Pensioners ranges from 48 months to 60 months based on the profile of the borrower, the tenure of the Smartphone Finance scheme is 30 months, the tenure of the PC/Laptop scheme ranges from 36 months to 48 months based on the amount borrowed, the tenure of the Festival Advance scheme is 10 months, the tenure of the Scooty Finance scheme and the Sahafat Finance Scheme is 60 months, and the tenure of the Modular Kitchen Finance scheme ranges from 72 months to 84 months.
While most of the personal loan schemes offered by Jammu and Kashmir Bank do not have any processing fees, the Smartphone Finance scheme, the Modular Kitchen Finance scheme, and the Sahafat Finance Scheme charge processing fees at Rs.250, 0.50% of the loan amount, and Rs.200 plus GST.
One of the main factors that determine the interest rate applicable to your personal loan is your credit score. Usually, the higher your credit score, the lower your interest rate. The other key factors that determine how much interest you will be paying towards your personal loan include your income and your current liabilities. If you earn a high level of income and have no other or very few financial commitments, you can negotiate with the lender to get a low interest rate.
The maximum available to borrowers will depend on the scheme. While the Consumer Loan scheme allows you to borrow a maximum of Rs.75,000 only, the Saholiat/Saral Finance scheme allows you to borrow up to Rs.20 lakh. Each loan scheme has a maximum limit.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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