Consolidation Loans from Jammu & Kashmir Bank

Different loan schemes for debt consolidation.

Headquartered in the beautiful city of Srinagar, Jammu & Kashmir Bank offers a range of financial products to different segments of its customer base. Jammu & Kashmir Bank gives you the option to choose from a range of loans that are specifically suited for your different needs.

Jammu & Kashmir Bank Consolidation Loans

Consider this scenario: you are repaying credit card debts that you built when you had to buy things for your new house, you already have a home loan and now you need money for a medical emergency, or perhaps for making travel arrangements for a friend’s destination wedding. What would you do?

If you are like most people, you would go for a personal loan, ask a family member/colleague for a loan or worse, liquidate an investment. Neither of these is the best choice. It will be a nightmare to manage all the debts and keep a tab on your money. It will start frustrating you in no time. The right option would be to avail a consolidation loan.

A consolidation loan helps customers pay off all their debts and consolidate them into one by choosing terms as per their preference and repay easily. It can be an unsecured loan like a personal loan or a secured loan like loan against property, gold, time deposits, or securities. Balance of transfer loans and top-up loans can also be considered to be consolidation loans if they are used to repay/consolidate relatively high-interest debts.

In your case, you have plenty of options to choose from. If you have assets like gold/securities/time deposits, you can pledge them to the bank for a loan to pay for the expenses for making bookings for your friend’s destination wedding and repay your credit card debt with it. A top-up home loan can help you do the same. This way you get rid of the high-interest rate you are paying towards your credit card debt.

The important thing to note here is that the Jammu & Kashmir Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Jammu & Kashmir Bank that you can avail as a consolidation loan:

  1. Saholiat/Saral Finance Scheme for Employees (Personal Loan)
  2. Saholiat/Saral Finance Scheme for Professionals (Personal Loan)
  3. Saholiat/Saral Finance Scheme for Pensioners (Pensioner Loan)
  4. Cash Credit Scheme for Salaried Employees
  5. Loan Against Gold Ornaments and Jewellery

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

Jammu & Kashmir Bank Saholiyat/Saral Finance Scheme for Employees

This loan scheme is designed to help salaried employees of government organisations, public sector undertakings and autonomous bodies get funds to meet their urgent financial needs. These may range from expenses for a child’s wedding and education to medical emergency and domestic/foreign travel.

Features of Jammu & Kashmir Bank Saholiyat/Saral Finance Scheme for Employees

Why this Loan?

  • The Jammu & Kashmir Bank Personal Loan for Salaried Employees scheme is meant for customers who need financial assistance to meet their urgent personal needs such as child’s wedding, child’s education, overseas/domestic travel, medical exigency, etc.
  • This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
  • This is a collateral-free loan

Jammu & Kashmir Bank Saholiyat/Saral Finance Scheme for Self-employed Professionals

This loan scheme is designed to help self-employed professionals get funds to meet their urgent financial needs such as expenses for a child’s wedding, child’s education, medical emergency, leisure travel, etc. It can also be used for debt consolidation.

Features of Jammu & Kashmir Bank Saholiyat/Saral Finance Scheme for Self-employed Professionals

Why this Loan?

Jammu & Kashmir Bank Saholiyat/Saral Finance Scheme for Pensioners

This loan helps pensioners and family pensioners get access to funds to meet their personal needs. While this loan can be used to meet expenses for overseas travel, medical exigencies, child education and so on, it can also be used to consolidate high-interest debts. This loan cannot be availed for capital market or speculative purposes.

Features of Jammu & Kashmir Bank Saholiyat/Saral Finance Scheme for Pensioners

Why this Loan?

  • The Jammu & Kashmir Bank Personal Loan for Pensioners is designed to help Central and State Government pensioners/family pensioners drawing pension through the bank who want to avail financial assistance for personal needs. Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • The maximum loan amount sanctioned by the bank under this loan depends on the monthly pension drawn by the borrower

Jammu & Kashmir Bank Cash Credit Scheme for Salaried Employees

This loan scheme is designed to help salaried employees of government organisations, public sector undertakings and autonomous bodies get funds to meet their urgent financial needs. These may range from expenses for a child’s wedding and education to medical emergency and domestic/foreign travel.

Features of Jammu & Kashmir Bank Cash Credit Scheme for Salaried Employees

Why this Loan?

  • The Jammu & Kashmir Bank Cash Credit Scheme for Salaried Employees scheme is meant for salaried employees of Central Govt., State Govt., semi-government undertakings and autonomous bodies drawing salary from J&K Bank account who need financial assistance to meet their urgent personal needs such as child’s wedding, child’s education, overseas/domestic travel, medical exigency, etc.
  • This scheme can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
  • There are no pre-payment charges for this loan

Jammu & Kashmir Bank Loan Against Gold Ornaments & Jewellery

This loan helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.

Features of J&K Bank Loan Against Gold Jewellery

Why this Loan?

  • The Jammu & Kashmir Bank Loan Against Gold Ornaments is meant for borrowers who want to get access to funds by pledging gold jewellery or specially minted gold coins sold by any bank to meet their financial needs
  • Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • The bank offers an additional discount to women borrowers

Important Note: Jammu & Kashmir Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Jammu & Kashmir Bank Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the MCLR of Jammu & Kashmir Bank is 7.50%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • Jammu & Kashmir Bank Website: www.jkbank.com
  • Headquarters: Srinagar, Jammu & Kashmir
  • Call Centre Toll-Free Number: 1800 1800 234