Jand K J&K Bike Loan
J&K Two Wheeler Loan:
To facilitate acquisition of new two-wheelers of any make or model, including scooters, motorbikes and mopeds, loan is extended at J&K Two Wheeler Loan rate to all applicants who are found to be suitable as per J&K Two Wheeler Loan eligibility criteria.
J&K Two Wheeler Loan Interest Rate:
Finance is offered to applicants who are suitable as per J&K Two Wheeler Loan eligibility norms at a pre-determined J&K Two Wheeler Loan rate:
- ROI is at
a) As per fixed system:
- Tenure up-to 36 months: 11.75% per annum
- Tenure exceeding 36 months: 12.75% per annum
b) As per floating system: base rate + 3.25% = 12.25% per annum
- For determination of above J&K Two Wheeler Loan interest rate, base rate is taken in to consideration.
- Base rate is currently at 9% per annum
J&K Two Wheeler Loan Eligibility Norms:
Below are persons and entities eligible to be offered loan at J&K Two Wheeler Loan interest rate, according to stipulated set of criteria, known as J&K Two Wheeler Loan eligibility norms:
- All salaried employees of:
a) government / quasi-government concerns;
b) PSUs/ private sector undertakings;
c) Registered companies and establishments
- Non-salaried borrowers including self-employed professionals and businessmen
- Above should all have a minimum income (net): Rs.50, 000 per annum
- Permissible age range, as per minimum age at time of application and maximum age at maturity of loan:
a) Salaried borrowers: at least 1 year
b) Non-salaried borrowers: at least 2 years
- Minimum term of employment:
a) Salaried borrowers: 18 years and 58 years respectively
b) Non-salaried borrowers: 18 years and 65 years respectively
- Students, who may also be below 18 years of age, provided parents are acting as co-obligant.
Quantum Of J&K Two Wheeler Loan:
- Loan amount that may be extended at J&K Two Wheeler Loan rate is as per:
a) 12 times of monthly income / salary (net)
b) Subject to a maximum cap of Rs.1 lac
- Margin is also considered as per following specifications:
a) Permanent salaried and non-salaried borrowers: 10% on invoice price of vehicle
b) Contractual employees in:
- Government sector and public sector entities: 20% on invoice price
- Private sector organization25% on invoice price
Procedure To Be Followed While Applying For J&K Two Wheeler Loan:
Applicants who are eligible for loan at J&K Two Wheeler Loan rate are required to take into consideration following pointers:
- Insurance of vehicle against all kinds of risks
- Security is required:
a) Primary: hypothecation of vehicle
b) Collateral: third party guarantee requirement as per:
- No third party guarantee for permanent employees, providing letter of confirmation from employer
- Required if no such letter of confirmation is submitted
- Required if:
- Amount is less than Rs.50, 000: guarantee by one person
- Amount is more than Rs.50, 000: guarantee by two persons
- Processing charge at 0.50% on loan amount is charged.
- Minimum of Rs.300 as processing charge is levied, irrespective of interest at J&K Two Wheeler Loan interest rate and loan amount disbursed.
Tenure Of J&K Two Wheeler Loan:
Repayment tenure stands at a minimum of 1 year and a maximum of 5 years for all kinds of borrowers as per J&K Two Wheeler Loan eligibility norms.
Repayment Of J&K Two Wheeler Loan:
Borrowers have the option to choose from 12, 24, 36, 48, or 60 equated monthly installments to repay full amount of loan, inclusive of interest at J&K Two Wheeler Loan rate.
Prepayment Of J&K Two Wheeler Loan:
- Penalty is charged at 2% on loan amount remaining.
- Above charge is over and above interest at J&K Two Wheeler Loan interest rate
- There is no specification as per amount that may be pre-paid.
Product Page URL Of J&K Two Wheeler Loan: applicants may gain further details by visiting at: http://www.jkbank.net/customerAutoLoans.php
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
ANSAL PLAZA
|
ANSAL PLAZAB-205,
ANSAL PLAZA,KHELGAON,
HUDCO PLACE,
NEW DELHI-110049
|
011-26262693
|
Mumbai
|
BANDRA WEST
|
182 ASHA BUILIDING, WATERFIELD ROAD, NEAR THAI CONNECTION,
BANDRA (WEST) –
MUMBAI - 50
|
022-26408630
|
Kolkata
|
C I T Road
|
P311,
SCHEME VIIM,
KANKURGACHI, ,
C I T RD.,
KOLKATA
|
033 23629988
|
Chennai
|
MOUNT ROAD
|
THE J&K BANK LTD,
MOUNT ROAD,
CHENNAI - 787
|
(044) 24913138
|
