For purchases of fresh Two wheelers i.e. Scooters, 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 drawing their pensions from our Bank.
  • Persons engaged in Agricultural and allied activities.
  • Minimum age of applicant: 18 years (16 years for purchase of scooter having engine capacity below 55CC, subject to borrower holding a valid driving license).
  • Students, aged 18 years & above, with a parent (Mother or father) as co-borrower.
  • Maximum age of applicant at loan maturity: Age of retirement for salaried individuals & 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
  • 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 period.          
  • Minimum Net Annual Income:
  • Rs. 100,000 (for two wheelers costing upto Rs. 75000).
  • Rs. 200,000 (for two wheelers costing above Rs. 75000).
  • For Loans upto Rs. 75000/-: 18 times net monthly salary/income or 90% of the ex-showroom price of Two wheeler or Rs. 75000/-, whichever is less.
  • For Loans above Rs. 75000/-: 18 times net monthly salary/income or 75% of the ex-showroom price of Two Wheeler or Rs. 2.50 lacs whichever is less. 

Maximum deductions inclusive of loan EMI’s (existing as well as proposed) should not exceed 60% of gross income.

Loan can be repaid within a maximum period of 60 months.

Comprehensive insurance of the vehicle against all types of risks shall be effected by the Business unit immediately upon 1st disbursement with assignment in favour of J&K Bank as first loss payee. Renewal of the insurance policy/ies shall be effected by the Business unit prior to the expiry of existing insurance policy.

  • 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.
0.50% of Loan amount to be paid upfront subject to a 
minimum of Rs. 250/-.