J&K Bank Personal Loan
Jammu and Kashmir Bank, commonly known as J&K Bank, extends personal loans starting at an interest rate of 12.20% p.a., with repayment periods extending up to 10 years. The bank provides special personal loan options, including a rate of 12.35% p.a. for pensioners/family pensioners.
Jammu Kashmir Bank introduces the Sahafat Finance Scheme, a unique personal loan initiative for media personnel, ensuring individuals, retirees, and media professionals have access to financial solutions that suit their specific needs.
Before initiating your J&K Bank Personal Loan application, take a moment to understand the details to read further for comprehensive information.
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JK Bank Online Personal Loan Details
Before getting into the details, let’s go through the highlights of J&K bank personal loan.
| Interest rate | MCLR 3Y+4.00% |
| Age | 21 – 60 years |
| Loan amount | ₹50000 – ₹15 lacs |
| Loan tenure | Up to 10 years |
| Processing Charges | NIL |
J&K Bank Personal Loan Interest Rates
Jammu and Kashmir Personal Loan provides loan at an interest rate starting at 12.20% p.a onwards. Here, are the interest rates J&K Bank personal loan provides depending on the various loan products:
| Loan Products | Interest Rates (p.a.) |
|---|---|
| Jammu and Kashmir Bank Personal Consumption Loan for Employees | Maintaining salary accounts with the Bank- 12.35% p.a.Not maintaining salary accounts with the Bank-13.35% p.a. |
| Jammu and Kashmir Bank Personal Consumption Loan for Professionals | 13.35% p.a.(fixed) |
| Jammu and Kashmir Bank Personal Consumption Loan for Pensioners | 12.35% p.a. (fixed) |
| Jammu and Kashmir Bank Personal Consumption Loan for Businessmen | 13.35% p.a. (fixed) |
| Festival Advance Loan | 12.35% 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) | 12.35% p.a. (fixed) |
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Types of J&K Bank Personal Loan
J&K Bank personal loan offers varied types of personal loans for business owners to pensioners. Below are the details related to this type of loan:
Personal Consumption Loan for Employees
This J&K bank personal loan aims to meet various personal financial requirements.
- Loan Amount: For permanent government employees with a salary account: 42 times monthly gross salary.
- For government employees without a salary account: 24 times monthly gross salary or Rs 15 lakh, whichever is lower.
- For employees of corporate houses or other institutions: 30 times monthly gross salary or Rs 25 lakh, whichever is lower.
- Tenure: Up to 10 years.
- Processing Fees: NIL.
Personal Consumption Loan for Professionals
This term loan provides loans for personal and professional needs.
- Loan Amount:2.5 times net annual income or 30 months net monthly income or Rs 20 lakh, whichever is lower.
- Tenure: Up to 7 years.
- Processing Fees:1% of the loan amount, subject to a maximum of Rs 10,000 + GST.
Personal Consumption Loan for Pensioners
This loan provides a term loan for pensioners
- Loan Amount:- Up to 70 years – 30 times net monthly pension.
- For Family Pensioners: Up to 70 years – 24 times net monthly pension or Rs 3 lakh, whichever is lower.
- Processing Fees: NIL.
Personal Consumption Loan for Businessmen
J&K Bank’s personal consumption loan aims to fulfill business requirements.
- Loan Amount:30 months net monthly income, subject to a maximum of Rs 20 lakh.
- Tenure: Up to 7 years.
- Processing Fees: 1% of the loan amount, subject to a maximum of Rs 10,000 + GST.
Festival Advance Loan
This loan facility aims to meet finances for festival celebrations.
- Loan Amount: Minimum Rs 5,000, maximum based on the average of net salary for the last 3 months.
- Tenure: Up to 10 years.
- Processing Fee: NIL.
Sahafat Finance Scheme
One of the personal loan schemes introduced by J&K Bank aims to provide composite loans for journalists/media personnel and newspaper employees/media houses.
