J&K Bank Car Finance Scheme (Fresh Cars) for Individuals / Proprietorship Concerns.

To provide finance for purchase of new cars/vans/jeep/SUV/MUV for Private Use only at:

Ex-Showroom” Prices.
Or
“On-Road” *Prices, if opted for by the borrower.

    • *On-Road Price shall mean Ex-Showroom Price plus One Time Registration Charges ,Insurance Premium (first year only) and Cost of Accessories (genuine accessories) provided that Cost of Accessories should be limited to 10% of Ex-Showroom Price or Rs.25000.00 whichever is lower.

     

  1. Permanent Employees of State / Central Government, Semi-Government Undertakings, Autonomous Bodies.
    • Minimum age of Applicant: 18 years.
    • Maximum age of Applicant at loan maturity: Age of retirement .
    • Minimum Gross Annual Income: Rs.2.50 Lakh.
    • Maximum Loan Amount: 48 months of Net monthly salary or 4 times Net Annual Income.
  2. Regular Employees of *Private Limited Companies / Organizations ,Reputed Establishments And Contractual Employees of Central/State Government, Semi-Government Undertakings, Autonomous Bodies.
    • Minimum age of Applicant: 18 years
    • Maximum age of Applicant at loan maturity: 65 years.
    • Minimum Gross Annual Income: Rs.3.00 Lakh.
    • Maximum Loan Amount :36 months of Net monthly salary or 3 times Net Annual Income.
  3. Persons engaged in agricultural and allied activities with at least 3 years of experience.
      • Minimum age of Applicant: 18 years
      • Maximum age of Applicant at loan maturity: 70 years.
      • Minimum Gross Annual Income: Rs.4.00 Lakh.
      • Maximum Loan Amount : 36 months of Net monthly salary or 3 times Net Annual Income.
  4. Professionals, Self Employed Individuals & Proprietorship Concerns with at least 3 years of experience in profession/business.
    • Minimum age of Applicant: 18 years
    • Maximum age of Applicant at loan maturity: 70 years.
    • Minimum Gross Annual Income: Rs.4.00 Lakh.
    • Maximum Loan Amount : 3 times Net Annual Income.
  5. Retired Employees of State/Central & PSU’s (Public Sector Undertakings) maintaining their pension accounts with our Bank.
    • Minimum age of Applicant: 18 years
    • Maximum age of Applicant at loan maturity: 70 years.
    • Minimum Gross Annual Income: Rs.2.00 Lakh.
    • Maximum Loan Amount : 24 months of Net monthly salary or 2 times Net Annual Income.
    • *Employees on contractual basis with Central/State Government, Semi-Government Undertakings & Autonomous bodies shall be eligible, if they have been in current contractual job for a period not less than 1 year and the remaining contract period is longer than the chosen repayment period. Employees on adhoc basis shall not be eligible.

  • For permanent employees of State and Central Government, Government Undertakings & Autonomous bodies drawing salary through our Bank :
    • 10% of Ex-showroom price / On-road price
  • For Platinum/Gold Current Account Holders & Customers having aggregate limits (Working Capital and/or Term Loan) above 25 Lakh having satisfactory dealings:
    • 10% of Ex-showroom price / On-road price
  • For All Others :
    • 15% of Ex-showroom price / On-road price

In addition to the payment / deposit of margin through the existing Procedure / Channels, Margin Money / booking amount can be paid directly to the dealer through POS terminal installed at dealer outlets across India. The facility shall not be restricted to J&K Bank POS Machines. The dealer should provide a valid receipt for margin / advance / booking amount received. Deposit of Margin money by POS terminal will not entail waiver of processing charges.

  • 0.50% of Loan amount plus applicable GST
    • Minimum: Rs.1500/-
    • Maximum Rs.15,000/-

 

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

    • RLLR+0.75% ( FLOATING)
    • RLLR + 1.50% ( FIXED)

    A rebate of 0.25% in the interest rate may be allowed to women borrowers under the scheme.
  • Primary
    • Hypothecation of vehicle to be purchased, bank’s charge to be registered with RTO.
  • Collateral/Guarantee:
    • No Collateral for permanent employees of State and Central Government, Government Undertakings & Autonomous bodies drawing salary through our Bank.
    • For All Other: Guarantee of one person.
    • For Pensioners: Guarantee of spouse eligible for family pension & additional guarantee of one person. Where there is no eligible family pensioner, the loan facility is to be granted to the principal pensioner and in such cases, personal guarantee of any family member or Third Party guarantee of any other person having sufficient net worth to withstand the liability and acceptable to Bank.
    • Family pensioners are not eligible*.