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Jammu and Kashmir bank Car Loan Customer Care

Jammu and Kashmir Bank was founded in 1938 and is one of its kind state-owned banks. The bank was acquired as a scheduled bank in the year 1971 and received the status as an ‘A’ class bank in the year 1976. The bank has a variety of products to offer the customers like corporate banking, retail banking, wealth management, insurance, loan, etc.

The customer care service of the bank is available throughout the year. Customers can contact the customer care service of the bank to resolve all their issues or concerns or complaints that they may have regarding any of the products and services of the bank.

Jammu and Kashmir bank Car Loan Customer Care
Jammu and Kashmir bank Car Loan Customer Care

Jammu and Kashmir Bank Car Loan Customer Care

Jammu And Kashmir Bank Car Loan Customer Care

Jammu and Kashmir Bank have separate customer care numbers for general queries or information, net banking, ATM helpdesk, credit card related queries and for international customers. The details of the same are given below.

0194 2486427

0194 2486149

0194 2486151

0194 2482463

+91 194 2713435

+91 194 2481936

Customers can also write to the Registered or the corporate office of the bank at their following postal address,

Registered Office/Corporate Headquarters
M A Road
Srinagar 190 001
Jammu & Kashmir

What is a Car Loan?

Car Loans are one of the most attractive products offered by the banks. Banks (Private or Public) assist the customers in buying vehicles by providing them loans for such purchase (whether new or used car). The funding depends on the profile of the applicant as well as the bank’s policy in this regard (whether partial amount or total amount of the value of the vehicle.

Details of Jammu and Kashmir Car Loan

Jammu and Kashmir Bank offers car loans for purchase of both new cars as well as old/used cars. Bank has laid down certain rules and regulations in this regard for the applicants to be eligible and the quantum of loan that can be approved. Some of the details of the car loans offered by the bank are mentioned below.

  • J&K Car Finance Scheme (Fresh Cars) – 

The purpose of this scheme is to provide loans for the purchase of new cars (Ex-showroom price or On-road price) and the target customers are individuals/proprietorship concerns. The details of this scheme are enlisted here.

  • Eligibility – 

The eligible applicants for this scheme are:

Locate the Bank

Customers can contact the bank through its extensive network of branches and ATMs across the country or the bank’s representative offices in London Dubai and Abu Dhabi. Customers can locate the nearest branch or ATM by going to the bank’s website and refining the search through state or city details.

CategorySalaried applicantsSelf-employed applicants

            Age

18 years – 60 years at the time of maturity of loan (or age of retirement at the organisation, whichever is earlier.

          21 years – 70 years at the time of maturity of loan

Basic Income

        Minimum Rs. 3,00,000 p.a. gross annual income

        Minimum Rs. 4,00,000 p.a. gross annual income

            Employment 

          Minimum 1 year of continuous employment with the current employer

          Minimum 3 years of experience in the current line of business

The bank also offers this loan to the retired Central/State Government or Public Sector Undertaking employees provided they are not more than 70 years of age at the time of maturity of the loan and the minimum a gross annual income is Rs. 2,00,000

Bank also has the facility to avail the car loan jointly with another applicant (co-applicant).

  • Maximum amount of loan sanctioned – 

Jammu and Kashmir Bank has separate conditions for the maximum amount of loan that can be disbursed in case of the car being purchased at Ex-Showroom price or On-Road price. The details of the same are available at the bank’s website or customers can contact the customer service of the bank to get the information on the same.

The maximum amount that can be disbursed /sanctioned under this scheme is Rs. 50,00,000.

  • Rate of Interest – 

The bank offers loans on fixed rate as well as floating rate depending on the applicant’s credit score and overall Profile as well as bank’s policies in place in this regard. The general rate of interest is around 11.25% with monthly rests.

Some of the details available in this regard are:

CategoryInterest Rate (Applicable MCLR+Spread)

            Car Loans under fixed rate option

                               

            General public

            Applicable MCLR+1.00%

            Companies and Firms

            Applicable MCLR+1.50%

            Car Loans under floating rate option

 

            General public

            Applicable MCLR+0.75%

            Companies and Firms

            Applicable MCLR+1.25%

  • Margin Requirement – 

The bank requires a minimum of 10% of the ex-showroom price or on-road price of the vehicle, however, for applicants who are not the bank’s customers the requirement is 15% of the ex-showroom price or on-road price of the vehicle.

