The finance under this scheme shall be available for repairing/ overhauling of engine, replacement of minor/major spares and body re-fabrication but excluding optional accessories like Music Systems,etc. However, refurbishing has to be undertaken at authorized workshops only.

  • Individuals / Proprietorship/partnership firms owning / operating passenger’s buses/mini-buses and registered with the RTO of Doda, Bhaderwah or Kishtwar. Transporters having route permit to ply on Batote-Kishtwar Road shall be eligible irrespective of the place of registration.
  • Ownership of a pre-owned commercial vehicle is mandatory.
  • Vehicle should not be older than 3 years.
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Commercial Driving License (for self-operating by individuals)
  • Existing /Erstwhile borrowers with no history of default and subject to other eligibility conditions shall also be eligible.
  • Only vehicles financed by J&K Bank or vehicles with non-encumbrance shall be financed for refurbishing/overhauling.

The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favor of authorized workshops to ensure proper end use of funds.

  •  1 lac. per vehicle or 70% of the cost of refurbishing, whichever is less.
  • Maximum of 2 vehicles per party to be considered under the product.

Maximum repayment period of 36 months including an initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments.

Primary Collateral
Hypothecation of vehicle to be refurbished. 3rd party guarantee of 2 persons

0.20% of the loan amount subject to a minimum of  100/-

Prepayment shall be allowed without any prepayment charges.