J&K Bank’s Smartphone Loan offers a convenient and affordable way to purchase the latest mobile devices. With a minimum finance amount of 10,000 and a maximum of 75,000, customers can choose the perfect loan amount for their needs.
Nature of the Facility:
The loan is intended for the purchase of mobile phones with IOS, Blackberry, Android and Windows operating systems.
The loan is available to:
- Permanent employees and pensioners of the state or central government, government or semi-government undertakings, and autonomous bodies who receive their salary through J&K Bank and have a letter of undertaking from their employer.
- Customers who have existing credit facilities with J&K Bank for more than 2 years and have no past due of more than one month.
- The minimum age to apply for the loan is 21 years old.
- The maximum age of the applicant at loan maturity is either the date of retirement or 60 years, whichever is earlier, for employees. For others, it is 65 years old.
Scale of Finance:
- The minimum finance amount is 10,000.
- The maximum finance amount is 75,000 or 12 months net income for purchasing up to three smartphones or 90% of the invoice value of the smartphone(s), whichever is lower.
- For government employees, the gross deductions should not exceed 60% of the gross salary, while for others, the deductions should not exceed 50% of the gross income.
10% of the invoice value
No collateral or primary security is required.
350 plus applicable Goods and Services Tax (GST)
The loan has to be repaid in 30 equal monthly instalments (EMIs).
No pre-payment penalty.
Rate of Interest (Subject to Change):
The interest rate is based on the 1-year marginal cost of funds based lending rate (MCLR) plus a fixed rate of 3%.
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