  • The maximum tenure offered by the bank to repay the loan is 84 months (7 years) and the minimum is 12 months (1 year).
  • The bank also charges a nominal processing fee to the extent of 0.5 % of the loan amount (minimum Rs. 500) and no prepayment charges are levied by the bank.
  • J&K Car Finance Scheme (Used Cars) – 

The bank facilitates the customers for the purchase of old/used cars under this scheme. The basic requirement/condition for this loan is that the car should not be more than 5 years old from the date of its manufacture. Some of the features of this loan scheme are provided below.

  • Eligibility – 

The eligible applicants are the permanent employees of Central/State Government, PSUs, Private companies, self-employed individuals, Professionals, Proprietorships, Partnership Firms, Public or Private limited companies, etc.

The age limit for individuals is a minimum of 21 years of age and maximum 60 years or the age of retirement in case of salaried individuals and 65 years in case of self-employed individuals

The minimum service requirement for salaried individuals is 3 years and 2 years in case of customers having an account with the bank and a letter of undertaking from the employer. In case of self-employed individuals the bank requires them to have a minimum 3 years of stable business whereas for partnership firms and public/private limited companies the requirement is that of a minimum 3 years of existence.

  • Maximum amount of loan sanctioned – 

The maximum amount of loan that can be disbursed or sanctioned is Rs. 15,00,000 and the bank also imposes a limit on the number of vehicles that can be sanctioned to a single applicant/borrower i.e., maximum 2.

  • Rate of Interest – 

Customers can contact the bank’s customer care service to get the exact rate of interest charged on used car loans or get the required information by directly visiting the nearest branch of the bank or the bank’s website.

Some of the details available in this regard are:

CategoryInterest Rate (Applicable MCLR+Spread)
Car Loans under fixed rate option
Tenure up to 4 yearsApplicable MCLR+3.25%
Tenure more than 4 yearsApplicable MCLR+4.25%

The bank offers a maximum tenure of 4 years in case of vehicles aged between 3 years and 5 years whereas for vehicles that are of less than 3 years from the date of manufacture, the tenure offered is 6 years.

The bank allows the applicants to prepay the loan only after 6 months of repayment and charges a penalty of 2% of the amount so prepaid.

J&K bank has a detailed procedure to ascertain the value of the car as per its policy as well as the security/collateral requirements for the scheme. The details of the same can be found at the bank’s website or by contacting the customer care or the nearest branch of the bank.

Grievance Redressal/Feedback

Jammu and Kashmir Bank has a separate portal for the customers to register their complaints /grievances as well as give their valuable feedback. Customers can, alternatively, contact the customer care service available 24x7 to register their queries or issues or contact the branch for the same. They can also email their queries/grievances at the following email id

  • jkbcustomercare[at]jkbmail[dot]com
  • helpdesk[at]jkbmail[dot]com (for ATM related issues)
  • grievance[dot]creditcards[at]jkbmail[dot]com (for credit card related issues)

About the bank

Jammu and Kashmir Bank was proposed and approved to be considered as a Public Sector Undertaking from the year 2018 by the Governor-led State Administrative Council (SAC) and has a network of about 938 branches, 1294 ATMs and 25 cash deposition machines across the country.

FAQs:

1. Does the bank provide loans for commercial use vehicles?

J&K bank has the provision to provide car loans for passenger cars, multi-utility vehicles and sports-utility vehicles which are acquired for personal use.

2. Does the bank have any security or collateral requirements?

The car so purchased out of the loan offered by the bank is deemed as collateral/ security for the purpose of the loan.

3. What is the minimum tenure offered by the bank to repay the loan?

the minimum tenure in case of is 1 year in case of new or used cars.

4. What is the general interest rate offered on new car loan?

The general rate of interest offered by the bank on new cars is approximately 11.25%.

5. What is the maximum amount of loan that can be sanctioned for used cars?

The bank can sanction a maximum of Rs. 15,00,000 for the purchase of old/used cars provided that the maximum number of used cars purchased by the applicant under the scheme is not more than 2.

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