Jammu And Kashmir Bank Personal Loan | Eligibility Criteria, Documents Required, How To Apply? and Verification Process

Jammu And Kashmir Bank Personal Loan | Eligibility Criteria, Documents Required, How To Apply? and Verification Process

Jammu And Kashmir Bank Personal Loan: For short, Jammu & Kashmir Bank, or J&K Bank, provides a diverse variety of J&K bank loans, personal loans to salaried employees, company owners, professionals, and retirees.

The bank provides a range of smart banking products, including savings accounts, current accounts, fixed deposits, non-resident equivalent fixed deposits, along with J&K Bank Personal Loan interest rate and the provided the steps to opt for J&K bank personal loan apply online. To learn more about the personal loan plans offered by J&K Bank, read this article.

Want to compare Jammu And Kashmir Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

Jammu And Kashmir Bank

Jammu And Kashmir Bank Overview

Jammu and Kashmir Bank (J&K Bank) was founded in 1938 as a Scheduled Commercial Bank and is one of India’s oldest private sector banks. The bank is headquartered in Srinagar and is listed on the NSE and the BSE. The Reserve Bank of India has designated the bank as the sole agent for carrying out banking activity for the Government of Jammu & Kashmir and Ladakh in the Union Territories of Jammu & Kashmir and Ladakh.

Jammu And Kashmir Bank Personal Loan Features

  • There are several options for paying off debt.
  • You can apply for a personal loan easily and quickly.
  • Loan approved promptly
  • The bank does not demand for guarantees.
  • Attractive and competitive interest rates
  • Major corporation employees are eligible for special programs and discounts.
  • The provision of security is not usually required in order to obtain a personal loan.

How to Apply for J&K Bank Personal Loan?

The following is a guide to applying for a personal loan online:

  • Step 1: Fill out the personal loan application form at the top of this page.
  • Step 2: You’ll see a list of qualified personal loan offers organized by acceptance possibilities, which are computed using a proprietary technology known as “SmartMatch.”
  • Step 3: Choose the best loan deal for your circumstances or contact us for assistance.
  • Step 4: When you submit your online loan application, you’ll get an instant conditional e-approval.
  • Step 5: Finally, our experts will walk you through the loan processing and disbursement procedure.

Jammu And Kashmir Bank Personal Loan Eligibility Criteria

The following table summarises the eligibility requirements for the various personal loan products offered by J&K Bank for Saral/Saholiat Finance Scheme.

  • For Employees: Permanent workers of the State/Central Government, Public Sector Undertakings, Autonomous Bodies, and Institutions are eligible for the J&K Bank Saral/Saholiat salaried individual loan.
  • For Professional: You must be a licensed professional such as a physician (MBBS, BDS, etc.), engineer, architect, chartered accountant, or lawyer.
  • For Pensioner: You must be a Central/State Government Pensioner, including family pensioners, who receive benefits from J&K Bank. Your age should be between 25 and 75 years.
  • For Businessmen: You must be a current J&K Bank customer (cash credit/secured overdraft/term loan) with a minimum three-year history with the bank. You need to have a bank account with a Platinum or Gold status. Please remember that you must have a minimum of one year standing and may incur up to two penalties for failing to maintain AMB throughout the term.
  • For Festival Advance Scheme: You must be a permanent employee or retiree of the State/Central Government, a Government/Semi-Government Enterprise, or an Autonomous Body.

Jammu And Kashmir Bank Personal Loan Documents Required

While the bank does not define the specific documentation necessary for each form of personal loan, a few of the most mentioned below are essential:

  • Proof of Identity: This might contain your Aadhaar card, voter ID card, PAN card, passport, and driver’s license, among other things.
  • Proof of Address: Most recent utility bill (telephone bill/electricity), bank passbook, Aadhaar Card, and other documents may be included.
  • Proof of Income: This might contain things like your pay stubs, bank account statement, profit and loss statement, and income tax return, among other things.
  • Personal loan application form: It must be completely filled out and signed—color passport photos were taken recently.

Reasons for Personal Loan Application Rejection

An unfavorable credit rating: It is crucial for a lender to determine a borrower’s risk of default based on a credit score. Low credit scores result in many personal loan applications being declined. A person with a credit score below 750 may have difficulty getting a personal loan.

There is a greater amount of existing debt

Someone might be refused a loan if they may have taken a lot of loans and your loan-to-net-income ratio is more than 40%.

Loan Inquiries Have Increased: When you apply for credit, a lender will obtain your credit report from the credit bureaus. The credit agency will classify these requests as hard inquiries, and they will show on your credit record. You should not make too many questions, regardless of if it is free. If you make too many queries, your credit score may suffer.

Types of Personal Loan Offered by J&K bank

Saral/Saholiat Finance Scheme for Employees-

  • End-Use: Any personal requirement.
  • Maximum loan amount: 36 months’ gross pay.
  • Security: If your payment account is not kept with J&K Bank, a suitable third-party guarantee is provided.
  • Term of Repayment: Up to 7 years

Saral/Saholiat Finance Scheme for professionals-

  • End Use: Any persona/professional requirement.
  • Loan amount: up to Rs. ten lakh
  • Security: Two-person guarantee from a suitable third party
  • Term of Repayment: Up to 5 years

Saral/Saholiat Finance Scheme for the business owner-

  • End Use: Any personal requirement.
  • The loan amount is up to Rs. 5 lakh.
  • Security: Appropriate third-party assurance.
  • Tenure of Repayment: Up to 5 years

Saral/Saholiat Finance Scheme for pensioners-

  • End Use: Any personal requirement.
  • Loan amount: 18 months’ net pension if you are under the age of 70.
  • If you’re under 75 years old, you’ll get a 12-month net pension.
  • If you are a family pensioner under the age of 70, you will receive a 12-month net pension of Rs. 2 lakh.
  • Safety: A family pensioner or a family member’s promise.
  • Term of Repayment: Up to 5 years

Myths about Personal Loans

  • Loan rejection is caused by a poor credit score: While a person’s credit score is taken into account when determining their loan eligibility, there are other variables that take precedence on a poor credit score. It should be noted, however, that the rate of interest paid to people with a low credit score is often greater than that charged to those with a better credit score.
  • The interest rate on personal loans is quite high: Interest rates are commonly set by financial institutions and other lenders depending on a person’s repayment ability and credit score. Loans with higher interest rates are often granted to people who have a low repayment capacity. Borrowers with good credit and a good repayment history can get a personal loan with an interest rate as low as 10% p.a.
  • If you already have a loan, you won’t be able to get a personal loan: Many loan applicants believe that if they are presently repaying another debt, they will be unable to receive a personal loan. This is not the case, and the requirements for approving a second personal loan are the same as they were for the first. Financial institutions approve loan applications based on the borrower’s repayment potential and current income.

Conclusion on Jammu And Kashmir Bank Personal Loan

Personal loans are available from Jammu and Kashmir Bank for a range of purposes, from the purchase of smartphones and computers to the construction of modular kitchens and the buying of cookies.

The term of a Jammu and Kashmir Bank personal loan varies according to the scheme selected.

While the majority of personal loan programs are fee-free, the Smartphone Finance scheme, the Sahafat Finance scheme, and the Modular Kitchen Finance scheme all impose processing costs of Rs.250, 0.50 percent of the loan amount, and Rs.200 + GST, respectively.

Borrowers’ maximum credit limit is determined by the plan. While the Consumer Loan plan permits borrowing up to Rs.75,000, the Saholiat/Saral Finance scheme permits borrowing up to Rs.20 lakh. Each loan program has a cap on the amount that can be borrowed.

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