Apply for Personal Term Loan at J&K Bank – Get up to Rs 20 Lacs Finance with No Margin

PK DeskJanuary 19, 2023Last Updated: January 19, 2023

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The Jammu and Kashmir Bank offers a personal consumption loan scheme for various groups of employees. For those who are permanent employees of government organizations, public sector units, institutions, and autonomous bodies of government and maintain a salary account with J&K Bank, the loan amount offered is 42 times their monthly gross salary. For government employees who do not maintain a salary account with J&K Bank, the loan amount is either 24 times their monthly gross salary or 15.00 lac rupees, whichever is lower. For employees of other reputable institutions or corporate houses who maintain a salary account with J&K Bank, the loan amount is either 30 times their monthly gross salary or 25.00 lac rupees, whichever is lower.

Nature of Facility: Term Loan

Purpose: For any Personal need

Quantum of Finance: 30 months net monthly income (as derived from average of last two years ITRs) subject to a maximum of Rs 20.00 lacs. However, Gross Deductions including existing loan instalment (if any) & proposed loan instalment shall not exceed 60% of gross income.

Eligibility: Loans shall be granted to existing businessman having minimum three years of satisfactory dealings with the bank, maintaining any current deposit account or any business loan account. The loans shall be sanctioned only from the B/U where from the borrower is having existing business relation.

Security: For loans up to 10.00 lacs: 3rd party guarantee of two persons having individual Net Worth of at least 200% of the loan amount. For loans above 10.00 lacs: Equitable/ registered mortgage of Tangible collateral securities with realizable value equal to or more than 110% of loan amount in addition to third party guarantee of 02 persons having individual Net Worth of at least 200% of the loan amount.

Margin: NIL

Rate of Interest: MCLR 3Y +4.00% (fixed) with monthly rests

Repayment Period: To be repaid in equated monthly instalments (EMIs) to be fixed as per tenor of the loan. Repayment to start after one month from date of disbursement of loan subject to a maximum of 84 instalments.

Up Front/Processing Charges: 1% of loan amount + applicable GST subject to a maximum of Rs 10,000/- + GST (currently 18%)