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Eligibility and Types of Personal Loans Offered by Jammu and Kashmir Bank

Jammu Kashmir Bank Personal Loan Eligibility

Jammu and Kashmir Bank provides personal loans for multiple purposes depending on the type of applicant. These loans are term loans and can be applied by eligible applicants through online or offline modes. The personal loans of Jammu and Kashmir Bank are under the flagship name of Saholiat/Saral Finance Scheme and Consumer Loans. The various forms of personal loans available under this scheme are discussed hereunder.

Saholiat/Saral Finance Scheme for Employees

This is a personal loan designed specifically for salaried employees. This loan can be availed for meeting the personal expenses or personal needs of the employees that draw a salary from any of the eligible organizations. The eligible applicants for this type of personal loan are listed below.

The applicant has to be a permanent employee of any of the following organizations,

  • Central Government
  •  State Government
  • Public Sector Undertakings
  • Autonomous Bodies
  • Autonomous Institutions

Apart from this, the applicants have to meet the age criterion set by the bank. The bank requires the applicants to be of minimum 21 years of age and maximum of 60 years of age or till the time of retirement whichever is earlier.

Applicants maintaining the salary account with the bank or any other bank are eligible for this loan.

Saholiat/Saral Finance Scheme for Professionals

This is a personal loan scheme that is specific to the professionals like doctors, CAs, Architects, Lawyers, etc. the main criterion to be eligible for personal loan under this category is for the applicant to be a professional who is self-employed and the source of their income is their profession.

The applicant has to be of minimum 21 years of age and a maximum of 70 years of age to be eligible under this loan scheme.

Maintaining the account with the bank is not mandatory to be eligible for a personal loan under this category.

Saholiat/Saral Finance Scheme for Pensioners

As the name suggests, this scheme of personal loan is for the persons whose source of income is the pension earned through their employment in eligible entities. The eligibility criterion for this scheme of personal loan is twofold. The details of eligibility for this scheme are mentioned below.

  • The applicant has to receive his/her pension through the Central Government or State Government
  • The applicant has to receive the pension in an account held with any branch of Jammu and Kashmir Bank.
  • This criterion is applicable in case of family pensioners as well.

Saholiat/Saral Finance Scheme for Businessmen

This is another form of personal loan that caters specifically to businessmen. The bank has set specific eligibility criteria for applicants to be eligible for personal loans under this category. The details of the same are discussed below,

  • The applicant has to be existing borrowers that have a satisfactory relationship of  a minimum of 3 years with the bank
  • The applicant has to avail of banking facilities in the nature of cash credit or secured overdraft or term loans
  • This loan is also available for Platinum and Gold current Account holders provided they meet the following conditions set by the Bank,
    • Minimum relationship with the bank of 1 year
    • Maximum 2 penalties allowed for non-compliance in maintaining the AMB during the period mentioned above.

Consumer Loans

The consumer loans of the bank, as the name suggests, is the loan that can be applied for purchase of any goods for personal use. The scheme expressly prohibits the loan to be sanctioned for purchase of eligible goods for commercial purposes. The list of eligible goods are mentioned below,

  • TV (LCD, LED, 3D etc.)
  • Refrigerators and deep freezers
  • Washing Machines
  • Home theatre and music systems
  • Vacuum Cleaners
  • Water Purifiers
  • Geysers
  • AC (Split as well as Window)
  • Heating Equipments ( Electric Heaters including Oil fired Heaters, LPG Heaters/ Bukhari)
  • Generators (only non-kerosene)
  • Inverter Complete Kit
  • Inverter Batteries
  • Furniture (Steel & Wooden)
  • Cooking Range ETC

The eligibility criteria set by the bank for this loan are mentioned hereunder,

The eligible applicants can be,

Permanent employees of,

  • Central Government
  • State Government
  • Public Sector Undertakings
  • Autonomous Bodies

Contractual employees of following entities provided the current contractual job is from the past 1 years and the balance contract period is longer than the proposed tenure of the loan

  • Central Government
  • State Government
  • Government or Semi-Government Undertakings
  • Autonomous Bodies

  • Teachers under Rehabber-a-Taleem, J&K Government
  • Officials under Rehabber-a Zeerat, J&K Government
  • Pensioners receiving a pension from State/Central and having pension account with the bank
  • Employees of the following entities having a minimum 1-year relationship with the bank
    • Private Limited Companies
    • Private Organizations
    • Reputed Establishments
  • Professionals having a minimum 1-year relationship with our bank
  • self-employed individuals (Businessmen included) having a minimum 1-year relationship with our bank
  • Proprietorship Concerns having a minimum 1-year relationship with our bank
  • Regular teachers of recognized private schools who are permanent residents of Union Territory of Jammu and Kashmir and Ladakh

It is to be noted that the personal loan under this scheme cannot be sanctioned to employees that are employed on an ad-hoc basis

Apart from the above criterion, the applicants must also meet the age requirements set by the bank for this loan. The bank requires the applicants to be of minimum 21 years of age. The maximum applicable age for this loan is,

  • Employees – one month before retirement
  • Pensioners – 70 years at the time of maturity of the loan
  • Others – 65 years at the time of maturity of the loan

What is a personal loan eligibility calculator?

