- Personal
- JK Bank Personal Consumption Loan Scheme for pensioners
- PENSIONERS:
- Up to the age of 70 Years at the time of loan application: 30 X Net Monthly Pension (subject to permissible deductions).
- Above age of 70 years and upto the age of 74 years at the time of loan application: 12 X Net Monthly Pension (subject to permissible deductions)
- FAMILY PENSIONER
- Upto the age of 70 years at the time of loan application: 24 X Net Monthly Pension or Rs.3.00 Lakhs whichever is lower
- Above age of 70 years and upto the age of 74 years at the time of loan application: 12 X Net Monthly Pension or Rs.2.00 Lakhs whichever is lower (subject to permissible deduction)
All deductions including monthly loan instalment/s, if any (Excluding commutation deductions) should not exceed 50% of monthly pension.
- All Central/State/UT Government Pensioners/Family Pensioners:
- Who are maintaining their pension accounts with our Bank and pension is drawn/disbursed by our Bank.
- Who are maintaining their pension accounts with our Bank and pension is drawn/disbursed by any bank other than J&K Bank.
- For Pensioners:
- Who are maintaining their pension accounts with our Bank and pension is drawn through our bank:
- Spouse eligible for family pension shall be co-applicant. However, where ever spouse eligible for family pension is not available as a co-borrower, TPG of one person with net worth of at least 200% of loan amount shall be obtained.
- Who are maintaining their pension accounts with our Bank and pension is drawn/disbursed by any Bank other than J&K Bank:
- Co-applicant - spouse eligible for family pension & additional guarantee of one person having net worth of at least 200% of loan amount shall be obtained.
- In case the spouse is an employee/pensioner and maintaining salary/pension account with our bank, no additional guarantee shall be required.
- Common conditions:
- Loan facility to be sanctioned in the joint names of the principal pensioner and eligible family pensioner, where ever applicable.
- 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 with net worth of at least 200% of loan amount shall be obtained.
- Where the borrower viz the principal pensioner expires during the currency of the loan, the instalments towards the repayment of the outstanding loan amount shall be thereafter recovered from the family pension drawn by the co-borrower / co-applicant viz spouse/ward.
- For eligible Family Pensioners: Guarantee of any family member (preferably eligible legal heir) & additional guarantee of one person having net worth of at least 200% of loan amount. In cases where no eligible legal heir is available, additional suitable 3 rd party guarantee may be obtained.
- To be repaid in equated monthly instalments (EMIs) to be fixed as per tenor of the loan. Repayment to start after next month from date of disbursement of loan
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