A Car loan is the best way to buy a car if you are having limited finance; all you need is to be eligible for a J&K bank car loan. The following individuals are eligible for a J&K Bank Car Loan:
- Salaried individuals, employees on contractual basis (in the contractual job for a period not less than 1 year and the remaining contract period should be longer than the chosen repayment period)
- Professionals, Self Employed Individuals & Proprietorship Concerns.
- Persons engaged in agricultural and allied activities.
- Retired Employees of State / Central Government, Public Sector Undertaking.
- Joint borrowers are also eligible.
*Employees on ad-hoc basis are not eligible for the loan.
Eligibility for A
- Age of the applicant should be minimum 21 years and maximum 60 years or age of retirement whichever is earlier (at loan maturity)
- The applicant must have been in current employment for a period of not less than 1 year.
- Minimum gross annual income must be Rs 3.00 lakhs
Eligibility for B & C
- Age of the applicant should be minimum 21 years and maximum 70 years (at loan maturity)
- The applicant must have at least 3 years in business.
- Minimum gross annual income must be Rs 4.00 lakhs
Eligibility for D
- Maximum age of applicant at loan maturity must be 70 years
- Minimum gross annual income must be Rs 2.00 Lakhs
Eligibility for E
- Maximum age of Applicant at loan maturity: 70 years
- Minimum Gross Annual Income: Rs 2.00 Lakhs
Eligibility for J&K Bank Used Car Loan
- The applicant should be at least 21 years old
- He should be below 58 years of age at the time of loan maturity
- The minimum employment period must be of 3 years.
- In case an applicant draws salary from a J&K bank account, can provide a letter of undertaking from the employer and will then be required to have a minimum employment period of 2 years.
- The applicant should be above 21 years of age at the time of loan application
- He should not be more than 65 years old during the time of loan maturation
- He should be in the same business for at least 3 years
- Should have been in existence for at least 3 years.
Private Company or Public Limited Company:
- Limited Companies should have been in existence for at least 3 years.
Check Your J&K Bank Car Loan Eligibility:
With a plethora of J&K Bank plans available, you can check your eligibility for J&K car loan online with the Car Loan Eligibility Calculator by PaisaBazaar. Subsequently, you can apply for the requisite J&K Bank car loan online.