• Permanent Employees of State / Central Government, Employees of Government / Semi-Government Undertakings & Autonomous Bodies
• Employees of Private Limited Companies, Private Organizations, Reputed Establishments & Employees on contractual basis with Central/State Govt, Government/ Semi-Government Undertakings& Autonomous bodies*
• Businessmen, Professionals and self employed individuals.

• Primary
  Hypothecation of vehicle to be purchased & Bank’s charge to be registered with RTO.
• Collateral
• No third party guarantee required in respect of permanent employees of State and Central Government, employees of State / Central Government Undertakings & Autonomous bodies drawing salary through our Bank and where letter of undertaking from employer is available.
• Guarantee of one person for all other applicants of the bank.

Margin

• For Government Employees maintaining salary accounts with us 5%
• For Others 10%

The above concession in Rate of Interest and Margin shall be applicable only to fresh cases sanctioned from 14.01.2012 to 31.03.2012. Rate of Interest under fixed mode shall remain unchanged. All other parameters of the scheme shall also remain unchanged.

• Flexible repayment options ranging from 12 to 84 months in equal monthly installments.

• 75,000/- (Rupees Seventy Five Thousand Only)

• 30 months net monthly salary of the applicant or 2.5 times net annual income. However, in case of employees of private organizations & employees on contract basis as mentioned above, the maximum finance shall be limited to 18 times net monthly salary or 1.5 times net annual income.
• In case of married individuals, certified income of spouse can also be considered provided the spouse guarantees the loan.
• The upper ceiling on the loan amount shall be 25 lacs.
• The number of Vehicles to be sanctioned to a single borrower under Car Finance (New Cars) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of 25.00 lac.

• 0.25% of Loan amount to be paid upfront subject to a minimum of 500/-.

• The finance under this scheme shall be available for purchase of: An old car / jeep (not more than 5 years old). (Any make or model)

• Permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or reputed establishments. Professionals or self employed individuals, Proprietorship Concerns. Partnership Firms, Private /Public Ltd Co.

• 25% for vehicles having age less than 3 years.
• 30% for vehicles having age of 3 years and above upto 5 years.

• Maximum repayment period of 72 months for vehicles having age less than 3 years.
• Maximum repayment period of 48 months for vehicles having age of 3 years & above to 5 years.

• Primary: Hypothecation of vehicle to be purchased.
• Collateral: No third party guarantee required in respect of employees drawing salary through our branches & where letter of undertaking from employer is available. Third Party Guarantee of two persons for all other applicants. Third Party Guarantee may be waived off in case of existing account holders having good reputation. Instead Post Dated Cheques may be accepted.

• Prepayment of any amount allowed any time after a period of 6 months at prepayment penalty @2% for the amount prepaid

• Nil.

• 200/- per cheque

• The value of the vehicle will be ascertained on the basis of present market value of the new car of same variety & configuration less the depreciation, which shall be as follows

• The finance under this scheme shall be available for purchase of fresh commercial vehicles or new chassis and/or fabrication for commercial purpose or for captive use. The commercial vehicles will include passenger buses, trucks, tippers, oil and gas tankers taxis, mini buses, light commercial vehicles, tempo, auto rickshaws and any other mode of transportation under public carrier permit.  The vehicles should be of approved models/makes.

• Individuals / Proprietorship/partnership firms  & Limited companies owning / operating or proposing to own / operate transport vehicles for carrying passengers or goods on hire.
• The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
• Ownership of a pre-owned vehicle is not mandatory.
• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 65 years
• Minimum period of existence in case of firms & companies: 2 years in business.
• Commercial Driving License (for self-operating by individuals)

• Maximum repayment period of 72 months including a initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments

• Maximum repayment period of 72 months including a initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments.

• Primary:
  Hypothecation of Commercial Vehicle to be purchased.
• Collateral:
  a. Upto 10.00 lakhs: Collateral free
  
  
  3rd party guarantee of 2 persons of sound means.
  
  Or
  
  To be covered under guarantee cover of CGTMSE in accordance with the procedure prescribed by A&AP, CHQ.
  
  b. Above 10.00 lakhs to 25.00 lakhs
  
  3rd party guarantee of 2 persons of sound means.
  
  Or
  
  To be covered under guarantee cover of CGTMSE in accordance with the procedure prescribed.
  
  
  
  c. Above 25.00 lakhs
  
  Mortgage of immovable property of value equal to or at least 50% of the loan amount.

• 0.20% upto an amount of 50.00 lacs. Minimum 500/-
  0.50% above 50.00 lacs to 100.00 lacs.

