Highlights
- Avail Jammu & Kashmir Bank personal loan at an attractive interest rate
- Get the loan to enjoy plenty of features and benefits
About Jammu & Kashmir Bank Personal Loan
Founded in 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, it would not be wrong to say that Jammu and Kashmir Bank with its best of products and services meets the needs of all. Be it travelling, home renovation or buying a new home appliance, this bank caters to all your wishes and ensures to meet every wish of yours.It functions as a universal bank in Jammu & Kashmir and as a specialized bank in the rest of the country. It is also the only private sector bank(as per Wikipedia) which is designated as RBI’s agent for banking business, and executes the banking business of the Central Government, besides collecting central taxes for CBDT. So, if you are someone who wants to apply for a personal loan in order to fulfill varied needs of yours, personal loan offered by Jammu and Kashmir is here to help you.
Jammu & Kashmir Bank Personal loans are granted to individuals as an instant cash to be used for various personal needs like traveling, wedding, medical emergency, home renovation, or anything else. J&K Bank offers personal loans in the following categories like Consumer Loan, SAHOLIAT/SARAL Finance, SAHOLIAT/SARAL Finance for pensioners, Saral Finance to Small Businessmen, Laptop/PC Finance, Scooty Finance for Girls/ Ladies. If you want to know more about the personal loan offered by this bank, go through this article.
Jammu and Kashmir Bank Personal Loan Interest Rates
| Particulars | Details |
|---|---|
| Interest Rates | 12%-12.75% |
| Loan Amount | 36 Months Gross Salary or ₹20 Lakh (whichever is lower) |
| Tenure | 5 Years |
| Processing Fee | Nil |
J&K Bank Personal Loan Calculator – How much EMI you can pay?
With the help of a personal loan EMI calculator online, you can easily calculate the EMIs of your personal loan. You only need to enter the loan amount, interest rate and tenure of your loan, and the rest calculator will do for you. It gives you results instantly, within few seconds.
Let’s understand this thing with the help of an example listed below. Let’s say if you avail a loan of ₹2,00,000 from J&K bank for 5 years at JK Bank personal loan interest rate which ranges between 12% per annum, what would be your EMI, interest outgo and total amount payable towards the end of the loan tenure?
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 2,00,000 | 12% | 1 | ₹ 17,770 | ₹ 13,237 | ₹ 2,13,237 |
| ₹ 2,00,000 | 12% | 2 | ₹ 9415 | ₹ 25,953 | ₹ 2,25,953 |
| ₹ 2,00,000 | 12% | 3 | ₹ 6643 | ₹ 39,143 | ₹ 2,39,143 |
| ₹ 2,00,000 | 12% | 4 | ₹ 5267 | ₹ 52,805 | ₹ 2,52,805 |
| ₹ 2,00,000 | 12% | 5 | ₹ 4449 | ₹ 66,933 | ₹ 2,66,933 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 31,058 | ₹ 22,329 | ₹ 1,68,941 |
| 2 | ₹ 34,996 | ₹ 18,390 | ₹ 1,33,944 |
| 3 | ₹ 39,435 | ₹ 13,951 | ₹ 94,509 |
| 4 | ₹ 44,436 | ₹ 8950 | ₹ 50,072 |
| 5 | ₹ 50,116 | ₹ 3314 | ₹ 0 |
Eligibility Criteria for Jammu and Kashmir Bank Personal Loan – Are you the one?
| Scheme Name | Eligibility |
|---|---|
| Consumer Loan | Employees of Govt., Semi-Govt., Civic Bodies, Self employed (with assured income) |
| Saholiat/Saral Finance | Permanent employees of Central/State Govt. , Public Sector Undertakings (State & Central), Autonomous Bodies and Institutions |
| Saholiat/Saral Finance Scheme for Pensioners | Central and state government pensioners drawing pension through the bank |
| Solar Lighting & Photo Voltaic Finance | Confirmed Employees of: Government/Semi-Government Undertakings, Autonomous bodies &Public Sector Undertakings. Or Permanent employees of Private Companies or Reputed Establishments with minimum 2 years association with the current employer. Or Professionals or self employed individuals / Businessmen with minimum standing of 2 years. |
| Laptop/PC Finance | Teachers under Rehaber-a-Taleem, J&K Govt. Officials under Rehaber-a Zeerat, J&K Govt. Pensioners both State/Central drawing their monthly salaries/pension through our bank. Professionals, self employed individuals & Proprietorship Concerns Regular students of recognized schools, colleges & universities. Permanent employees of government. Employees of reputed institutions. Contractual government employees. |
| Scooty Finance for Girls/Ladies | Maximum age of borrower/co-borrower at loan maturity: 58 years or age of retirement, whichever is higher for employees & 65 years for others. The applicant must have been in current employment for a period not less than 1 year or must have a business standing of at least 2 years. The borrower should be an Indian citizen. The borrower should have valid driving license. |
Documentation Required
| Salaried | Self-employed |
| Signed application form with photograph | Signed application form with photograph |
| Copy of Passport/Voter ID/Driving License | Copy of Passport/Voter ID/Driving License |
| Processing Fee Cheque | Processing Fee Cheque |
| Last 3 Months Bank Statement/6 Months Bank Passbook | Last 3 Months Bank Statement/6 Months Bank Passbook |
| Latest Salary Slip | Latest Bank Statement |
| Current Dated Salary Certificate with Latest Form16 | Latest ITR Or Form16 |
Jammu and Kashmir Bank Personal Loan Apply Online
Now applying for your favourite personal loan is no more of a hassle as all you have is an online option. With this simple, quick and easy online mode, you can anytime apply online to get the funds instantly and fulfill all your needs. The online applying process is extremely easy and quick as all you need to do is just visit the official website, fill in all your personal as well as professional details and submit the online application form. The process is so simple and quick that within a few seconds your form will reach out to the bank and you can instantly apply online.
J&K Bank Personal Loan Customer Care
If you want to register any complaint, query or concern of yours related to personal loan in J&K Bank, don’t hesitate to dial 0194 -2481999 from your mobile or landline number. By dialing this number, you will instantly be in touch with the customer care executives of the bank. These experts with their deep-knowledge and friendly nature resolve all your concerns, making your loan journey smooth. The best thing about these experts is that they are 24×7 available at your service, giving you the proper guidance and support that will make your journey hassle-free.
Features & Benefits – Why to go for J&K Bank Personal Loan
- Fewer Documents – The reason you must borrow funds from Jammu & Kashmir Bank is its less paperwork. You just need to provide the bank a few KYC and income documents to verify the details.
- Quick Approvals – Your loan is approved quickly and disbursed to your account in 48 hours.
- Highest Loan Amount – An individual can borrow up to INR 20,00,000 from the bank. And the amount is based on the user’s credit history and current income. If the user satisfies the lender with its eligibility for the loan, they can borrow the highest loan amount from it.
- Competitive Rate of Interest – Jammu & Kashmir Bank personal loan interest rate ranges from 12.20% - 13.20%. A good credit score can help you get a lower rate of interest.
- Flexible Loan Repayments – You have up to 5 years of duration to pay the loan amount in equated monthly installments. And you can choose the tenure as per your income and payment capacity.