Jammu And Kashmir Bank Car Loan

J & K Bank

Car Loan Scheme Eligibility

• Permanent Employees of State / Central Government, Employees of Government / Semi-Government Undertakings & Autonomous Bodies
• Employees of Private Limited Companies, Private Organizations, Reputed Establishments & Employees on contractual basis with Central/State Govt, Government/ Semi-Government Undertakings& Autonomous bodies*
• Businessmen, Professionals and self employed individuals.

• Primary
  Hypothecation of vehicle to be purchased & Bank’s charge to be registered with RTO.
• Collateral
  • No third party guarantee required in respect of permanent employees of State and Central Government, employees of State / Central Government Undertakings & Autonomous bodies drawing salary through our Bank and where letter of undertaking from employer is available.
  • Guarantee of one person for all other applicants of the bank.

• 10% of the Sales Invoice Value for employees of State / Central Government, State / Central Government Undertakings, Autonomous bodies, Platinum / Gold Current Account holders.10% margin shall also apply to Businessmen, Professionals & Self-Employed persons with yearly income of Rs 2,50,000/- & above.
• 20% of the sales invoice value in case of all the other cases.
• 100% finance shall be available to applicants if they keep a fixed deposit with the bank for amount equal or more than the margin money & for duration not less than the repayment period of the loan. This deposit shall be kept under lien to the Bank.

• Flexible repayment options ranging from 12 to 84 months in equal monthly installments.

• Rs 75,000/- (Rupees Seventy Five Thousand Only)

• 30 months net monthly salary of the applicant or 2.5 times net annual income. However, in case of employees of private organizations & employees on contract basis as mentioned above, the maximum finance shall be limited to 18 times net monthly salary or 1.5 times net annual income.
• In case of married individuals, certified income of spouse can also be considered provided the spouse guarantees the loan.
• The upper ceiling on the loan amount shall be Rs 25 lacs.
• The number of Vehicles to be sanctioned to a single borrower under Car Finance (New Cars) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of Rs 25.00 lac.

• 0.25% of Loan amount to be paid upfront subject to a minimum of Rs. 500/-.