- Loan Amount: Up to 36 times net monthly income, subject to Rs 50,000 – Rs 3 lakh.
- Tenure: Up to 5 years.
- Processing Fees: ₹200 + GST.
J&K Bank Cash Credit Scheme (Salaried Employees)
To meet the cyclic liquidity needs of salaried applicants.
- Loan Amount: ₹50,000 – 6 *( average of the last 3 months’ salary or Rs 6 lakh).
- Tenure: Up to 8 years.
- Processing Fee:0.25% of the loan amount (Rs 500 – Rs 1,000) + GST.
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J&K Bank Personal Loan Eligibility
Here are the specific eligibility and employment criteria to be considered when planning to avail J&K personal loan eligibility.
Nationality: Indian
Credit Score: 650 & above
Age: For general personal loans: 18-65 years
Employment Criteria:
- Permanent employees of the Central/State Government, PSUs, and government institutions, including those recruited under SRO 202 for J&K and Ladakh, must have a minimum service period of 18 months.
- Corporate House employees with a salary account at J&K Bank or willing to shift their existing salary accounts to J&K Bank.
- Professionals like doctors, engineers, architects, lawyers, CAs, maintaining a relationship with the bank.
- Central/State/Union Territory Government Pensioners/Family Pensioners having pension accounts with J&K Bank.
- Businessmen/ women? with three years of satisfactory dealings with J&K Bank maintaining a current deposit account or a business loan account.
- Permanent employees/pensioners of State/Central Government, Government/Semi-Government Undertakings, and Autonomous bodies drawing salary or pension from J&K Bank.
- Journalists/media personnel.
J&K Bank Personal Loan EMI Calculation
Calculating your J&K Bank personal loan EMI can help you manage your finances better. Use the Personal Loan EMI calculator for easy and accurate EMI calculations. Just enter the loan amount, interest rate, and tenure to instantly determine your monthly EMI.
It helps borrowers cut down the extras and directly assess the affordability and loan options available to the borrowers.
EMI Calculator
J&K Bank Personal Loan Documents Required
Ensuring that you have these documents readily available will facilitate a smooth application process for your J&K Bank Personal Loan. However, please be verified with the bank for any specific requirements or updates.
- ID Proof: Valid passport or PAN card or any other government-issued ID.
- AddressProof: Telephone bill, Aadhaar Card, electricity bill, or any other valid proof acceptable to the bank.
- Income Proof:
- Salary slips for the past six months.
- Form 16 of the past three years.
- Letter from the employer.
- Income Tax Returns for the past three years.
- Two Passport-sized Photographs.
- Any other document as requested by the bank.
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Features of J&K Bank Personal Loan
Here are the major features and benefits of J&K Bank Personal loan:
Comparison of JK Bank Personal Loan Vs Other Banks
The table below provides the comparative analysis of J&K Bank’s Loan offerings against those from other banks to help identify the most suitable financial solution:
| Lender | Interest Rates |
|---|---|
| J&K | 12.20% p.a |
| Axis Bank | 10.25% p.a. onwards |
| HDFC Bank | 10.50% p.a. onwards |
| SBI | 11.00%-15.00% p.a. |
| ICICI Bank | 10.75% p.a. onwards |
| IndusInd Bank | 10.49% p.a. onwards |
| IDFC First Bank | 10.49% p.a. onwards |
| Bajaj Finserv | 11.00% p.a. onwards |
| Tata Capital | 10.99% p.a. onwards |
Note: The current rates may vary marginally and are inclusive of other charges.
How to Apply for J&K Personal Loan
Here are the quick steps and ways you can apply for your J&K personal loan:
- Step 1: Visit the lender’s website or download their application app
- Step 2: Begin the personal loan application process
- Step 3: Choose loan amount, tenure and provide email ID
- Step 4: Feed in employment details including company name, work experience etc.
- Step 5: Provide personal information like name, PAN, DOB, and address
- Step 6: Submit the application form
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Frequently Asked Questions
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