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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.
ELIGIBILITY
- 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.
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- 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.
AGE
- 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.
INCOME CRITERIA
- Minimum Net Annual Income : Rs. 75,000/- .
QUANTUM OF FINANCE
- Minimum: Rs.25,000/-
- Maximum: Rs.2,50,000/-
MARGIN
- 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/-.
REPAYMENT PERIOD
- Maximum period of 60 months.
RATE OF INTEREST (SUBJECT TO CHANGE)
- RLLR+2.00% (Fixed) RLLR+1.50% (Floating)
- Click here for rate of Interest
- Rebate of 25 basis point for female borrowers.
SECURITY
- 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.
PREPAYMENT CHARGES
- Nil
PROCESSING CHARGES
- 1% of Loan amount to be paid upfront subject to a
- Minimum of Rs. 500/- and
- Maximum of Rs-2000/
The post J&K Bank Loan Scheme For Bike And Scooty Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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( With inputs from : kashmirpublication.in )
