J&K Bank Car Loan Scheme for Purchase of Used Cars for Private

Maximum age at the time of loan maturity: 70 years

Notes:

• In case of in service Govt employees under old pension scheme, car loans with tenor exceeding residual services period can also be considered. However, the sanctioning authority may make a tentative assessment of his/her likely pension income, based on his her existing salary structure, residual service, pension rules etc. and ensure that the instalment of the proposed loan shall not be more than 50% of his/her likely monthly pension.

• In case of joint borrowers/ Co-borrowers, the age of that borrower can be considered for fixing tenor of the loan whose contribution towards the repayment of proposed loan is at least equal to 50% of EMI.

• The upper age limit may be relaxed upto 75 years in deserving cases, powers for which may be vested with the Zonal Credit Committees.

MARGIN

• For permanent employees of State and Central Government, Government Undertakings & Autonomous bodies Drawing salary through our Bank :20% of value derived/ accepted

• For Platinum/Gold Current Account Holders & Customers having aggregate limits (Working Capital and/or Term Loan) above 25 Lakh having satisfactory dealings.:20% of value derived/ accepted

• For All Other borrowers:25% of value derived/ accepted

MAXIMUM LOAN AMOUNT

• Maximum Limit per vehicle: Rs 25.00 lacs

• Maximum Limit per borrower: Rs 50.00 lacsNote: Higher quantum of finance per unit/ per borrower may also be considered, however powers to sanction such loans shall vest with Zonal Credit Committees only.

REPAYMENT PERIOD

• The maximum tenor of the loan shall be 07 years or till the vehicle gets 12 years old, whichever is earlier, subject to residual life of the vehicle.
  The loan shall be repaid in a maximum of 84 Equated Monthly Installments.

RATE OF INTEREST (SUBJECT TO CHANGE)

Tenor upto 04 years: RLLR+3.75% (Fixed)

Tenor above 04 years:RLLR+4.75% (Fixed)

The interest rate concession applicable to employees of various Govt Departments/ institutions, as noted below, shall continue till validity of such MoUs unless otherwise notified:

• Employees of SMVDSB 25 bps

• Employees of Police Departments 10 bps

• Employees of University of Kashmir 10 bps

• Employees of NIT Srinagar 10 bps

• Employees of Central University of Jammu 10 bps

• All other employees of J&K/ Ladakh Gov’t. 25 bps

Interest rate concessions of 50 bps (including existing concession as per MOUs specified above or concession to women borrowers, if any) to individual borrowers having credit score of above 750 in case of CIBIL or above 650 in case of CRIF. Similar concession shall be extended to non-individual borrowers with internal rating grade of 1 or 2.

Interest rate concession of 25 bps (including existing concession as per MOUs specified above or concession to women borrowers, if any) to individual borrowers having credit score of 701-750 in case of CIBIL or 610-650 in case of CRIF. Similar concession shall be extended to non-individual borrowers with internal rating grade of 3 or 4.

ELGIBILITY

1. Permanent Employees of State / Central Government, Semi-Government Undertakings, Institutions and Autonomous Bodies.

1. Regular Employees of Private Limited Companies / Private Organizations and other Reputed Private Institutions/ Establishments who have a service of at least 2 years with the current employer

1. Contractual Employees of Central/State Government, Semi-Government Undertakings and Autonomous Bodies (provided there are no instances of termination of employment of such employees previously).

1. Professionals or self-employed individuals with at least 2 years’ experience in business/profession/activity. (This category shall include proprietors, partners and promoters of companies where the loan is sanctioned in their personal capacity. Gross Income in this case shall mean income as shown in proof of income obtained)

1. Persons engaged in agricultural and allied activities.

1. Pensioners of State/Central/UT Gov’t, PSU’s (Public Sector Undertakings), autonomous bodies and Institutions. (Family pensioners shall not be eligible).

1. Employees appointed under SRO 202 (to be treated at par with Permanent Employees of State/Central Government) subject to the condition salary for at least 6 months has been credited in the savings account of the applicant.

1. Partnership firms and companies which have been in existence for a minimum of 02 years.

1. HUF can also avail car loan facility. HUF can apply for the loan through Karta and the documents, as prescribed, shall also be executed by the Karta on behalf of the HUF. However, it shall be ensured that a joint application is obtained from all the coparceners for the loan whereby they will also confirm that the loan facility is used for the benefit of the HUF.

1. Applicants who do not fall in any of the above categories may be also be financed subject to the condition that the applicant has a stable/perpetual source of income and provides proof to the satisfaction of the sanctioning authority.