Thinking of a Pensioner Loan to pay off your debts?

The Jammu & Kashmir Bank Personal Loan for senior citizens is going to be the perfect loan option for you

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 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

Loan Amount

  • For Pensioners: The maximum loan amount sanctioned by the bank under this loan scheme is up to 18 times the gross monthly pension of the pensioner for borrowers up to the age of 70 years and 12 times the gross monthly pension of the pensioner for borrowers above the age of 70 years
  • For Family Pensioners: The maximum loan amount sanctioned by the bank under this loan scheme is up to 12 times the gross monthly pension of the borrower restricted to Rs. 2 lakh

Interest

  • The interest rate applicable to this loan is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR) and (Strategic) Spread of 3.00%. As of October 2020, the MCLR of Jammu & Kashmir Bank is 7.50% bringing the effective interest rate at 10.50%

Repayment

  • Pensioners must repay the loan within 5 years or until the borrower reaches the age of 75 years, whichever is earlier
  • Family pensioners must repay the loan within 4 years or until the borrower reaches the age of 75 years, whichever is earlier

Eligibility

  • Central Government and State Government pensioners and family pensioners who are drawing pension from the bank are eligible for this loan

Security Needed

  • The bank asks for a third-party guarantee as security for this loan

Processing Charges

  • There are no processing charges for this loan

Documents Needed

  • 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
  • Pension account-related details

Reference Facts

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