J&K Bank Car Loan Interest Rate

Customers of Jammu and Kashmir Bank have access to a wide range of financial products. Customers wishing to purchase their ideal car at a reasonable rate of interest can apply for a Jammu and Kashmir Car Loan.

Features and Benefits of the J&K Bank Car Loan

Here is the varied set of characteristics that these car loan schemes carry-

  • Assume a loan of 90% of the car's ex-showroom MSRP.
  • Apply online and receive quick approval, saving you the trouble of visiting the branch.
  • Get a loan to buy a new or used automobile, as well as a Multi Utility Vehicle (MUV) or an SUV.
  • To conveniently repay the loan, obtain payback terms of up to 7 years.
  • For used automobile purchases, you can get a quick car loan of up to 75%.
  • The documentation procedure is easy and straightforward.
  • Processing fees are extremely minimal.
  • There is no prepayment penalty.

J&K Bank Car Loan Interest Rate

Here is a table to show the J&K Bank car loan interest rate for 2022:

Floating Car Loan Interest Rate JK Bank

RLLR + 0.75% p.a.

Fixed Interest Rate

RLLR + 1.75% p.a.

Other Charges Associated with the Jammu and Kashmir Bank Car Loan Scheme

Processing Fees: Up to 0.50% of the loan amount + GST is available. The minimum and highest fees that can be assessed, however, are Rs.1,500 and Rs.15,000, respectively.

Different Kinds of Car Loans from Jammu and Kashmir Bank

Following are the different kinds of car loans from Jammu and Kashmir Bank-

1) New Car Loan

  • Flexible tenures of up to 7 years are available.
  • Financing of up to 90% of the vehicle's total cost is available.
  • Attractive rates begin at RLLR + 0.75% p.a.

2) Used Car Loan

  • Flexible tenures begin at 12 months.
  • There is no up-front price.
  • Interest rate reduction for female applicants.
  • There is no prepayment penalty.

How to Apply for a Car Loan from Jammu and Kashmir Bank?

The process to apply for the car loan from J&K Bank is mentioned below:

Step 1: Visit the Jammu and Kashmir Bank's official website.

Step 2: Select "Car Loan Scheme" from the "Personal" menu.

Step 3: In the upper right-hand corner of the page, click "Apply Online."

Step 4: You will be redirected to another page where you must complete your application by filling in the appropriate fields and clicking the "submit" button.

Who is Eligible for the Jammu and Kashmir Bank Car Loan?

  • Employees of Private Limited Companies, Private Organizations, Reputable Establishments, and Contractual Employees of Central/State Governments, Government/Semi-Government Undertakings, and Autonomous Bodies.
  • Permanent State/Central Government Employees, Employees of Government/Semi-Government Undertakings, and Autonomous Bodies.
  • Entrepreneurs, professionals, and self-employed individuals.

Documents Needed to Apply for the Car Loan from Jammu and Kashmir Bank

Following are the documents needed to apply for the car loan from Jammu and Kashmir Bank-

- For the salaried

  • Identity verification
  • Address verification
  • Salary slips over the previous six months
  • Form 16
  • Income Tax Return for the Previous Year

- For the Self-employed

  • Identity verification
  • Address verification
  • Income Tax Returns (ITR) for the Previous Three Years
  • Profit and loss statements, as well as a balance sheet

Attributes that Contribute to the Rate of Interest

  • Vehicle - The vehicle will be used as collateral in the event of a car loan. If the EMIs are not paid, the bank or NBFC will confiscate the vehicle. When determining interest rates, the model and age of the car are considered. In comparison to previous models, new cars from respected manufacturers have cheaper interest rates. Used automobiles frequently have high-interest rates since their value depreciates with age.

  • Age - During the car loan application procedure, the borrower's age is quite crucial. The younger the creditor, the more years he would have to return the loan. Car loans will be offered to those over the age of 21. Unlike older applicants, younger candidates get a higher loan amount and lower interest rates.
  • Co-applicant - If you have another earning member of the family, you can add them as a co-applicant to the loan so that their income is also considered when processing your application for vehicle loans. If you enter both of your incomes, you will have a larger payback potential and, consequently, a cheaper interest rate.

  • Down Payment - While Jammu & Kashmir Bank will lend you up to 90% of the vehicle's ex-showroom price, a larger down payment will allow you to negotiate lower interest rates. Lower debt amounts and improved payback potential result from higher down payments. Banks are actively seeking low-cost lending customers in order to lower their default credit risk. When you submit a larger down payment, you have a better chance of getting a lower interest rate.
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