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Jammu & Kashmir Bank Two Wheeler Loan

Jammu and Kashmir Bank offers two-wheeler loans at interest rates starting from 8.70% p.a. and a repayment tenure of up to 5 years. The bike loans offered by the bank come with several benefits and features.

Jammu and Kashmir Bank Two-Wheeler Loan Interest Rates

Interest Rate
  • Floating Rate: 8.70% p.a. onwards
  • Fixed Rate: 9.20% p.a. onwards
Maximum Loan Amount Rs.2,50,000
Minimum Loan Amount Rs.25,000
Income Rs.75,000 per year
Repayment Tenure Up to 60 months
Processing Fee 1% of the loan amount (minimum of Rs.500 and maximum of Rs.2,000)
Prepayment Charges Nil

How to Apply for a Jammu and Kashmir Bank Two-Wheeler Loan?

The procedure to apply for a bike loan offered by Jammu and Kashmir Bank is mentioned below:

  • Visit Jammu and Kashmir official website.
  • Enter your name, email ID, mobile number, address, state, branch, product, and the captcha code.
  • Click on ‘Submit’.
  • A Jammu and Kashmir Bank executive will contact you to process the request.

Jammu and Kashmir Bank Two-Wheeler Loan Eligibility

The eligibility criteria that must be met in order to avail a bike loan from Jammu and Kashmir Bank are mentioned below:

  • Individuals must be between the ages of 18 years and 65 years. However, in case the engine capacity of the vehicle is less than 55 cc, the minimum age is 16 years.
  • Housewives between the ages of 18 years and above can apply for the loan. However, the spouse must be the co-borrower.
  • Students can apply for the bike loan with a parent as the co-borrower.
  • Family pensioners and pensioners who withdraw the pension from the bank.
  • Employees, businessmen, and self-employed individuals.
  • Employees who work at reputed establishments, private companies, public sector undertakings, autonomous bodies, and government/semi-government undertakings.

Documents Required

The list of documents that must be submitted are mentioned below:

Salaried Employees

  • Application form
  • Passport-size photographs
  • Proof of identity
  • Proof of address
  • Bank statement (last 6 months)
  • A quotation that has been provided by a recognised dealer
  • Salary slips

Self-Employed Individuals

  • Application form
  • Passport-size photographs
  • Proof of identity
  • Proof of address
  • Bank statement (last 6 months)
  • A quotation that has been provided by a recognised dealer
  • Trade license, financial statements, and statement of accounts

Any other documents that have been requested by Jammu and Kashmir Bank must be provided as well.

Jammu and Kashmir Bank Two-Wheeler Loan EMI Calculator

You can use the two-wheeler loan EMI calculator offered by BankBazaar to know the monthly payments in case you wish the purchase the bike by availing a loan. Once the basic details are provided, the payment that must be made every month will be displayed. The calculator is easy to use and saves time when compared to manual calculations.

Features and Benefits

The main features and benefits of the two-wheeler loan offered by Jammu and Kashmir Bank are mentioned below:

  • Loans are provided for the purchase of new battery-operated scooters, mopeds, motorcycles, and scooters.
  • Your net annual income must be at least Rs.75,000.
  • The repayment tenure is up to 60 months.
  • No prepayment charges are levied.
  • 1% of the loan amount will be charged as the processing fee. However, the minimum and maximum amount that can be levied are Rs.500 and Rs.2,000, respectively.
  • The minimum and maximum loan amount that will be provided are Rs.25,000 and Rs.2,50,000.
  • Individuals between the ages of 16 years and 65 years can avail the loan.

FAQ's

  1. Does Jammu and Kashmir Bank provide the loan on the on-road price of the bike?

    Jammu and Kashmir Bank provides the loan on the ex-showroom price of the bike.

  2. Should I provide any collateral when I avail a bike loan?

    No collateral will need to be provided for Central/State Government employees who draw their salary from the bank. Collateral must be provided by all other individuals.

  3. Does Jammu and Kashmir Bank levy any pre-payment charges?

    No, Jammu and Kashmir Bank does not levy any pre-payment charges.

  4. What is the maximum processing fee that can be levied?

    The maximum processing fee that can be levied by the bank is Rs.2,000.

  5. How long should I be employed to avail a two-wheeler loan from the bank?

    You must be working for at least 6 months in order to avail a loan from the bank.

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