Jammu & Kashmir Bank Personal Loan
Jammu and Kashmir Bank, or J&K Bank, offers personal loans at 12.20% p.a. for ten years. In addition, it offers pensioners' and family pensioners' personal loans at 12.45% p.a. and the Sahafat Finance Scheme, a special personal loan scheme for media personnel at 12.20% p.a. Jammu and Kashmir Bank offers personal loans on various demands and charges. The maximum payback period varies with each scheme, the highest being 84 months and the maximum amount borrowed is Rs.20 lakh.
Features of Jammu & Kashmir Bank Personal Loan
Flexibility:
There are no constraints or limits on how the loan funds can be used, the borrowers can use the loan amount as per their preference and needs.
Loan duration:
Flexible lease lengths of up to 84 months (subject to limitations).
Collateral-free:
No security is required for applying for a personal loan in the bank.
EMI:
The loan can be repaid in convenient instalments, as per the financial condition of the borrowers.
Variety of options:
“Standing Instruction” is one of the Jammu and Kashmir Bank loan payment options.
Cater different needs:
Personal loans are also available for the purchase of consumer durables, ladies’ scooters, festival advances, computers, and smartphones, which may cater the different needs of the loan borrowers without any restriction.
Less documentation:
The documentation is basic and straightforward, to make it easy for the loan applicant to apply for a personal loan and get sudden financial relief.
Saral Finance Eligibility:
State and federal government employees, as well as public-sector entities, can take advantage of personal loans from the bank.
Jammu & Kashmir Bank Personal Loan Details
Interest Rate | 12.20%-13.45% p.a. |
Tenure | Up to 10 years |
Processing Fees | Up to 1% loan amount subject to maximum of ₹10,000+GST For Pensioners: NIL |
Source: Paisabazaar; rates as of 28 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Jammu & Kashmir Bank Personal Loan Fees & Charges
Obtaining a personal loan might be a lifeline during financial difficulties or to satisfy personal goals. However, it is critical to be aware of the accompanying costs, which include processing fees. These fees cover administrative costs incurred throughout the loan application and approval processes. So let’s understand the processing fees and charges of personal loan offered by the bank:
Loan scheme | Fees and Charges |
|---|---|
Jammu and Kashmir bank personal consumption loan for employees | NIL |
Jammu and Kashmir bank personal consumption loan for professionals | 1% loan amount subject to maximum of ₹10,000+GST |
Jammu and Kashmir bank personal consumption loan for pensioners | NIL |
Jammu and Kashmir bank personal consumption loan for businessmen | 1% loan amount subject to maximum of ₹10,000+GST |
Festival advance loan | NIL |
Sahafat finance scheme | ₹200+GST |
J&K bank cash credit scheme (salaried employees) | 0.25% of loan amount ( ₹500- ₹1,000)+GST |
Source: Paisabazaar; rates as of 28 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Jammu & Kashmir Bank Personal Loan Interest Rates
A personal loan is a versatile financial tool that provides quick access to funds without requiring security. However, as with any loan, it carries an interest rate. This interest rate represents the cost of borrowing money as a proportion of the principal loan amount. It is critical to understand this rate because it has a substantial impact on the total cost of the loan.
Loan Products | Interest Rates (p.a.) |
|---|---|
Jammu and Kashmir Bank Personal Consumption Loan for Employees | Maintaining salary accounts with the Bank- 12.45% p.a. Not maintaining salary accounts with the Bank-13.45% p.a. |
Jammu and Kashmir Bank Personal Consumption Loan for Professionals | 13.45% p.a.(fixed) |
Jammu and Kashmir Bank Personal Consumption Loan for Pensioners | 12.45% p.a. (fixed) |
Jammu and Kashmir Bank Personal Consumption Loan for Businessmen | 13.45% p.a. (fixed) |
Festival Advance Loan | 12.45% p.a. (fixed) |
Sahafat Finance Scheme | Term Loan- 12.20% p.a. (floating) Cash Credit: 12.20% p.a. (floating) |
J&K Bank Cash Credit Scheme (Salaried Employees) | 12.45% p.a. (fixed) |
Source: Paisabazaar; rates as of 28 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Jammu & Kashmir Bank Personal Loan Eligibility
To use this convenient finance solution i.e, personal loans, you must meet certain eligibility requirements specified by lenders. These criteria are intended to analyse your creditworthiness and repayment capacity, ensuring that you can comfortably handle the loan and its accompanying EMIs. So let’s look at the eligibility criterias.
- Age: 18 years to 1 year less than the retirement age (18-65 years (Sahafat Finance Scheme) or 21 years to 1 year less than the retirement age (J&K Bank Cash Credit Scheme) Pensioners can live up to 69 years
- Employment type: Permanent employees of Central/State Government, PSUs, Government institutions, and autonomous bodies, government employees (for J&K and Ladakh only) hired under SRO 202 with an 18-month service period.
- Relation with bank: Permanent workers of respected institutions have bank accounts with J&K Bank and also maintain pay accounts with J&K Bank, or will shift their existing salary accounts to J&K Bank with at least one salary received in the account.
- Corporate workers: Corporate house personnel banking with J&K Bank, permanent employees holding pay accounts with the bank, or will transfer their existing salary accounts to J&K Bank with at least one salary received in the account.
- Job: Doctors, engineers, architects, lawyers, journalist/media personnel and certified public accountants are keeping their relationship with the bank.
- Pensioners: Central/State/Union Territory Government Pensioners/Family Pensioners holding pension accounts with J&K Bank and taking the pension from J&K Bank or having pension accounts with J&K Bank but the pension is disbursed from another bank.
- Business owners: Businessmen with three years of satisfactory relations with J&K Bank keeping a current deposit account or a business loan account.
- Other employees: Permanent employees/pensioners of State/Central Government, Government/Semi- Governmental Undertakings, and Autonomous organisations collecting salary or pension from J&K Bank.
Jammu & Kashmir Bank Personal Loan Document Required
Applying for a personal loan may be easier if you have the necessary documents. Let's go over the specific documents you'll need to get a Jammu & Kashmir bank personal loan.
Identification proof:
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- PAN Card
Application form:
- Complete application form
- Passport size photograph
Address proof:
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Electricity bill
- Ration card
Income proof:
- Recent salary slips
- Bank account statement
- ITR
- Form 16 from your employer
Jammu & Kashmir Bank Personal Loan EMI Calculator
Borrowers may make informed financial decisions using Jammu & Kashmir Bank's online personal loan EMI calculator, which provides a full analysis of their potential loan instalments. Users can easily calculate their monthly EMIs, total interest due, and loan cost by entering the loan amount, interest rate, and tenure. This transparency allows for more efficient budget planning and financial management. Furthermore, the calculator allows users to experiment with different loan settings to determine the optimal repayment plan for their specific financial circumstances. This flexibility allows consumers to make more educated borrowing decisions, ensuring that the loan corresponds with their overall financial goals.
Jammu & Kashmir Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
DBS Bank | 10.99% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source:Bank website ; rates as of 27 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.