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The Indian automobile industry has expanded exponentially, all thanks to the increasing demand for personal transport such as cars. With numerous car loan offers available in the market, it is easy to buy cars for any individual in India. Jammu & Kashmir Bank offers car loans at very competitive prices. Car loans from Jammu & Kashmir Bank can be one of the most cost-effective solutions for buying a car.
About Jammu & Kashmir Bank Car Loan Eligibility
Jammu & Kashmir Bank offers car loan to following individuals.
Eligibility for A
Eligibility for B & C
Eligibility for D
Eligibility for E
Eligibility for Jammu & Kashmir Bank Used Car Loan
The applicant’s credit history and credit score are critical factors to be considered by a bank before lending a car loan. It helps in determining the eligibility for car loan amount. It reflects the capability and intent of an applicant for repaying the loan. Getting a car loan is an easy process since applicants can get an instant approval, provided they submit the complete list of requisite documents for Jammu & Kashmir bank car loan. There are many factors that are considered while approving a car loan at Jammu & Kashmir Bank. These include income of the applicant, car prices, credit history of the applicant, car model, and applicant’s employment profile. Below is the list of documents that need to be submitted for getting a car loan from Jammu & Kashmir Bank.
Self Employed Individuals:
In case of both new car loan as well as used car loan application, a private limited company or a public limited company or a partnership firm should have been in existence since at least the previous 3 years and should be able to furnish proof of the same.
The approval and verification process of Jammu & Kashmir Bank car loan is very easy and straightforward. It is also very quick for existing customers of the bank. Applicants can apply online for the car loan and get pre-approved car loan at reasonable interest rates. Upon approval, the loan amount gets directly credited to the applicant’s account in case of an existing customer.
For new customers, the process involves an online application or direct download of application form. This can be obtained from the official website or from the nearest branch of Jammu & Kashmir Bank. Customers can also reach out to the customer care number for taking forward the application process.
Jammu & Kashmir Bank also arranges for officers to personally visit the applicant and source application form along with documents. A verification process is then carried out to help understand the personal and professional background of the applicant. Unless there are any discrepancies, the loan approval process moves to the next level and after negotiation around interest rates and tenure, an acknowledgement is sent to the applicant.
Jammu & Kashmir car loan interest rates and other loan aspects are dependent on the following factors.
Credit Score – A credit score acts as a validation of an applicant’s previous performance regarding credit card and loan repayments. A loan applicant gets points for every payment made towards previous loans. Any kind of default or delay in these payments can reduce the credit score and have an impact on interest rates. A credit score above 750 is considered reasonable as well as healthy.
Applicant’s Income – Banks generally view high income as a safe bet for granting loans. If an applicant’s income increases, he or she will make repayments on time and hence are preferred by banks.
Employment – Banks also consider the employer of the applicant and the employer’s reputation. This helps in determining the interest rate because a well-known employer means a safe job and hence higher capability to repay loans. The nature of employment is also considered while granting car loans.
Customer Loyalty – Existing customers tend to get better interest rate offers as compared to new customers. The loyalty of customers is taken into consideration while deciding the interest rates.
(1) How is the value of a used car determined by the bank?
The used car’s value is generally determined using the current market value of the new car of the same category and configuration. Depreciation, as applicable, is reduced from this amount to determine the final value of used car.
(2) Is there any penalty for prepaying the loan?
Prepayment can be made only after 6 months of the car loan start date. New cars do not attract any prepayment penalty. For used cars, there is a 2% penalty for prepayment of the Jammu & Kashmir Bank car loan.
(3) How many vehicles can I buy with a single car loan?
You can buy a maximum of 2 vehicles under the used car finance scheme of Jammu & Kashmir Bank. A maximum prescribed limit of Rs. 15 Lakhs is granted as part of such a scheme.
(4) Which cars can I buy using Jammu & Kashmir car loan?
You can buy any car, van, jeep, SUV, or MUV by opting for the Jammu & Kashmir car loan, as long as it is meant for private use.
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