Jammu and Kashmir Bank Personal Loan

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.

Features of Personal Loans offered by Jammu Kashmir Bank

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.

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.

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.

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.

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.

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 Kashmir Bank Personal Loan interest rates

The interest rate offered by Jammu Kashmir Bank for Personal Loans are as follows:

Consumer loan: 16%
SAHOLIAT/ SARAL Finance: 14.25%
SAHOLIAT/ SARAL Finance Scheme for pensioners: 14.25%
Solar lighting and photo voltaic finance: 11.75%
Laptop or PC finance: 11.75%
Scooty finance for girls/ladies: 12.75%

Eligibility Criteria for Jammu Kashmir Bank Personal Loans

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.

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