J&K Bank Festival Loan Scheme – Check eligibility, interest, margin and repayment
Jammu and Kashmir Bank offers festival advance scheme to provide personal finance for festival celebrations. The loan is available on the occasion of following festivals Eid-ul Fitr, Eid-ul-Adha, Maha Shivratri, Navreh, Nowroz, Mela Desmochey, Baisakhi, Gurupurab, Mela Hemis Gumpa, Ashura, Diwali, Losar and Christmas.
Today, in this post I will tell you each and everything about Festival loan provided by Jammu and Kashmir bank. After reading whole post you will know every detail about the Festival loan like eligibility, margin, maximum loan, Quantum of finance, Processing Charges, Rate of Interest and Repayments etc.
NATURE OF FACILITY
- Term Loan
PURPOSE
- To provide personal finance for festival celebrations.
ELIGIBILITY
- Permanent Employees/Pensioners of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies drawing salary/pension from our Bank
AGE OF APPLICANT
- Minimum: 18 years
- Maximum: 1 year less than the age of retirement i.e. 59 years where retirement is 60 years and 57 years where retirement age is 58 years.
- Maximum: 69 years in case of pensioners
QUANTUM OF FINANCE
- Minimum:5,000
- Maximum: Average of previous three months’ net salary credited in the account, subject to maximum of:
₹40,000 where average is less than ₹50,000
₹60,000 where average is greater than or equal to ₹50,000 but less than ₹80,000
₹75,000 where average is ₹80,000 or above.
- For Pensioners: 70% of the net pension credited in the account or ₹20,000 whichever is lower
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MARGIN
- Nill
NATURE OF FACILITY
- Term Loan
MARGIN
- Nill
SECURITY
- Primary: Nil
- Collateral: Nil
PROCESSING CHARGE
- Nill
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REPAYMENT
- 10 Equated Monthly Installments.
PREPAYMENT
- No penalty
RATE OF INTEREST
- 1 year MCLR + 3.50 % P.a.(fixed) with monthly rests
- Click here for rate of Interest
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OTHER CONDITIONS
- The scheme shall be available on the occasion of following festivals only:
- Eid-ul Fitr, Eid-ul-Adha, Maha Shivratri, Navreh, Nowroz, Mela Desmochey, Baisakhi, Gurupurab, Mela Hemis Gumpa, Ashura, Diwali, Losar and Christmas.
- Loan under the scheme shall be available to all the eligible borrowers irrespective of their religion / community.
JK STUDY ALERTS
Note: All information of this post is already available in JK Bank official website. JK Bank can make any change in information anytime. So, before you take any next step first check JK Bank Official Website data regarding this loan.