Jammu and Kashmir Bank Pension Loan

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      Table of Contents

      Jammu and Kashmir Bank Pension Loan

      Jammu and Kashmir Bank Pension Loan Features

      JKB Pension Loan Interest Rate 10.65%
      JKB Pension Loan Processing Fee 1% of the loan amount 
      JKB Pension Loan Tenure 60 months
      JKB Pension Loan Amount Minimum Rs 50,000
      JKB Pension Loan Amount Max Rs 12lakhs
      JKB Family Pension Loan Amount Minimum Rs 50,000
      JKB Family Pension Loan Amount Max. Rs 5lakhs
      JKB prepayment 3% of the loan amount
      JKB foreclosure 3% of the loan amount 

      Jammu and Kashmir Bank Pension Loan Eligibility

      • The permanent employees of Central & State government or any semi-government undertakings are eligible for Jammu and Kashmir Pension Loan, which is Saral/Saholiat loan for salaried individuals.
      • Professionals who have a doctorate or are an architect, engineer, lawyer, or C. A and a self-employed individual can avail of the  Saral/ Saholiat Finance Scheme for Professionals at JKB. 
      • While Pensioners should be of 75 years of age or below having drawn their monthly pension from the bank branch. 
      • Teachers under Rehabber-a-Taleem, J&K Govt.
        Officials under Rehabber-a Zeerat, J&K Govt.

      Jammu and Kashmir Bank Pension Loan Eligibility for Central and State Government Pensioners

      Eligibility Criteria Key Features
      Employer Type Central and State Government
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Written consent from the treasurer not to accept any pension transfer requests
      Guarantee Terms By the spouse (eligible for a family pension) or any other third party

      Jammu and Kashmir Bank Pension Loan Eligibility For Defence Pensioners

      Eligibility Criteria Key Features
      Employer Type Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Not applicable
      Guarantee Terms Not applicable

      Jammu and Kashmir Bank Pension Loan Eligibility For Family Pensioners

      Eligibility Criteria Key Features
      Employer Type Central and State Governments including all Armed Forces
      Applicant’s Age Below 76 years of age
      Account Type Pension payment order maintained by Bank
      Treasury Terms Not applicable
      Guarantee Terms Authorized members of the family under the family pension scheme

      Maximum Eligible Loan Amount and repayments

      For Central and State Government Pensioners:

      Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
      Below 72 years ₹ 14.00 Lakh 60 months Up to 77 years
      72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
      74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

      For Defense Pensioners:

      Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
      Below 56 years ₹ 14.00 Lakh 84 months Up to 63 years
      56 – 72 years ₹ 14.00 Lakh 60 months Up to 77 years
      72 – 74 years ₹ 12.00 Lakh 48 months Up to 78 years
      74 – 76 years ₹ 7.50 Lakh 24 months Up to 78 years

      For Family Pensioners (including Defense Pensioners):

      Age Max Loan Amount (18 months Pension or Less) Repayment Period Age at the time of full Repayment
      Below 72 years ₹ 5.00 Lakh 60 months Up to 77 years
      72 – 74 years ₹ 4.50 Lakh 48 months Up to 78 years
      74 – 76 years ₹ 2.50 Lakh 24 months Up to 78 years

      Interest Rate On Jammu and Kashmir Bank Pension Loan For Pensioners

      Jammu & Kashmir Bank Pension Loan has a low rate of interest 3-year MCLR plus 3 %. The current interest rate is 10.65%.

      Document Required For Jammu and Kashmir Bank Pension Loan

      Banks do not provide a dedicated list of documents required for pension loan, however, genric documents essential are given below:

      • Proof of Identity: This may include any one of your Aadhaar Card, Voter ID Card, PAN Card, Passport, Driving License, etc.
      • Proof of Address: This may include the latest utility bill (electricity/ telephone bill), bank passbook, Aadhaar Card, etc.
      • Proof of Income: This may include your salary slips, bank account statement, profit and loss statement, Income Tax Return, etc.
      • Personal loan application form: It should be duly filled and signed.
      • Recent passport size color photographs.

      Loan Amount On Jammu and Kashmir Bank Pension Loan For Pensioners

      For State and Central Government Pensioners

      Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
      Below 65 years
      Between 65 – 70 years
      Above 70 years
      Rs 25,000 RS 10 lakhs
      RS 5 lakhs
      RS 2 lakhs
      18 months 60
      48
      24

      Defense Pensioners

      Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
      Below 65 years
      Between 65 – 70 years
      Above 70 years
      Rs 25,000 RS 10 lakhs
      RS 5 lakhs
      RS 2 lakhs
      18 months 60
      48
      24

      Family Pensioners

      Bank Pension Loan Minimum Loan Amount Maximum Loan Amount Additional Ceiling Amount Loan Tenure(months)
      Below 65 years
      Between 65 – 70 years
      Above 70 years
      Rs 25,000 RS 10 lakhs
      RS 5 lakhs
      RS 2 lakhs
      18 months 60
      48
      24

      About Jammu and Kashmir Bank Pension LoanJammu and Kashmir Bank

      This is a semi-state bank and financial services company established in 1938. In Jammu & Kashmir, it functions as a universal bank while in the rest of India it acts as a specialized bank. 

      FAQs on Jammu and Kashmir Bank Pension Loan

      ✅What is the maximum repayment tenure for the J&K Bank pension loan?

      The maximum repayment tenure for J&K Bank personal loan is 7 years. While the maximum age limit is 78 years. 

      ✅How can I apply and get more information on Pension Loans?

      You can call on 9878981166 or can visit Dialabank to get all the necessary details right away.

      Does J&K Bank offer personal loans to pensioners?

      Yes, under the scheme called Saral/ Saholiat Finance Scheme for Pensioners you can get easy and hassle-free pension loans from J&K Bank. 

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