J&K Bank

J&K Bank Laptop Finance: Get Up To Rs. 1,50,000 To Buy Your Ideal Laptop Or Tablet, Check Eligibility And Other Details

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J&K Bank Laptop Finance: Get the technology you need with a term loan from J&K Bank. This loan is designed to finance the purchase of laptops, PCs, netbooks, and tablets. With flexible eligibility and repayment options, you can upgrade your technology with ease. Contact J&K Bank nearest branch for more information on this loan.

Nature of Facility: Term Loan. Facility offered is a term loan.

Purpose of Loan
The loan is meant to provide finance for the purchase of laptops, PCs, netbooks, or tablets.

Eligibility Criteria

The following individuals and entities are eligible for this loan:

  • Permanent Employees
  • Contractual employees
  • Professionals
  • Self-employed Individuals
  • Proprietorship concerns
  • Teachers under Rehaber-a-Taleem J&K Govt.
  • Officials under Rehaber-a Zeerat, J&K Govt.
  • Pensioners drawing monthly pension through the bank
  • Employees of private limited companies and reputed establishments
  • Regular students of recognized schools, colleges, and universities
  • Regular teachers of recognized private schools (must be permanent residents of J&K and Ladakh)

Applicant Age Requirements

The minimum age to apply for the loan is 18 years old. The maximum age at loan maturity for employees is the date of retirement or 60 years, whichever is earlier. For others, the maximum age is 70 years.

Quantum of Finance

The maximum loan amount is Rs. 1,50,000.

Margin Requirement

The margin required is 10%.

Security Requirements

Primary security is not required for loans up to Rs. 50,000. If the loan amount is above Rs. 50,000, hypothecation of the laptop, PC, netbook, or tablet to be purchased is required. Collateral is not required for:

  • Government employees drawing salary through the bank
  • Platinum/gold/premium plus current account holders with a satisfactory account for at least 6 months
  • Cash credit/SOD account holders with a sanctioned limit above Rs. 5 lacs and minimum average utilization above 60% for 6 months
  • Customers with fixed deposit accounts above Rs. 5 lakh in the business unit sanctioning the facility (the deposit must be more than 3 months old at disbursement).
  • For all other categories, a third-party guarantee from one person is required.

Processing Charges

There are no processing charges.

Rate of Interest

The rate of interest is 3-year MCLR plus 2.50% and is fixed. The rate is subject to change.

Repayment Terms

Repayment is to be made in 12 to 48 monthly installments with no pre-payment charges.

Moratorium Period

There is no moratorium period.

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