Jammu and Kashmir Bank Indore
Last Updated : March 16, 2017, 9:24 a.m.
About Jammu and Kashmir Bank
Jammu and Kashmir is one of the banks which has been formed before the Independence. It was set up in the year 1938 and became operational in the year 1939. It is one of the banks that was called as the Semi- government bank as it was established with the capital money contributed by the government and people who were under the control of the government. It is one of the banks that faced the consequence of the partition. It incurred a huge financial loss as the two out of ten branches was on the other side of Kashmir. The bank was set up under the letter patent issued by Maharaja Hari Singh. He called out people to invest in the bank and become the shareholder of it. The aim to open the bank was to provide the financial aid and quality products and services to the people of the state of Jammu and Kashmir.
The bank has now opened several branches in the entire country. It is one of the growing banks of India. The aim to provide the international quality of product and services to the people of Jammu and Kashmir is the priority. Whereas it wants to become the super specialist bank for other parts of the country. The bank wants to capitalize on the growth and catalyze the economic transformation.
Address of Jammu and Kashmir Bank Branches in Indore
| Branch Name | Address | IFSC Code | MICR | Contact Details |
|---|---|---|---|---|
| Indore | Baba Deep Complex, Maharani Road, Indore. | JAKA0INDORE | 452051002 | 0731-2538885 |
Products Offered by Jammu and Kashmir Bank in Indore
There are several and wide ranges of products that are offered by the Jammu and Kashmir bank. It is one of the banks which offers all type of loan products including the home loan, personal loan, car loan, education loan and loan against property. There are other products and services that are given by the bank to fulfill the financial solution for the customer. The other services include the insurance, mutual funds, and deposit. The bank is active in the retail banking as well as corporate banking.
Basic details about Jammu and Kashmir products
| Product | Eligibility | Loan Amount | Interest Rate | Processing Fee | Tenure |
|---|---|---|---|---|---|
| Personal loan | The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity. The minimum net annual income of the applicant should be ₹ 3,00,000 per annum. The minimum work experience should at least be 2 years. The applicant should have the minimum of 1year work experience with the current organization. 1 year relationship with the bank. | ₹1.50 lakh | 12.20% - 13.20% | 1% of the loan amount + service tax (as applicable) | 36 months |
| Home loan | The applicant should be at least 18 years of age at the time of application and the maximum age should be at least 70 years at the time of loan maturity. The applicant should be salaried individual working in the state or central government,PSU’s, reputed companies, self- employed, professional, businessman,and retired individual of state/central government or Public sector undertaking. The applicant can be the person engaged in the agricultural and allied activities. The minimum work experience should at least be 3 years of service for the salaried individual and for the self- employed minimum 3 years of service in the current business or profession. | For construction- Up to 36 times of the net salary. For purchase of land- Maximum up to ₹ 50 lakh or 60% of the total cost of the land whichever is less. For repairs & renovations - Up to ₹ 25 lacs | 9.10% Onwards | 0.25% of the loan amount | 30 years |
| Education loan | The student should be the resident of India. Should have secured the admission through entrance exam/ merit based selection. The student should have the guarantor/ collateral. | For India:₹ 10 lakh For abroad: ₹ 20 lakh | 10.40% - 11.65% | Nil | Moratorium: course period + 1 year 0r 6 months after getting the job. Up to the period of 15 years after moratorium period. |
| Car loan | The applicant should be at least 21 years of age at the time of application and the maximum age should be at least 60 years at the time of loan maturity. The minimum net annual income of the applicant should be ₹ 3,00,000 per annum for salaried The minimum net annual income should be ₹ 4,00,000 for the professional and person active in agricultural and allied activities. For others the minimum annual net income should be ₹ 5,00,000 The applicant should have at least 1 year of work experience at the current employment. | 36 times of the net monthly salary or 3 times net annual income. For contract private employee and retired pensioners- 24 times of the monthly salary or 2 times net annual income | 7.85% Onwards | 0.50% of the loan amount | 84 months |
| Loan Against Property | Eligible Segments - Individuals, professionals, reputed firms and companies, closely held public limited company. Should be of age between 21- 70 years Any individual earning the minimum net income of ₹ 1 lakh. | Up to 3 times the net annual income Minimum amount of ₹1 lakh and maximum Up to ₹1 crore | 11.90%- 12.40% | Nil | Up to 84 months |
| Fixed deposit | Below mentioned individual or group are eligible for a fixed deposit The applicant should be the resident of India. Hindu undivided family Sole proprietorship firms Partnership firm limited companies trust accounts. | 3.00% - 5.80% | Nil | 7 days to 10 years |
Documents Required
The documents required for the Jammu and Kashmir Bank Indore are mentioned in the table below:
| Products | Documents Required |
|---|---|
| Personal loan | Proof of ID – Passport/ Voter ID/ PAN Card. Proof of age – Birth certificate/ passport Proof of residence – Passport/ Utility bill/ Allotment letter. Proof of income – Latest Salary slip/ ITR/ form- 16 Proof of Signature verification- Passport/ PAN Card. Bank statement – Last 3 months bank statement/ last 6 months bank passbook. |
| Home loan | Documents of the applicant and guarantor- Proof of ID – Passport/ Voter ID/ PAN Card. Proof of age – Birth certificate/ passport Proof of residence – Passport/ Utility bill/ Allotment letter. Proof of income – Latest Salary slip/ ITR/ form- 16 Proof of Signature verification- Passport/ PAN Card. Bank statement – Last 3 months bank statement/ last 6 months bank passbook. Detailed information about the other loan if you are currently paying along with lenders information and security mortgage. Property Documents- Agreement sale copy. Certificate of possession. Land tax receipt. Detailed cost of construction. Letter of allotment Original NOC. |
| Car loan | Proof of ID – Passport/ Voter ID/ PAN Card. Proof of age – Birth certificate/ passport Proof of residence – Passport/ Utility bill/ Allotment letter. Proof of income – Latest Salary slip/ ITR/ form- 16 Bank statement – Last 3 months bank statement/ last 6 months bank passbook. |
| Education loan | Duly filled application with recent photographs. Proof of residence – Passport/ Utility bill/ Allotment letter. Date of Birth proof Certificate of Domicile Fee particulars from school/ college Scholarship proof Study Certificate |
| Loan Against Property | Duly filled Loan Application with passport size photographs - 2 copies each Identity proof- Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible) Residence proof- Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy. Income proof of the applicant and guarantor Income Tax Assessment Order / IT Returns Last 3 years income tax returns and complete business profile. Bank Statement- Last 6 months bank statement, Last 3 years Profit/ loss and Balance sheet ( for self- employed professionals) Processing Fee cheque Property related documents: All the title related documents along with approved sanctions/ building plans. |
| Fixed deposit | The documents required by the individual, Hindu undivided family, and sole proprietorship at the time of applying for the fixed deposit are A coloured photograph Passport/ Driving License Last six months bank account details Documents required from the trust, association/ clubs for the fixed deposit are as follow Photographs of the member operating the account. A Copy of the Trust Deed/ Bye- laws of the association. A Copy of registration certificate. A Copy of the resolution of trustee authorizing the member to operate and open the accounts. |