If you are a government employee, private employee, self-employed individual/professional, student of recognized institutions or a pensioner, you can apply for various schemes offered by Jammu and Kashmir Bank under the personal loan category. The schemes are designed and offered for a wider audience and caters to their varied personal needs like purchasing a consumer durable/household item, paying medical bills, renovating home, getting married, opting for higher education, etc.
Jammu and Kashmir Bank Personal Loan - Features and Benefits
- Diverse schemes: Schemes like Consumer Loan, Saholiat/Saral Finance Scheme for Employees, Saholiat/Saral Finance Scheme for Pensioners, etc. are offered to various individuals
- Loan amount: The loan amount offered by Jammu and Kashmir Bank varies from scheme to scheme that are available under the personal loan category. The loan amount offered to an individual depends on his eligibility
- Flexible tenure: The tenure also varies from scheme to scheme. However, complete flexibility is offered under every scheme when it comes to repaying the loan amount
- Online application: You can easily apply for Jammu and Kashmir Bank Personal Loan online by submitting an application form along with the minimum documentation
The loan of upto Rs. 1.5 Lakh is offered (can be repaid in 48 months) to purchase the following household items:
- Refrigerators and deep freezers
- TV (LCD, LED, 3D, etc.)
- Home theater and music systems
- Water purifiers
- Vacuum cleaners
- AC (split as well as window)
- Generators (only non- kerosene)
- Heating equipment (Electric Heaters including Oil fired Heaters, LPG Heaters/ Bukharis)
- Invertors complete kit
- Invertor batteries
- Cooking range
- Furniture (wooden and steel), etc.
Consumer Loan – Interest Rate and Processing Fees
|Interest rate||For Salaried State/ Central Govt Employees||Applicable MCLR + 2.75%|
|For others||Applicable MCLR + 3.50%|
|Processing fees||For loans upto Rs. 75,000||Rs. 250 plus applicable GST|
|For loans upto Rs. 75,001||Rs. 500 plus applicable GST|
Consumer Loan – Eligibility Criteria
- You should be at least 21 years
- Your maximum age at the loan maturity should be:
|For employees||One month before retirement|
|For pensioners||70 years|
|For others||65 years|
- You should be a permanent employee of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies
Employees on contractual basis with Central/State Govt, Government/Semi-Government Undertakings & Autonomous bodies will be eligible, if they have been in current contractual job for a period not less than one year and the remaining contract period is longer than the chosen repayment period
An official under Rehaber-a Zeerat, J&K Govt.
A teacher under Rehaber-a-Taleem, J&K Govt.
Employees of Private Limited Companies, Private Organizations, Reputed Establishments having a minimum 1 year relationship with our bank
Pensioners both State/Central drawing their monthly salaries/pension through Jammu and Kashmir bank
Professionals, self-employed individuals (Businessmen included) & Proprietorship Concerns, having a minimum 1 year relationship with our bank
Saholiat/Saral Finance Scheme for Employees
Saholiat/Saral Finance Scheme for Employees is a personal loan scheme for employees and is offered to fulfill any personal need. A loan amount of upto 36 months gross salary can be availed and can be repaid maximum by 84 months.
Saholiat/Saral Finance Scheme for Employees – Interest Rate and Fees
|Interest Rate||Maintaining salary accounts with the Bank||Applicable MCLR+ 3.50%|
|Not maintaining salary accounts with the Bank||Applicable MCLR+ 4.75%|
Saholiat/Saral Finance Scheme for Employees – Eligibility Criteria
You have to be a permanent employee of State/central govt., autonomous bodies and institutions, public sector undertakings.
Saral/Saholiat Finance Scheme for Pensioners
This loan is offered to the pensioners to fulfill their any personal need.
Saral/Saholiat Finance Scheme for Pensioners – Quantum of Finance
|Up to the age of 70 Years||18 months’ net pension|
|Above age of 70 years and upto the age of 75 years||12 months’ net pension|
|Family Pensioner Upto the age of 70 years||12 months net’ pension or Rs.2.00 lacs whichever is lower|
Saral/Saholiat Finance Scheme for Pensioners – Repayment Period
|Up to the age of 70 Years||Maximum 60 Months i.e. 5 years, or upto the age of 75 years whichever is earlier|
|Above age of 70 years||Maximum 48 Months i.e. 4 years or upto the age of 75 years whichever is earlier|
|Family Pensioners||Maximum 48 Months i.e. 4 years or upto the age of 75 years whichever is earlier|
Saral/Saholiat Finance Scheme for Pensioners Interest Rates and Fees
|Interest Rate||Applicable MCLR+3.50%|
Saral/Saholiat Finance Scheme for Pensioners – Eligibility Criteria
You should be a central/state government pensioner drawing pension through Jammu and Kashmir Bank including family pensioners.
Laptop/ PC Finance
The loan is offered to finance purchase of Netbooks/PCs/Tablets. You can avail up to Rs. 1.5 lakh and can repay it within the tenure ranging from 12 to 48 months.
