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J&K Bank Smart Phone Finance Scheme, Check Eligibility Rate Of Interest And Other Details

J&K Bank Smart Phone Finance Scheme, Check Eligibility Rate Of Interest And Other Details.

NATURE OF THE FACILITY

• Term loan.

PURPOSE

• Purchase of Mobile Phones (IOS, Blackberry, Android and Windows based).

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ELIGIBILITY

• Permanent Employees/Pensioners of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies drawing salary through our Bank and where letter of undertaking from employer is available.

• Customers already availing seasoned credit facilities (aged more than 2 years) where in there have been no past dues of more than one month during the currency of the loan.

AGE LIMIT

. Minimum: 21 years.

• Maximum age of Applicant at loan maturity: For employees Date of retirement or 60 Years whichever is earlier.

. For others: 65 years.

SCALE OF FINANCE

• Minimum Finance: 10,000. • Maximum Finance: 75,000 or 12 months net income for purchasing upto three Smartphones or 90% of the invoice value of the Smartphone(s) whichever is lower.

• Maximum finance (in case of individual small businessmen who do not file their tax returns and do not maintain the financial statements) is 10% of the credits in the operative account of the borrower during the last 12 months or 90% of the invoice value of the Smartphone(s), whichever is lower.

• For Govt. employees gross deductions should not exceed 60% of gross salary while as for others deductions should not exceed 50% of gross income.

MARGIN

• 10% of the invoice value.

SECURITY

Primary: NIL

• Collateral: NIL

PROCESSING CHARGES

• 350/- plus applicable GST

REPAYMENT

• 30 Equated Monthly Installments.

PREPAYMENT

NIL

RATE OF INTEREST (SUBJECT TO CHANGE)

• 1 Year MCLR + 3% (fi

CLICK HERE FOR RATE OF INTEREST

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