Jammu and Kashmir Bank Personal Loan Details

Amount of the loan

Three thousand to forty thousand rupees each article

Finance amount (maximum )

Seventy five thousand rupees subject to twelve  times of  the net salary of every month

Security

Mainly, the financed product and a 3^rd party guarantee of 1 person is required as collateral

Duration of Repayment

5 years ( maximum) 

Margin

25 %

Charges of processing

No charges

Amount of loan

Twenty lakh rupees or salary of three years  (whatever is low) 

Characteristics

The bank disburses the loan in cash. The applicant can avail revolving type facility if requested.

The outstanding balance is less than 40% of the amount of the loan.

The applicant should have enough service years.

Fresh D.P Note for complete loan amount.

The applicant should not have had above 2 arrears in any point.

The borrower have to present an undertaking from authority  of drawing & disbursing to intimate the bank regarding transfer and also that the  installment and the outstanding are sent to the next drawing and disbursing  officer.

Repayment

Eighty four EMIs or remaining service tenure (whatever is low)

Margin

There isn’t any margin.

Amount of loan

For the pensioners who are:

Less than 65 years: Two lakh fifty thousand rupees  or  net pension of eighteen months ( whatever is low ) 

More than  65 up to 70 years: One lakh fifty thousand rupees  or net pension of one year ( whatever is low)

More than 70 years: Seventy thousand or net pension of nine months  (whatever is low) 

Key Features

The borrower gets the amount in cash. There isn't asked any questions about spending of the money.

Repayment

Till 65 years- 4 years

More than 65 up to 70 years- 3 years 

More than 70 years- 2 years

Margin

There isn’t any margin.

Security

A member of the family or a 3^Rd party guarantee that the bank consider good for the advance amount, is needed.

Amount of loan 

Individuals- Twelve times of monthly net salary. 

JLGs, SHGs, Farmers Club - The amount of the loan should not exceed from the maximum permitted finance to group or individual members of it under normal applicable appraisal. 

Rural households- 

The amount of loan can be two times of the net yearly income (maximum) as the concerned Sarpanch certifies it.

Repayment

A maximum of five years in monthly installments. The lock-in duration is also there which is three years minimum. The loan cannot be fully adjusted before three years.

Margin

Ten percent of the cost   of the project has to be deposited in advance.

Security

Mainly, the bank keeps the asset installed for security. 3^rd party guarantee isn't needed in case the applicant is the permanent employee of semi-government, government autonomous or undertaking body. Confirmation Letter isn’t needed not for the loans that are up to fifteen thousand rupees. For others, one person is needed as a 3^rd party guarantee.

Amount of loan: 

A Maximum of fifty thousand rupees can be availed as loan. One can get a maximum finance of one lakh rupees for buying  Mac or Macintosh  series tablet , laptops and PCs that are designed by Apple Inc

Repayment

Thirty six monthly installments for the loans that are up to fifty thousand rupees and forty eight monthly installments for the loans that are above fifty thousand rupees

Margin

Margin is ten percent.

Security

There isn’t required any security for the loans that are up to fifty thousand rupees.

Collateral- 

The product itself is the collateral

The following people are not required to provide collateral:

Any government employee who draws salary from J&K branch.

Customers who have premium/ gold/Platinum plus current account and their accounts are maintained satisfactorily.

 Cusomers  who have  cash credit account in the bank and have more than five lakh rupees average utilisation percentage minimum

Customers having fixed deposit account of above five lakh rupees.

There is needed a 3^rd party guarantee of 1 person for others.

Fee of processing 

There isn’t any charge for processing.

Prepayment: 

There isn’t any charge for closer or prepayment of loan.

Finance for scooty  for ladies and girls- 

85 % of the cost of scooty or a maximum of fifty thousand rupees can be availed as loan.

If the lady is working, her in hand salary after the payment of instalment should not be below 40 % of the gross income per month.

For girls who are students, one of her parents should be co-borrower and his/her in hand salary after the payment of instalment should not be below 40 % of the gross income per month.

Margin

Fifteen percent of the value of the invoice.

Repayment

Five years maximum. . One can go for any duration up to the maximum limit.

Security

Scooty is the collateral itself.

There isn’t needed any 3^rd party guarantee for government employees. But a guarantee of 1 person is needed for non-government employee.

For girls who are students, one of her parents should be co-borrower

Insurance

The borrower and the bank jointly draw vehicle’s comprehensive insurance against every types of risk.

Prepayment

There isn’t any charge for prepayment of the loan.