• Jammu and Kashmir Bank Used Car Loan

    Jammu and Kashmir Bank Used Car Loans

    The Jammu and Kashmir Bank was established on 1st October in the year 1938, thanks to the commendable effort by the Maharaja Hari Singh of Jammu and Kashmir. The Maharaja had requested prominent Kashmiri financiers to be the board directors and stakeholders of the bank, the most outstanding of which were the Bhaghat clan and Abdul Aziz Mantoo and Pesten Gee, all of whom obtained key shares. The bank initiated its operations on 4th July 1939, almost a year after its launch, and was regarded the first of its kind and structure as a bank run by the State in India. What started off as a semi-State Bank with contribution from the capital as well as the public, attained the position of a scheduled bank and was announced as an ‘A’ Class bank in 1976 by the Reserve Bank of India.

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

    Jammu and Kashmir Bank Used Car Loan Minimum Age

    At least 21 years old

    Jammu and Kashmir Bank Used Car Loan Maximum Age

    Less than 65 years old

    Jammu and Kashmir Bank Used Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Jammu and Kashmir Bank Used Car Loan Minimum Income

    Earn more than the minimum
    income required

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

    Jammu and Kashmir Bank Used Car Loan Minimum Salary

    Minimum income required
    2.00 Lakh per annum

    Jammu and Kashmir Bank Used Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Jammu and Kashmir Bank Used Car Loan EMI

    EMIs of other loans lower
    your eligibility

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

    Jammu and Kashmir Bank Used Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Jammu and Kashmir Bank Used Car Loan Maximum Tenure

    Choose longer tenure loan up to 6 years

    Documentation needed to apply for an Jammu and Kashmir Bank Used Car Loan

    • 1. Photo ID and age proof
    • 2. Residence proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Jammu and Kashmir Bank Used Car Loan Interest RatesUpdated on 23 Oct 2021

    Jammu and Kashmir Bank Used Car Loan Details
    Interest Rate 12.05% to 12.25%
    Processing Fees Nil
    Pre-Closure Charges Nil
    Loan Tenure 1 year to 6 years

    Car Loan for Used Cars- Prerequisites:

    • Jammu and Kashmir Used Car Loan is accessible for anyone who wants to buy an old car or jeep of any model, which is not older than 5 years.
    • You can avail this if you are permanent government or semi-government servants, employees of autonomous or private organizations, entrepreneurs or independent professionals.
    • The loan applicant must be of at least age 21 when applying and should not be older than age 58 (or the applicable retirement age in the institution) when the loan tenure ends.
    • Least expected period of present employment for salaried and self-employed person as well as collaboration is 3 years. If the salary is drawn through a home branch, then this period is reduced to 2 years.
    • There is a margin of 25 percent for cars used for less than 3 years and 30 percent for those used for more than 3 years (and less than 5 years).
    • The maximum used car loan sum permitted by J & K bank is 2.5 times of your total yearly earnings or 1.5 million, whichever is less.
    • The number of cars to be authorized to one debtor under Car Finance (Used) at any given time must not go beyond 2 cars within the agreed limit of INR 1.5 million.
    • For cars used for less than 3 years, you can take up to 72 months to repay the loan. And loans for cars used for 3 to 5 years should be paid in 48 months.
    • Primary security asked by the bank is the hypothecation of car, which is to be bought.
    • There shall be no need for any third party assurance if you are an employee drawing your salary through any of the J & K home branches.
    • Advance payment of any amount permitted any time after a term of 6 months will be levied a small penalty of 2 percent for the sum prepaid.
    • There shall be no upfront costs.

    Jammu and Kashmir Bank Used Car Loan Interest Rates

    J&K Bank offers its customers a specialised used car loan, helping them finance a pre-owned 4-wheeler. Interest rates for this loan depend on the date of sanction, with an MCLR and Base Rate platform in place. Existing borrowers have the flexibility to choose between either of these systems, while new borrowers will automatically be moved to MCLR based rates.

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

    J&K Bank has introduced MCLR based benchmark rates following guidelines from the RBI. These rates are indicative of current scenarios, highlighting the operating costs, repo rate, CRR, etc.

    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%

    Used car loan interest rates (2018)

    The interest payable on a used car loan depends on the tenure and MCLR. Jammu and Kashmir Bank can modify the interest, choosing to add a certain percentage over and above the existing MCLR, depending on certain factors.

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

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

    Jammu and Kashmir Bank interest rate for used cars (Based on Base Rate)

    Existing customers who do not wish to migrate to the MCLR based platform can continue paying interest calculated on the basis of the base rate. The table highlights the different rates applicable.

    Tenure Interest Rate
    Less than 4 years 15.25% per annum
    More than 4 years 16.00% per annum

    Note: Jammu and Kashmir Bank holds the right to modify/change interest rates without prior intimation. Rates mentioned here are as of Jan, 2018. Potential borrowers are advised to check prevailing rates at the time of applying.

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    Jammu and Kashmir Bank Used 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? 3
      , 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? 6
      , 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? 5
      , 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
      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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