A unique scheme for purchases of fresh Two wheelers i.e. Scooters, Motorcycles, Mopeds, Battery-Operated Scooters etc of any make and model.
Avail loan maximum up to Rs. 2.5 Lacs.
Maximum deductions inclusive of loan EMI’s (existing as well as proposed) should not exceed 60% of gross income.
You can repay loan 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.
Processing Fee : 0.50
Pre Closure Fee : 0
Part Payment Fee : 0
Late Payment Fee :
MCLR : 8.9%
Bank account statement of the last 6 months.
Identity Proof: Voter's ID card / Driving license / Job card issued by NREGA / Aadhaar card / PAN card (PAN card only as identity proof)
Address Proof: Passport / Voter's ID card / Driving license / Aadhar card
Income Proof: Form 16 /Latest salary slips
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 of Rs. 1 Lac for two wheelers costing upto Rs. 75000 and Rs. 2 Lacs for two wheelers costing above Rs. 75000 required.
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