Festival Advance Scheme | Jammu and Kashmir J&K Bank

NATURE OF FACILITY

Term Loan

PURPOSE

To provide personal finance for celebrations of Eid-ul Fitr, Eid-ul-Adha, Nowroz, Diwali, Baisakhi, Gurupurab, Losar, Maha Shivratri, Ashura and Christmas

ELIGIBILITY

Permanent Employees/Pensioners of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies drawing salary/pension from our Bank

AGE OF THE APPLICANT

Minimum: 18 years
Maximum: 1 year less than the age of retirement i.e. 59 years where retirement is 60 years and 57 years where retirement age is 58 years
Maximum: 69 years in case of pensioners

SCALE OF FINANCE

Minimum:5,000
Maximum:
Average of previous three months’ net salary subject to maximum of:
40,000 where average is less than 50,000
60,000 where average is greater than or equal to 50,000 but less than 80,000
75,000 where average is80,000 or above
For Pensioners: 70% of the net pension o r20,000 whichever is lower

MARGIN

Nil

SECURITY

Primary: Nil
Collateral: Nil

PROCESSING CHARGE

Nil

Repayment

10 Equated Monthly Installments

PREPAYMENT

No penalty

RATE OF INTEREST (SUBJECT TO CHANGE)

1 year MCLR + 3.50 % P.a.(fixed) with monthly rests
Click here for rate of Interest