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A personal loan is an unsecured loan which means that collateral is not required to avail a loan, which is provided by most banks and Non-Banking Financial Companies (NBFCs) like Jammu and Kashmir Bank. This is a high-risk loan on the part of the bank or NBFC, due to which interest rates on these loans would be higher than secured loans. But it is also important to note than an unsecured personal is a multipurpose loan and is ideal for immediate cash requirements such as medical emergencies, personal expenses, travel etc., from the reasons we can see that this is for immediate needs and it is important not to get rejected on a personal loan.

This is the reason why it is best to know the eligibility criteria and the factors that affect your loan application to make sure that your loan doesn’t get rejected as each time your loan is rejected it will adversely affect your credit score. If your credit score reduces a lot, it will become very difficult to get a loan or the loan will be of very high interest rate.

Most banks have strict eligibility criteria which depends on applicants age, location, salary, company of employment, marital status, credit score etc. The ideal customer for the banks is a person with a credit score of at least 750 whom they consider extremely “bankable”.

The lender will also fix your loan maximum and minimum based on your repayment capacity calculated based on your disposable income. It is best to know all these factors before applying for a loan so that your application is not rejected, and you get the best loan offer possible.

Jammu and Kashmir Bank Personal Loan Eligibility Criteria

Jammu Kashmir Bank Personal Loan Eligibility

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are

AgeMinimum 21 years
Maximum 65 years
NationalityIndian
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum IncomeRs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities)
Maximum Loan AmountRs.70 lakhs (Based on your repayment capability)
TenureMinimum – 6 months
Maximum – 60 months
Credit ScorePreferred 750

These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.

Factors Affecting Jammu and Kashmir Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are

  • Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
  • Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
  • Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
  • Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
  • Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
  • Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.

Documents Required for Jammu and Kashmir Bank Personal Loan

Important documents to be submitted while applying for personal loans

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

Jammu and Kashmir Bank Personal Loan

Jammu & Kashmir Bank is a private sector bank which was founded in 1938. It offers consumer banking, corporate banking, financial services, private banking, cash management and mobile banking products amongst other services. The Bank has more than 850 domestic branches spread across the nation.

Jammu and Kashmir Bank personal loan eligibility criteria for salaried and self-employed person

Age limit: Minimum – 23, Maximum – 60

Maximum Loan Amount for Jammu and Kashmir Bank Personal Loan:

Jammu and Kashmir Bank provides loans for 36 months gross salary or 20.00 lacs whichever is lower

Jammu and Kashmir Bank Personal Loan Tenure: Jammu and Kashmir Bank offers loans for a tenure with maximum 84 monthly installments or remaining period of service whichever is lower

Jammu and Kashmir Bank Personal Loan Interest Rate: The interest rate for Jammu and Kashmir Bank personal loan starting from 9.50%

How can I get Jammu and Kashmir Bank Personal loan?

Personal loan Application Process for Existing Customers

Existing customers can apply for a Jammu and Kashmir Bank Personal online or visit a nearby Jammu and Kashmir Bank branch for the application. You can also download the home loan application form from the Jammu and Kashmir Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.

Personal loan Application Process for New Customers

The process to apply for Jammu and Kashmir Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.

You can also check your eligibility for a personal loan through CreditMantri and apply for it.

Jammu and Kashmir Bank Personal Loan Customer Care

In case of any queries regarding Jammu and Kashmir Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through Jammu and Kashmir Bank Personal Loan Customer Care toll-free number 1800 180 7026

Ways to reduce your EMIs

  • Check your credit score: Before you even think of going for a loan it is best to check your credit score and credit report. If you have a good credit score (750 and above) then you have paid all your dues on time and are an ideal customer for the bank. This gives you the upper hand in any negotiations to get a better deal on your loan.

    On the other hand, checking your credit score helps to rectify any negative points on your report as a bad credit score is grounds for loan rejection.

  • Negotiate with the bank: If you are in good standing with your bank who knows about all your salary details and expenses then you can negotiate good terms for your loan. Also, the same can be applied for existing lenders or previous lenders where you have paid your dues on time show casing that you are very disciplined when it comes to financial matters, you can negotiate a better deal with them.
  • Opt for a longer tenure: If you have a long loan period, your EMI reduces proportionately as your principal and interest is divided over a greater number of months. However, while the actual monthly outflow will be smaller, you will be paying out EMIs for a longer period and paying interest for a longer period. So, while your monthly burden might be smaller, you might end up paying more over the entire duration of the loan.
  • Making an early prepayment: One way to significantly reduce your EMI for the majority of your tenure is to make an early pre-payment. If you are able to afford the option of prepaying part of your loan, it is better to do it in the early months/years of the tenure so that your principal decreases, thereby saving you interest on later payments.

Paying Your Jammu and Kashmir Bank Personal Loan

The Jammu and Kashmir Bank personal loan can be repaid in following three ways.

Standing Instruction (SI): If you are an existing account holder with Jammu and Kashmir Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Jammu and Kashmir Bank account you specify.

Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Jammu and Kashmir Bank account at your nearest Jammu and Kashmir Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

Electronic Clearing Service (ECS): This mode can be used if you have a non-Jammu and Kashmir Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

CreditMantri Personal Loan EMI Calculator

To make life easy for customers and know exactly how much they need to pay every month customers can make use of the CreditMantri Personal Loan EMI calculator

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan accordingly. CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to compare various personal loan offers and choose the loan best suited to your requirements. Using the Personal Loan EMI Calculator gives you a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Why Apply for a Personal Loan Through CreditMantri

CreditMantri pre-screens your application and suggests the lender who suits your eligibility and is willing to lend to you. This increases the chances of approval rate and helps you get you the right loan and credit card much easier.

FAQ for Jammu and Kashmir Bank Personal Loan

1. How do I increase my loan amount for Jammu and Kashmir Bank Personal Loan?

Jammu and Kashmir Bank allows top up on personal loan if you are eligible to the new loan amount and also having a good repayment history on the existing loan.

2. Is there any processing fee for Jammu and Kashmir Bank Personal Loan?

Jammu and Kashmir Bank provides loans for 36 months gross salary or 20.00 lacs whichever is lower

3. How to get Jammu and Kashmir Bank Personal Loan quickly?

Before applying for a personal loan, it is best to look into Jammu and Kashmir Bank Personal Loan eligibility check. All the information can be found in Jammu and Kashmir Bank website and CreditMantri website.

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