हिंदी में पढ़े
Please Note: Jammu & Kashmir Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Jammu and Kashmir Bank is a J&K-based private sector bank providing a range of financial services. Headquartered in Srinagar, J&K bank is a state-owned bank that offers numerous types of business loans to its customers nationwide. Details of the business loan options offered by J&K Bank are provided below.
Types of J&K Bank Business Loans
| J&K Bank – Saral Finance Scheme | |
| Interest Rate | 11.25% p.a. onwards |
| Nature | Term Loan |
| Loan Amount | 30 months net monthly income or Rs. 5 lakh (whichever is lesser) |
| Processing Fees | Rs. 1000 + GST |
| Eligibility | Existing borrower with min. 3 years of dealings with J&K bank
Platinum & Gold Current Account holders with min. 1 year standing |
| Repayment Period | Up to 5 years |
| Security | 3rd party guarantee of 1 person
ECS/RECS mandate to be obtained |
| Margin | Nil |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges. With effect from 10th Dec 2022, J&K Bank 1 year MCLR is 8.50%
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Saral Finance Scheme for Businessmen can be used for any personal requirement.
| J&K Bank – Start-ups Finance Scheme | |
| Interest Rate | 8.35% p.a. onwards |
| Age Criteria | Min. 21 years & Max. 45 years |
| Loan Amount | Min. 2 lakh and Max. Rs. 10 lakh |
| Processing Fees | Rs. 500 |
| Eligibility | 51% of the shareholding and controlling stake with 1 entrepreneur of a non-individual enterprise |
| Repayment period | Max. 7 years, including 2 years moratorium period for term loan |
| Availed by | Green Field Projects only |
| Nature | Composite loan to cover 100% of project cost |
| Security | Hypothecation of all assets financed by the bank |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges
Under Start-ups Scheme, lots of activities are included which are mentioned below:
- Agriculture
- Biotechnology
- E-commerce
- Educational institutions
- Electronics
- Food products
- Handicrafts
- IT and allied services
- Livestock
- Media and entertainment
- Poultry
- Textiles
- Tourism, etc.
J&K bank offers preference to applicants who are recommended by Shri Mata Vaishno Devi University Technology Business Incubation Center Society (SMVDU TBIC), Centre for Incubation & Business Acceleration (CIBA) and Centre for Trainings & Skill Development (CTSD) authorities of Jammu and Kashmir.
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| J&K Bank – Construction Equipment Finance | |
| Interest Rate | 10.85% p.a. onwards |
| Nature | Term Loan |
| Loan Amount – Existing borrowers | 85% of invoice value subject to maximum of Rs. 100 lakh |
| Loan Amount – Others | 75% of invoice value |
| Processing Fees | 0.50% of loan amount + GST |
| Repayment Tenure | 5 years with 3 months moratorium period |
| Prepayment Charges | Nil |
| Margin – For Existing Borrowers | 15% of invoice value |
| Margin – For Others | 25% of invoice value |
| Security | Hypothecation of construction equipment to be purchased |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges
Construction Equipment Finance can be used to purchase new construction equipment, such as cranes, excavators, backhoe loaders, dumpers, compactors, dozers, drillers, graders, etc.
Construction Equipment Finance can be availed by individuals, public and private companies, partnerships, sole proprietorships and trusts involved in construction activities.
| J&K Bank – Commercial Vehicle Finance | |
| Interest Rate | 9.50% p.a. onwards |
| Age Criteria | Min. 21 years & Max. 65 years |
| Loan Amount | 85% of the on-road cost of vehicle for first 3 months |
| Repayment Tenure | Max. 84 months with 2 months moratorium period |
| Nature | Term Loan |
| Penal Charges | 2% p.a. |
| Margin | For Priority Sector: 20% irrespective of loan limit For Non-Priority Sector: Upto 200 lakh: 25% Above 200 lakh: 30% |
| Business Existence Tenure | Min. 2 years |
| Commercial Driving License | Mandatory |
| Security | Upto Rs. 10 lakh: Hypothecation of vehicle to be financed |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges
Commercial Vehicle Finance can be availed for the purchase of new commercial vehicles of various makes and models and fabrication for commercial purpose. This finance scheme is offered to limited companies, individuals, proprietorships, partnership firms owning and operating or plan to own and operate transport vehicles for carrying goods/passengers on hire.
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Additional Types of Business Loans and Bank Accounts
The list of additional types of Business Loans offered by J&K Bank is as follows:
- ATV / Snowmobile Finance Scheme
- Commercial Premises Finance
- Contractor Finance
- Craft Development Finance
- Craftsmen Livelihood Finance Courses
- Dastkar Finance
- Establishment of Mini Sheep Farms in Private Sector
- Fair Price Shop Scheme
- Handicrafts Sustenance Finance (Outside Tripartite Agreement)
- Help Tourism (For Kashmir valley only)
- J&K Bank Karobar Card
- Khatamband Craftsmen Finance
- Loans against Mortgage of Immovable Property
- Mortgage Loan for Trade & Service Sector
- School/Passenger Bus Finance
Several bank accounts can be opened from J&K Bank for business purposes that are as follows:
- Basic Current Account
- Gold Current Account
- Grameen Current Account
- Platinum Current Account
- Premium Current Account
- Premium Plus Current Account
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Also Read: How to get a business loan in India without Security
FAQs
Q. How much business loan amount can I avail from J&K Bank?
Ans. The maximum loan amount that can be availed is up to Rs. 1 crore for construction equipment.
Q. What is the maximum repayment period of a business loan offered by J&K Bank?
Ans. The maximum repayment tenure for business loans is up to 7 years.
Q. How can I track my Jammu and Kashmir Bank Business Loan Online / Offline?
Ans. To track the loan application you can visit the official website of J&K bank, download mobile app or call the bank’s toll-free number. You can also visit the nearest bank branch for more details.
Q. What are the repayment options for business loans in J&K bank?
Ans. There are several repayment options, such as cheque, net banking, ECS, PDC, etc.