J&K Bank Personal Loan Interest Rates

Jammu and Kashmir Bank offers personal loans starting at 10.85% p.a. for terms of up to ten years. It also provides personal loans to pensioners/family pensioners at a rate of 10.80% per annum, as well as the Sahafat Finance Scheme, a specific personal loan scheme for media personnel.

Details of the J&K Bank Personal Loan

 

J&K Bank Personal Loan Interest Rate

10.85% - 11.85% p.a.

Term

Ten years

Processing Charges

1%

Characteristics and Benefits of the J&K Bank Personal Loan Scheme

  • There are no restrictions or any limits on how the loan amount can be used.
  • Flexible lease terms of up to 84 months (subject to conditions.)
  • No security is required.
  • The loan is repayable in convenient installments.
  • Payment via Standing Instruction is one of the Jammu and Kashmir Bank loan payment methods.
  • Personal loans are also provided for the purchase of consumer durables, scooters for ladies, festival advances, computers, and cellphones.
  • Documentation is basic and straightforward.
  • Saral Finance Eligibility: For state and federal government employees, as well as public-sector enterprises.

Types of Personal Loan Schemes from Jammu and Kashmir Bank

Folowing are the types of Personal Loan Schemes from Jammu and Kashmir Bank-

1) Consumption Loan for Employees

The goal is to address all of your personal financial needs.

  • 42 times the monthly gross salary for permanent government employees, staff of PSUs, institutions, and autonomous organizations of government holding salary accounts with J&K Bank
  • For government employees who do not have a salary account with J&K Bank, the amount is equal to 24 times the monthly gross pay or Rs 15 lakh, whichever is less.
  • Employees of Corporate Houses or other respected institutions with a salary account with J&K Bank are entitled to 30 times their monthly gross salary or Rs 25 lakh, whichever is less.

2) Consumption Loan for Professionals

Term loans are used to address personal and professional needs.

Loan Amount: 2.5X net annual income or 30 months net monthly income, whichever is less, or Rs 20 lakh.

Tenure: Up to seven years

Processing Fees: 1% of the loan amount up to Rs 10,000+GST.

3) Consumption Loan for Businessmen

Term loans are used to meet personal needs.

Loan Amount: Rs 20 lakh for 30 months based on net monthly income.

Tenure: Up to seven years.

Processing Fees: 1% of the loan amount up to Rs 10,000+GST.

4) Consumption Loan for Pensioners

Purpose: A term loan for any personal needs.

Amount of Loan: For Pensioners - 30 times net monthly pension.

5) Festival Advance Loan

The motive is to raise funds for the festival activities.

Amount of the loan: The minimum loan amount is Rs 5,000. The maximum loan amount is the Average net salary for the previous three months, subject to a maximum of Rs 40,000; the average is less than Rs 50,000 Rs 60,000; the average is Rs 50,000-Rs 80,000 Rs 75,000, and the average is Rs 80,000 or more.

6) Shafat Loan Scheme

On a merit basis, composite loans are made to journalists/media workers and newspaper employees/media houses to cover personal or professional needs.

Loan Amount: Up to 36 times net monthly income, subject to a maximum loan amount of Rs 50,000-Rs 3 lakh.

Tenure: up to five years.

J&K Bank Personal Loan Interest Rate 2022

Type of Loan

JK Bank interest rate on personal loan

The interest rate of personal loan in J&K bank for consumer loan

11.75%

Rate of interest on personal loan in J&K Bank for Saral Scheme

12.50%

Smartphone Scheme

12%

Sahafat Scheme

12.40%

Festival Advance Scheme

12.50%

Laptop Finance

11.75%

Who is Eligible for the Personal Loan Schemes from JK Bank?

  • Age: 18 years to 1 year before retirement/18-65 years (Sahafat Finance Scheme)/ 21 years to 1 year before retirement (J&K Bank Cash Credit Scheme) Pensioners can live for up to 69 years.
  • Workers of Corporate House banking with J&K Bank, permanent employees with salary accounts with the bank, or who will transfer their existing salary accounts to J&K Bank with at least one salary received in the account.
  • Permanent personnel of the Central/State Governments, PSUs, Government Institutions, Autonomous Bodies, and government employees (for J&K and Ladakh only) hired under SRO 202 with an 18-month service period.
  • Doctors, engineers, architects, attorneys, and CPAs who keep relationships with banks.
  • Permanent employees of respected institutions with bank accounts with J&K Bank and salary accounts with J&K Bank or who transfer their existing salary accounts to J&K Bank with at least one salary received in the account.
  • Central/State/Union Territory Administration Pensioners/Family Pensioners who have pension accounts with J&K Bank and withdraw their pensions from J&K Bank or who have pension accounts with J&K Bank but receive their pensions from another bank.
  • Businessmen who have maintained a current deposit account or a business loan account with J&K bank for three years.
  • Permanent employees/pensioners of the State/Central Government, Government/Semi-Government Undertakings, and Autonomous Bodies who get a salary or pension from J&K Bank.
  • Journalists and media personnel.

Required Documents for Applying for the Personal Loan

  • Proof of Identity: Your Aadhaar Card, Voter ID Card, PAN Card, Passport, Driving License, and so forth.
  • Recent colour passport pictures.
  • Proof of Income: This could be your pay stubs, bank statement, profit and loss statement, Income Tax Return, and so on.
  • Personal loan application form: It must be completed and signed.
  • Proof of Address: The most recent utility bill (electricity/telephone bill), bank passbook, Aadhaar Card, and so on.
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