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Buying your own car is an important step in your life but it is also an expense. Most people do not have the whole amount ready to buy a car and hence, they apply for a car loan from the bank and repay it in monthly instalments. The Jammu and Kashmir bank car loan scheme offers pre-approved car loans and pre-owned car loans. The car loans offered by the Jammu and Kashmir bank have flexible repayment options, comfortable tenure at low interest rates.
The Jammu and Kashmir bank offers car loans for purchasing new vehicles for private usage to individuals and proprietorship firms. Their car loan schemes are an all-inclusive financing solution. The Jammu and Kashmir bank sanctions loan amounts to loan borrowers who wish to buy a new car, jeep, SUV, van or MUV.
The loan amount approved by the J&K bank depends on the showroom or the on-road price of the purchased vehicle. Customers can avail higher car loan amounts with low processing fees at competitive interest rates from the bank. The loan margin required for the car loan is around 10% of the price of the vehicle financed. J&K Bank also offers flexible loan repayment tenures to loan borrowers opting for terms ranging between 12 to 84 months for any loan amount.
It is always suggested that before applying for Jammu and Kashmir bank’s car loan that you check the eligibility of your income and age. You can check your eligibility by using intelligent tools like CreditMantri’s car loan EMI calculator that is easily available. There are different types of eligibility calculator tools depending on the type of loan borrower – salaried professionals and self-employed businessmen. Even though the interest rates remain the same for both types of borrowers, the details required are slightly different.
The salaried individuals only need their monthly income, loan tenure and interest rates to check for loan eligibility. On the other hand, self-employed businessmen need to update a few more details like interest rates, average income from the business for the last three years, taxable income, average depreciation claimed by them for the last three years, income amounts that have been exempted and the loan tenure in years to calculate their eligibility for a J&K car loan.
CreditMantri has a credible EMI calculator which can help you while availing all kinds of loans from leading lenders in India. This calculator is simple and can be used by just entering details like the loan amount, interest rate and tenure.
Once you know the EMI amount, you have a clear idea of the EMI that you need to pay each month. Also, if you have a good credit score, you will be entitled to better loan terms and save a substantial amount every month. If this is your first car loan, then it is advisable that you create a profile on CreditMantri to check if the loan is suitable for your credit profile.
While the price of the car or the interest rate of the car loan are definitely the important factors that determine which loan you must opt for, there are other factors at play as well. You must have a look at your income levels and ensure that your debt-to-income ratio doesn’t exceed 30%-50%. This ratio will enable you to repay your loan with ease.
Another very important factor is your credit score. This is a score given by the credit bureau based on three main parameters:
A good credit score can help you to negotiate better car loan terms with a lender. If you have a credit score above 700, you can avail a loan with lower interest rate and save a lot of money every month.
Income: The income of the loan borrower is one of the biggest factors during the application of the loan. The J&K bank will not approve the car loan for individuals that do not meet the required income eligibility criteria. Loan borrowers need to show consistent income to prove that they will be able to repay the loan and their monthly EMI on time.
Duration of Employment: Jammu and Kashmir bank prefers loan borrowers who have been continuously employed, i.e. without any breaks or disruptions. The reason banks prefer employees who have consistent employment records is so that they can be termed as reliable and can pay the loan off without any hassle.
1. Can you repay the loan before the tenure with no prepayment charges?
Yes, you can repay your car loan before the tenure with no prepayment charges.
2. What is the processing fee charged by the J&K Bank? Are there any prepayment charges?
J&K Bank charges 0.50% of loan amount subject to a minimum of Rs. 500/- as processing fee for a car loan. The processing fee, charged on a minimum of Rs.500, is 0.50% of the J&K Bank car loan amount. There is no prepayment charge for a J&K Bank Car Loan.
3. What is the maximum car loan amount offered by the J&K bank?
The maximum loan amount offered by J&K bank equals to 2.5 times of the net annual income or 15 lacs, whichever is lower. If married, the spouse's income is also considered, provided the spouse guarantees or becomes a co-borrower of the loan. J&K Bank car loan amount for used vehicles shall be subject to a maximum limit of 15 lacs.
4. Will I get charged for using the Car Loan EMI Calculator on CreditMantri?
No, the car loan EMI Calculator available on CreditMantri is free of charge and you can use it any number of times until you find an affordable loan.
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