Jammu and Kashmir Bank Two Wheeler Loan – Check Two Wheeler Loan Interest Rates, Eligibility, EMI Calculator, Documents, Processing Fee, Tenure, Benefits, Features.
The only private sector bank designated as RBI’s agent for banking business, Jammu and Kashmir Bank provides financial solutions to households, small and medium enterprises. Financial prosperity and economic transformation is the sole motive of this bank. Along with this, it strives to become the most profitable bank of India.
TWO WHEELER LOAN – GET INSTANT LOAN QUOTES ONLINE
Jammu and Kashmir Bank Two Wheeler Loan is there to cope with your credit crisis while buying two wheelers.
Jammu and Kashmir Bank Two Wheeler Loan Interest Rate
|Two Wheeler loans under fixed interest rate option with repayment of the loan|
|For a Period upto 3 years||MCLR+1.25%|
|For a Period above 3 years||MCLR+1.75|
|Two Wheeler loans under floating interest rate option with repayment of the loan|
|For a Period upto 3 years||MCLR+1.00%|
|For a Period exceeding 3 years||MCLR+1.25%|
Eligibility Criteria for Jammu and Kashmir Bank Two Wheeler Loan
- An applicant must be lie in 18 to 65 years of age.
- Minimum net annual income must be Rs 1 lakh for wheeler costing upto Rs 75000.
- Minimum net annual income must be Rs 2 lakh for wheeler costing above Rs 75000.
- Students above 18 years old can also apply with parents as co-applicant.
- 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.
Features and Benefits of Jammu and Kashmir Bank Two Wheeler Loan
- Convenient procedure
- Funding up to 85% of the on road price of the vehicle
- 2% lower interest rate
- Flexible repayment tenure
- Quick loan approval
- Easy repayment schemes
- Online application available
- Loan amount up to Rs 1.5 lakhs
Purpose of Jammu and Kashmir Bank Two Wheeler Loan
Purchase of the following two-wheelers:
- Motor Cycles
- Battery-operated scooters etc
Segments Eligible for Jammu and Kashmir Bank Two Wheeler Loan
- Government/Semi-government employees
- Autonomous bodies
- Private companies or reputed establishments
- Self-employed individuals
- Farmers etc.
Jammu and Kashmir Bank Two Wheeler Loan EMI Calculator
EMI Calculator is the online tool important for people applying for a loan. It not only generates the exact amount of payment but also let the borrower know how much loan amount would be feasible. Enter the loan amount, interest rate and the loan tenure, based on which EMI Calculator would calculate your monthly EMI. Hence, you can freely plan your month based on the amount of monthly outgo.
For instance, Suresh needs a loan amount of Rs 1 lakh for 5 years and the bank charges 15% interest on it. Then, he will have to pay an EMI of Rs 2,379. The total repayment amount would be around Rs 142740.
- Hypothecation of vehicle purchased.
- Maximum deductions inclusive of loan EMI’s should not exceed 60% of gross income.
- Loans up to Rs 75,000: 18 times net monthly salary/income or 90% of the ex-showroom price of two wheeler or Rs 75000, whichever is less.
- Loans above Rs 75,000: 18 times net monthly salary/income or 75% of the ex-showroom price of two Wheeler or Rs 2.50 lacks whichever is less.
Documents Required for Jammu and Kashmir Bank Two Wheeler Loan
- Identity proof
- Address proof
- Salary proof for salaried applicants
- ITR for self-employed applicants