J&K Bank Bike And Scooty Loan Scheme Check Eligibility

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For purchases of fresh Two wheelers i.e. Scooters, Scooties, Motor Cycles, Mopeds, Battery-Operated Scooters etc of any make and model.

Employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or Reputed Establishments.
Professionals or Self-employed individuals / Businessmen / Employees on contractual basis (Rehbare-I-Talim, Rehbare-I-Zerat)
Pensioners , Family Pensioners drawing their pensions from our Bank.
Persons engaged in Agricultural and allied activities.
Students with a parent (Mother or father or both) as Co-borrower. Income of both the father and mother can be considered for arriving at quantum of finance and repaying capacity.
Housewives aged 18 years & above, with spouse as Co-borrower. Income of the spouse shall be considered for finance.

Minimum employment
- (Applicant/Co-borrower): The applicant must have been in current employment for a period not less than 6 months or must have a business standing of at least 1 years.
- - Employees on contractual basis in Government / Semi-Government undertakings, Autonomous bodies & public Sector undertakings shall also 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.

Minimum age of applicant/co-borrower: 18 years
- (16 years for purchase of scooter having engine capacity below 55CC).
Maximum age of applicant at loan maturity: 65 years.

10% of the ex-showroom price for Two wheelers with ex-showroom price up to Rs.1,00,000/-.
20% of the ex-showroom price for Two wheelers having ex-showroom price above Rs.1,00,000/-.

Primary
- Hypothecation of Two – Wheeler to be purchased.
Collateral
a) No third party guarantee required in respect of permanent employees of State / Central Government, State / Central Government Undertakings & Autonomous Bodies drawing salary through our Bank and where letter of undertaking from employer is available.
b) Guarantee of one person for all others.

1% of Loan amount to be paid upfront subject to a
- Minimum of Rs. 500/- and
- Maximum of Rs-2000/

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( With inputs from : kashmirpublication.in )