  1.00% above 100.00 lacs Maximum 10.00 lacs.

• The finance under this scheme shall be available for purchase of Used Commercial vehicles like Used Trucks, Tippers, Buses, Mini Buses, light commercial vehicles, pick ups, three wheelers (cargo), auto rickshaws, etc of any approved make or model. The vehicle should not be more than 6 years old as on the date of finance. The product shall also cover takeover of loan accounts from our bank or from any other banks/ financial institutions, provided such loan account is running satisfactorily without any default in payment of installments as per the fixed repayment schedule.

• Individuals / Proprietorship/partnership firms & Limited companies owning & operating or proposing to own & operate by himself/itself transport vehicles for carrying passengers or goods on hire.
• The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
• Ownership of a vehicle is not mandatory.
• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 65 years.
• Minimum experience in the business for individuals: 2 years.
• Minimum period of existence in case of firms & companies: 2 years in business.
• Borrower should reside within the service area of the branch.

• Term Loan

• 25% of valuation amount.

• Loan amount for each used vehicle shall be equal to the value of vehicle less margin amount, subject to a maximum limit of 7.50 lacs/ vehicle with an aggregate limit of 15 lacs per borrower.

• Maximum repayment period of 60 months for vehicles having age less than 3 years.
• Maximum repayment period of 48 months for vehicles having age of 3 years to 6 years.
• The minimum repayment period shall be 6 months.
• The repayment shall be in Equal Monthly Installments.

• Primary:
  Hypothecation of vehicle to be purchased. Banks name as hypothecate to be got noted in the books of the RTO and on the Registration Certificate.
   
• Collateral:
  

  Upto 10 lacs	3rd party mortgage of 2 persons
  Above 10 lacs	Mortgage of immovable property equivalent to 100% of initial loan amoun

• Prepayment shall be allowed without any prepayment charges.   

• 0.5% of the loan amount subject to a minimum of 500.

• The value of the vehicle will be ascertained on the basis of present market value of the new vehicle of same variety & configuration less the depreciation, which shall be as follows:

OR

• The valuation as per the Registered Chartered Automobile Engineer, which ever is less.

• Financing acquisition of passenger buses required by private educational institutions for providing to and fro transport facility to the students on roll from their residence to the Educational Institution. The facility shall be restricted to purchase of buses of standard make and which are built strictly as per the specification laid down for the purpose by Honorable High Court of Jammu and Kashmir.

• Private schools in the state of Jammu and Kashmir recognized by Director of School Education (as required for schools running classes up to 8th standard) with formal approval of the recognition by School Education Department, Government of Jammu and Kashmir or by J&K State Board of School Education (applicable in case of schools running classes from 9th standard to 12th standard) with formal approval of School education Department, Government of Jammu and Kashmir. The certificate of recognition by the Education Department, Government of Jammu and Kashmir must be in force as on date of application. In case of schools affiliated to CBSE or other State Boards, the certificate of affiliation and NOC by the Education department, Government of Jammu and Kashmir must be in force as on date of application.
• The applicant school must be of sound financial position and have satisfactory repayment record in respect of credit facilities availed, if any, from any bank.

• 10% of the cost of chasis plus fabrication and actual registration and insurance charges

• Loan shall be restricted to maximum of 13.95 lacs (being 90% cost of chasis plus fabrication) per bus.

• The principal together with monthly interest shall be repaid within a maximum period of 10 years in equated monthly installments. 

Click here for rate of Interest

• The hypothecated vehicle/s to be comprehensively insured against all risks, at the cost of the borrower, with usual bank clause and policy drawn in the joint name of the bank and the borrower.

• The principal together with monthly interest shall be repaid within a maximum period of 10 years in equated monthly installments.

• Bank’s charge on the hypothecated vehicle/s to be got registered in the records of concerned RTO. Copy of the ownership certificate, duly attested by Manager Advances of the branch, evidencing among other things the fact of hypothecation of the vehicle in favour of the Bank to be obtained and kept on record.

• The finance under this scheme shall be available for purchase of fresh commercial vehicles or new chassis and/or fabrication. The commercial vehicles will include passenger buses & mini-buses only.

• Individuals / Proprietorship/partnership firms & Limited companies owning / operating passenger’s buses/mini-buses and registered with the RTO of Doda, Bhaderwah or Kishtwar. Transporters having route permit to ply on Batote-Kishtwar Road shall be eligible irrespective of the place of registration.
• The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
• Ownership of a pre-owned commercial vehicle is mandatory.
• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 65 years
• Commercial Driving License (for self-operating by individuals).
• Existing /Erstwhile borrowers with no history of default and subject to other eligibility conditions shall also be eligible.
   

