Saral/Saholiat Finance Scheme for pensioners | Jammu and Kashmir J&K Bank

Nature of facility

Term Loan

PURPOSE

Finance for any personal need.

Eligibility

Central/State government pensioners drawing pension through the bank including family pensioners.

SCALE OF FINANCE

Maximum 3.00 lac or 18 months net pension, whichever is less, for pensioners upto the age of 70 years.
Maximum 3.00 lac or 12 months net pension, whichever is less for pensioners above 70 upto 75 years of age.
Maximum 2.00 lac or 12 months net pension, whichever is less for Family pensioners upto 70 years of age

Margin

Nil

Security

Loan will be in name of both pensioner and eligible family pensioner. In absence of eligible family pensioner, guarantee of any family member or third party guarantee of one person.
For family pensioners: Guarantee of any family member (preferably eligible legal heir) or third party guarantee.
In case the pensioner expires during the tenure of the loan the installment towards the repayment shall be reset on the basis of pension drawn by the family.

Repayment

Upto 70 years: Maximum 60 months or upto 75 years whichever is earlier.
Above 70 years: 48 months or upto 74 years whichever is earlier.
Family pensioners: 48 months or 75 years whichever is earlier.

Rate of Interest (Subject to Change)

Click here for rate of Interest