Jammu and Kashmir Bank has launched Festival term loan. JK Bank Festival Advance Scheme has been launched to provide personal finance for festival celebrations.
Permanent Employees/Pensioners of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies drawing salary/pension from JK Bank can apply for the Festival loan.
The applicant age must be Minimum 18 years and maximum 69 years in case of pensioners. The loan has no processing charges and no penalty on prepayment. Bank provides 10 equated Monthly installments to repayment the loan.
J&K Bank Festival Loan Eligibility.
Permanent Employees, Pensioners of State, Central Government, Government/Semi-Government Undertakings & Autonomous Bodies drawing salary, pension from J&K Bank are eligible for the Festival Advance Scheme.
Age of the Applicant:
The applicant must be 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. The maximum age limit is 69 years in case of pensioners.
JK Bank Festival Loan 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 50,00060,000 where average is greater than or equal to 50,000 but less than 80,00075,000 where average is80,000 or above - For Pensioners: 70% of the net pension credited in the account or20,000 whichever is lower
5,000JK Bank Festival loan, Repayment.
JK Bank has made easy to repay the Festival loan. JK Bank Festival Advance Scheme repayment will be in 10 Equated Monthly Installments.
Rate of Interest (Subject to change.
- 1 year MCLR + 3.50 % P.a.(fixed) with monthly rests
- Click here for rate of Interest
Moreover, The loan will be available only on various festival occasions. On these festivals the scheme will be available, Eid-ul Fitr, Eid-ul-Adha, Maha Shivratri, Navreh, Nowroz, Mela Desmochey, Baisakhi, Gurupurab, Mela Hemis Gumpa, Ashura, Diwali, Losar and Christmas.
Also, Loan under the scheme shall be available to all the eligible borrowers irrespective of their religion / community.
The get this loan, Applicant must have to visit the nearest branch of JK Bank and apply for this scheme. For more information applicants can visit the official website of JK Bank.