• Term Loan

• 15%
  Margin will be calculated on the project cost of vehicle (chassis, body building & initial insurance) excluding registration charges. The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favour of the supplier/fabricator to ensure proper end use of funds.

• Maximum number of vehicles to be financed under the scheme shall be 3 subject to a maximum finance amount of 30 lacs. The cost of each vehicle shall include cost of initial insurance also.
• Finance proposals in excess of the above should be considered under the extant JK Bank Commercial Vehicles finance.
• Maximum number of vehicles to be financed per applicant shall not exceed the existing number of vehicles owned by the applicant.
   

• Maximum repayment period of 72 months including an initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments.

Click here for rate of Interest 

• 0.20% subject to a minimum of 500/-

• Prepayment shall be allowed without any prepayment charges.

• The finance under this scheme shall be available for repairing/ overhauling of engine, replacement of minor/major spares and body re-fabrication but excluding optional accessories like Music Systems,etc. However, refurbishing has to be undertaken at authorized workshops only.

• Individuals / Proprietorship/partnership firms owning / operating passenger’s buses/mini-buses and registered with the RTO of Doda, Bhaderwah or Kishtwar. Transporters having route permit to ply on Batote-Kishtwar Road shall be eligible irrespective of the place of registration.
• Ownership of a pre-owned commercial vehicle is mandatory.
• Vehicle should not be older than 3 years.
• Minimum age of Applicant: 21 years
• Maximum age of Applicant at loan maturity: 65 years
• Commercial Driving License (for self-operating by individuals)
• Existing /Erstwhile borrowers with no history of default and subject to other eligibility conditions shall also be eligible.
• Only vehicles financed by J&K Bank or vehicles with non-encumbrance shall be financed for refurbishing/overhauling.

• Term Loan

• 30%
  The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favor of authorized workshops to ensure proper end use of funds.

• 1 lac. per vehicle or 70% of the cost of refurbishing, whichever is less.
• Maximum of 2 vehicles per party to be considered under the product.

• Maximum repayment period of 36 months including an initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments

Click here for rate of Interest 

• 0.20% of the loan amount subject to a minimum of 100/-

• Prepayment shall be allowed without any prepayment charges.

• For purchase of new two wheelers viz. Scooters, Motor cycles, Mopeds, etc. (Any make or model)

• Employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or Reputed Establishments, Professionals or self employed individuals / Businessmen.
• Students, aged 18 yrs & above, with parent as co-borrower. 
• Minimum age of Applicant: 18 years
• Maximum age of Applicant at loan maturity: 58 years or age of retirement, whichever is higher for Government employees & 65 years for others.
• Minimum employment: The applicant must have been in current employment for a period not less than 1 year or must have a business standing of at least 2 years.
• Minimum Net Annual Income: 50,000.
• Employees on Adhoc basis shall not be eligible. However, 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 I year and the remaining contract period is longer than the chosen repayment period.

• 10% of the Sales Invoice Value for employees of state/central Government/State /Central Government Undertakings, Autonomous bodies, Multinational companies/Public Sector Undertakings/Platinum /Gold current account holders. 10% margin shall also apply to Professionals & self employed persons with yearly income of 2,50,000 & above.
• 20% of the sales invoice value in case of all the other eligible individuals/entities except employees of private sector organizations & employees on contractual basis.
• 25% of the sales invoice value in case of employees of private sector organizations & employees on contractual basis.

• 12 times net monthly salary/income, i.e. equal to net annual income subject to a maximum of 1 lac. Certified income of spouse, children or parents can also be considered provided they guarantee the loan.

• Flexible repayment options from 12 months to 60 months. 

Click here for rate of Interest 

• Comprehensive insurance of the vehicle against all types of risks with usual bank clause and policy to be drawn in the joint names of the borrower and the bank.

• Primary

Hypothecation of Two-Wheeler to be purchased.
• Collateral
  • No third party guarantee required in respect of permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings drawing salary through our Bank & where letter of confirmation from employer for deduction of monthly instalments is available. Guarantee of one person in case of employees drawing salary through our branches but where letter of confirmation from employer is not available.
  • Guarantee of one person for loans upto 50,000 & Guarantee of two persons for loans above 50,000 for all other cases. However, Branch Heads shall have the discretionary powers of relaxing the Guarantee requirement in case of select borrowers.

• Prepayment of any amount allowed at prepayment penalty @2% for the amount prepaid.

• 0.50% of Loan amount to be paid upfront subject to a
  minimum of 300/-.