Laptop/ PC Finance – Interest Rate and Fees
Laptop/ PC Finance – Eligibility Criteria
- You should be a permanent employee, contractual employee, professional, self-employed Individual, proprietorship concern, teacher under Rehaber-a-Taleem J&K Govt., officials under Rehaber-a Zeerat , J&K Govt., pensioners drawing their monthly pension through our bank
Employee of private limited companies, private organizations, reputed establishments
Regular student of recognized schools, colleges & universities
Regular teacher of recognized private schools (must be permanent residents of J&K State)
- You should be at least 18 years old
- Your maximum age should be 65 years
Scooty Finance for Girls/ Ladies
The loan is offered to girl students and working ladies to purchase a new scooty. A loan amount of Rs. 50,000 is offered and can be repaid within 60 months.
Scooty Finance for Girls/ Ladies – Interest Rates and Fees
|Interest Rate||Applicable MCLR+1.25%|
Scooty Finance for Girls/ Ladies – Eligibility Criteria
- You should be a working lady with regular source of income working in government/semi- government undertakings, autonomous bodies, private companies or reputed establishments, professionals or self- employed individuals and businesswomen, etc.
You should either be a girl/lady who is either still studying/don’t have regular or documented source of income
- You should be an Indian citizen
- You should be at least 18 years old. In case, you are below 18 and above 16, your parent/guardian can be a co- borrower. Co- borrower should have regular source of income
- Your maximum age or your co- borrower’s age at the time of loan maturity should be 58 years or age of retirement, whichever is higher
- You should be in your current employment for at least 1 year or should have a business standing of at least 2 years
Festival Advance Scheme
The loan is offered to provide personal finance for celebration of Diwali, Eid-ul Fitr, Eid-ul-Adha, Gurupurab, Baisakhi, Maha Shivratri, Ashura, Losar and Christmas. You can avail a maximum of Rs. 80,000 and can be repaid within 10 months.
Festival Advance Scheme – Quantum of Finance
- Minimum: 5,000
Average of previous three months’ net salary subject to maximum of:
|Rs. 40,000||When average is less than Rs. 50,000|
|Rs. 60,000||When the average is greater than or equal to Rs. 50,000 but less than Rs. 80,000|
|Rs. 75,000||When average is Rs. 80,000 or above|
- For pensioners, it is 70% of the net pension or Rs. 20,000 whichever is lower
Festival Advance Scheme – Interest rate and fee
|Interest Rate||Applicable MCLR+1.25%|
Festival Advance Scheme – Eligibility Criteria
- You should be at least 18 years
- Your maximum age should be 1 year less than the age of retirement
- In case of pensioners, the maximum age should be 69 years
- You should be an employee/Pensioner of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies drawing salary/pension from the bank
The loan is offered to individuals to purchase mobile phone (Blackberry, IOS, Windows and Android based). The loan amount offered under this scheme varies from Rs. 10,000 to Rs. 75,000 and can be repaid within 30 months.
Smartphone Finance – Interest Rate and Fees
|Interest Rate||Applicable MCLR+3%|
|Processing Fee||Rs. 250|
Smartphone Finance – Eligibility Criteria
- You should be at least 21 years old
- Your maximum age at loan maturity should either be 60 years or employee’s date of retirement, whichever is earlier. However, for others it is 65 years.
Jammu and Kashmir Bank Personal Loan - Documents Required
The different schemes that are offered under Jammu and Kashmir Bank Personal Loan category require different documents. However, the basic documents that may be required by each of the category are as follows:
- Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips
Jammu and Kashmir Bank Personal Loan - EMI Calculator
You can always calculate your EMI manually but it is much easier to use a personal loan EMI calculator to instantly estimate your monthly EMI payouts and plan your future expenses accordingly. You can calculate the EMI of Jammu and Kashmir Bank Personal Loan by providing the following details:
- Loan amount
- Interest rate
Compare Jammu and Kashmir Bank Personal Loan VS Other Lenders
|Particulars||Jammu and Kashmir Bank||HDFC Bank||Citi Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 11.55%||11.25% to 21.50%||Starting from 10.99%||11.50% to 19.25%||Starting from 12.99%|
|Tenure||Varies from customer to customer||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Varies from customer to customer||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto Rs. 500 plus GST||Upto 2.50% of the loan amount||Upto 3% of the loan amount||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
Jammu and Kashmir Bank Personal Loan - Customer Care
If I apply for a personal loan at Jammu and Kashmir Bank, how much time would it take for the personal loan to get approved?
If your personal loan gets approved, the loan amount gets disbursed to your account within a few working days.
What should be my credit score if I have to apply for Jammu and Kashmir Bank personal loan?
Your credit score should be at least 750 if you wish to apply for Jammu and Kashmir Bank personal loan.
What if I miss an EMI?
If you miss an EMI, you might have to pay a late payment penalty and your credit score might also affect negatively.