J&K Bank Announces Personal Consumption Loan Scheme – Know Details

• Term Loan.

• For any Personal need.

• Minimum: Rs. 50000.00
  Maximum: For permanent employees of Govt, PSUs, Institutions and Autonomous Bodies of Govt maintaining salary account with J&K Bank: 42 X Monthly Gross Salary
  For employees of Govt not maintaining salary account with J&K Bank: 24 X Monthly Gross Salary or Rs 15.00 lacs, whichever is lower.
  For employees of other reputed institutions/ Corporate Houses maintaining salary account with J&K Bank: 30 X Monthly Gross Salary or Rs 25.00 lacs, whichever is lower

1. Permanent Employees of
   • Government (State/Central/ Union Territories).
   • Public Sector Undertakings,
   • Autonomous Bodies & Institutions of Government
   • Govt. Employees (J&K and Ladakh only) recruited under SRO 202 with minimum service of 18 months. Note: Employees of State Govt/Central Govt/ UT Govt, PSUs, Autonomous Bodies & Institutions of Government not maintaining salary account with J&K Bank shall also be eligible.
2. Permanent Employees of Reputed Institutions banking with J&K Bank. Only those regular/ permanent employees shall be eligible who are maintaining their salary accounts with J&K Bank and/or will shift existing salary accounts to J&K Bank with at least one salary received in that account.
3. Permanent Employees of Corporate Houses banking with J&K Bank. Only those regular/ permanent employees shall be eligible who are maintaining their salary accounts with J&K Bank and/or will shift existing salary accounts to J&K Bank with at least one salary received in that account provided:
   1. These corporate houses have a minimum business of Rs 5.00 crore (Advances+ Deposits) with the branch/bank.
   2. Concerned Zonal offices will identify such corporate houses and permit the respective branches under their jurisdiction to grant personal consumption Loans to their regular employees.
   3. For branches operating outside J&K and Ladakh UTs, such loans shall be granted only to those regular employees of corporate customers who are permanent residents of periphery of the branch, otherwise such loans shall be additionally guaranteed by the employer.

• For permanent employees of Govt, PSUs, Institutions and Autonomous Bodies of Govt maintaining salary account with J&K Bank:
  • NIL
• For all Others:
  • 3 rd party Guarantee of Two persons having individual net worth of at least 200% of loan amount

• NIL

• Employees maintaining salary account with the bank: MCLR 3Y+3.00%
• Employees not maintaining salary account with the bank: MCLR 3Y+4.00%

Click here for rate of Interest

• The maximum repayment period shall be 120 months with the repayment commencing next month of disbursement.
• Important to note that repayment is to be fixed in such a way that loan shall be fully adjusted by or before employee retires from active service.

• NIL

• Term Loan.

• For any Personal need.

• 30 months net monthly income (as derived from average of last two years ITRs) subject to a maximum of Rs 20.00 lacs However, Gross Deductions including existing loan instalment (if any) & proposed loan instalment shall not exceed 60% of gross income.

• Loans shall be granted to existing businessman having minimum three years of satisfactory dealings with our bank, maintaining any current deposit account or any business loan account. The loans shall be sanctioned only from the B/U where from the borrower is having existing business relation

• For loans upto 10.00 lacs:
  • 3 rd party guarantee of two person having individual Net Worth of at least 200% of the loan amount.
• For loans above 10.00 lacs:
  • Equitable/ registered mortgage of Tangible collateral securities with realizable value equal to or more than110% of loan amount in addition to third party guarantee of 02 persons having individual Net Worth of at least 200% of the loan amount. or Extension of charge on Tangible collateral securities, already charged to bank under other facilities, having sufficient residual value (110% or above) to secure loans under PCL scheme along with Third party guarantee of 02 persons having individual Net Worth of at least 200% of the loan amount.

• NIL

• · MCLR 3Y +4.00% (fixed) with monthly rests
• Click here for rate of Interest

• To be repaid in equated monthly instalments (EMIs) to be fixed as per tenor of the loan. Repayment to start after one month from date of disbursement of loan subject to a maximum of 84 instalments.

• 1% of loan amount + applicable GST subject to a maximum of Rs 10,000/- + GST (currently 18%)