Jammu and Kashmir Bank has set specific guidelines to be eligible for the personal loans of the bank for each segment of the loan. The Bank also enables the applicants to get an estimate of the loan that can be sanctioned to them in the personal loan segment. This feature of the bank is known as the Loan Eligibility Calculator. This feature of the bank lets the customers get a fair estimate of their loan eligibility which in turn helps them to plan their expenses or financial requirement well in advance.

The loan eligibility calculator of Jammu and Kashmir Bank is available on the website of the bank under the following link.

Home>> Tool/ Calculators

This feature of the Bank is broadly calculated based on two categories of applicants namely, the salaried applicant and self-employed applicants.

Applicants will have to click on the link given above to calculate their estimated eligibility for Personal Loan.

After clicking on the above link, the applicant will be taken to a new page where he/she will have to click on the link for eligibility calculator depending on the category they belong to i.e. salaried or self-employed.

If the applicant belongs to the salaried class, the inputs required to calculate the loan eligibility are,

  • Monthly Income of the Applicant
  • Tenure/ Duration
  • Interest Rate

If the applicant is self-employed/ business person, the inputs required to calculate the loan eligibility are,

  • Average Income from Business or Profession over past 3 years
  • Average Depreciation claimed over the past 3 years
  • Other Taxable Income received on a regular basis
  • Other Exempt Income received on a regular basis
  • Duration/ Tenure
  • Rate of Interest

After providing the inputs mentioned above in each case, the applicants can get a fair estimate of their personal loan eligibility based on certain basic assumptions. Applicants are advised to contact the bank personally to determine their exact eligibility for personal loans of the Bank.

Overview of Jammu & Kashmir Bank

Lending is the basic function of any banking institution. There are many types of loans that can be sanctioned to applicants based on the purpose of the loan as well as the quantum of loan required. Personal loans are one of the many loans that can be availed by individuals. Personal loans are the easiest and quickest forms of loan that can be sanctioned to an eligible applicant based on the various eligibility criteria set by the bank.

Jammu and Kashmir Bank is a Universal Bank in Jammu and Kashmir and a specialized bank in the rest of the country. The bank provides personal loans of many variants depending on the type of applicant and their eligibility. These personal loans can be availed at a minimum rate of interest with a comfortable repayment tenure.

What is a personal loan?

A personal loan is in the form or nature of a general loan that can be availed for any purpose i.e. to meet personal expenses of any nature. These expenses can be for medical reasons or personal expenses like wedding, travel, education, etc. The applicant can receive a personal loan from Jammu and Kashmir Bank with minimal documentation and through fast processing provided they meet the required eligibility criteria set by the bank in this regard.

FAQs – Personal loan Eligibility – Jammu and Kashmir Bank

1. What is the maximum eligible loan amount offered by J&K Bank under personal loans for salaried persons?

A. The maximum eligible loan amount under personal loans for salaried persons is calculated based on the gross monthly salary of the borrower. The maximum loan amount you can avail of is 36 times the gross monthly salary.

2. What is the maximum eligible tenure for personal loans at J&K Bank?

A. The maximum loan tenure eligible for personal loans to businessmen or professionals is 5 years or 60 months.

3. Who is eligible for the personal loan scheme for pensioners at J&K Bank?

A. The pensioners who receive their pension from the Central or State Government as well as get the credit of such pension in an account held with any branch of the bank are eligible for the personal loans of the bank for pensioners.

4. What is the eligible loan amount that can be availed by professionals under the personal loans of J&K bank?

A. The maximum eligible amount for personal loans of the Bank for professionals is calculated to be lower of,

  • 2.5 times net annual income
  • 30 times net monthly income
  • Rs. 10,00,000

5. What are the prime factors that affect the eligibility of a person for personal loans at J&K Bank?

A. The prime factors that affect the eligibility of a person for personal loans of the Bank are,

  • Age of the applicant
  • Employment status
  • Work experience
  • Relationship with the Bank
  • The credit score of the applicant
  • The income of the applicant
  • Location of the applicant
  • Loan amount required

6. How can I get a loan from J&K Bank

A. A person can apply for the personal loan of J&K Bank by visiting the nearest branch of the bank or through any of the online modes mentioned below,

  • Internet banking
  • Mobile banking
  • Website of the bank
  • Customer care service of the bank

7. Is a good credit score required for a personal loan from J&K Bank?

A. Yes. A good credit score of an applicant is important as it will ensure that he/she gets a personal loan at lower interest.

8. Can a person prepay the consumer loan of the bank?

A. Yes. A borrower is eligible to prepay the consumer loan of the bank. There are no charges levied on such prepayment.

9. What is the customer care number for queries on a personal loan from J&K Bank?

A. The customer care number for personal loans of the bank is 0194-2481999/ 1800 1800 234.

10. What is the maximum repayment tenure on a personal loan for a salaried person?

A. Maximum repayment tenure for a personal loan taken by a salaried person is 7 years or the period of service that is left of such person whichever is lower.

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