J and K Grameen Bank Car Loan Key Features – Jan 2021

J and K Grameen Bank Car Loan Interest Rate

7% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to Rs. 5 Lakhs
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,353
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60  years
Self Employed: 21 years to 60 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges NIL
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About J and K Grameen  Bank Car Loan 

Established in 1938, Jammu & Kashmir Bank is a private sector bank that offers a wide range of financial services. It offers consumer banking, corporate banking, financial services, private banking, cash management and mobile banking products amongst other services. The Bank has more than 850 domestic branches spread across the nation. Jammu and Kashmir, one of the popular banks in India, offer car loans to individuals to purchase a car at a better price.

Advantages of J and K Grameen Bank Car Loan

J and K -Grameen-Bank-Car-Loan

  • Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax, and insurance cost of the car.
  • No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
  • Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
  • Tax Benefits: A car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on a car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on a car loan.

J and K Grameen Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-70 years of age
  • Net Monthly Income – should be a minimum ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-75 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

J and K Grameen Bank (CUB) Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7% per annum

14.50% p.a.
Processing fee 0.40% of the principal amount Up to 1.25% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges NIL NIL
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

J and K Grameen Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof(Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof(Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof(Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof(Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

J and K Grameen Bank Car Loan EMI Calculator

An applier has the option to know the EMI’s before availing a Car Loan. Thus, you can easily know the EMIs through the link below:

Car Loan EMI Calculator

J and K Grameen Bank Car Loan Types

J and K Grameen Bank offers different types of car loans to its customers. You have the choice of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  If you want to buy a new car, this is the scheme for you. You can take J and K Grameen Bank Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank.

J and K Grameen  Bank Car Loan Pre Calculated EMI

How to Apply for J and K Grameen Bank Car Loan?

  1. Visit Dialabank and fill a form.
  2. Our Relationship Manager will call you and guide you throughout the process.
  3. You can compare different offers from banks and opt for the one which suits your needs.
  4. Thus,  you can easily apply for a Car Loan through Dialabank and enjoy best offers.

FAQs for J and K Grameen Bank Car Loan

✅ What is J and K Grameen Bank Car Loan?

J and K Grameen  Bank Car Loan is a financial product offered for buying a car whether a new or used.

✅ How can I get Car Loan from J and K Grameen Bank?

You can avail a car loan from J and K Grameen Bank by visiting the nearest branch of J and K Grameen Bank. You will get satisfaction to apply from anywhere and get car loan approval faster.

✅How does J and K Grameen Bank Car Loan work?

J and K Grameen Bank offers car loan at attractive interest rates. You can get a car loan easily and quickly. J and K Grameen Bank provides flexible loan tenure duration.

✅What is the Car Loan Interest Rate in J and K Grameen Bank?

The interest rate charged by J and K Grameen bank for a car loan starts at

7% per annum

.

✅How to check Car Loan status in J and K Grameen Bank?

You must visit the J and K Grameen  Bank branch to check your car loan status. Also, you can use the net-banking facility of J and K Grameen Bank.

✅How to Calculate Car Loan interest in J and K Grameen Bank?

For the calculation of your car loan interest in J and K Grameen Bank, the information required is:

  • Loan tenure
  • Loan amount
  • Interest rate

You can calculate car loan interest and EMI for J and K Grameen Bank using the Emi Calculator.

✅What is the maximum loan amount I can avail on Car Loan from J and K Grameen Bank?

You can avail a maximum loan amount for a car loan from J and K Grameen Bank is up to Rs. 5 lakhs.

✅What is the loan tenure of J and K Gameen Bank Car Loan?

The loan tenure duration for a car loan from J and K Grameen Bank ranges from 1 to 7 years.

✅Can I get 100% Car Loan from J and K Grameen Bank?

You can get a loan up to Rs. 5 lakhs for a car loan from J and K Grameen Bank. To avail a 100% Car loan, you must visit the online platform of Dialabank.

✅How much processing fee is applicable on J and K Grameen Bank Car Loan?

J and K Grameen Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.

✅What are the EMI options available on J and K Grameen Bank Car Loan?

Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking facility of J and K Grameen Bank. Also, pay using post-dated cheques.

✅What are the charges for Prepayment in J and K Grameen Bank Car Loan?

J and K Grameen Bank does not have prepayment charges for availing a car loan.

✅Can I get a top-up loan on my existing J and K Grameen Bank Car Loan?

Yes, you can get a top-up loan on your existing J and K Grameen Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅Do I need to provide a guarantor to avail a car loan from J and K Grameen Bank?

Yes, you can avail a guarantor for getting a car loan from J and K Grameen Bank. It will increase your car loan eligibility.

✅What is the J and K Grameen Bank Car Loan Customer Care Number?

The customer care number of J and K Grameen  Bank for car loan queries is 9878981166.

✅How can I get NOC from J and K Grameen Bank for a car loan?

You can get a car loan NOC from J and K Grameen bank when you have paid your outstanding loan amount.

✅ What is the J and K Grameen Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the J and K Grameen Bank Car Loan account.
  • Pay the pre-closure charges as per J and K Grameen Bank Car Loan.

✅ What is J and K Grameen Bank Car Loan preclosure charges?

J and K Grameen Bank Car Loan preclosure charges are zero.

✅ What is J and K Grameen Bank Car Loan maximum tenure?

The J and K Grameen Bank Car Loan maximum tenure is 7 years.

✅ What is J and K Grameen Bank Car Loan minimum tenure?

The J and K Grameen Bank Car Loan minimum tenure is 1 year.

 

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