jk bank festival advance scheme

Festival Advance scheme is loan scheme launched by Jammu and Kashmir bank to spread cheers among its subscribers on the eve of their festivals. The Festival Advance scheme shall be available on the occasion of following festivals only: Eid-ul Fitr, Eid-ul-Adha,Nowroz, Ashura. Maha Shivratri, Diwali. Baisakhi, Gurupurab. Mela Desmochey, Mela Hemis Gumpa, Losar.Christmas.

Festival Advance Scheme

Festival Advance scheme is loan scheme launched by Jammu and Kashmir bank to spread cheers among its subscribers on the eve of their festivals. The Festival Advance scheme shall be available on the occasion of following festivals only:

Eid-ul Fitr, Eid-ul-Adha,Nowroz, Ashura.

Maha Shivratri, Diwali.

Baisakhi, Gurupurab.

Mela Desmochey, Mela Hemis Gumpa, Losar.

Christmas.

Jk bank festival advance

NOTE:

Loan under the scheme shall be available to all the eligible borrowers irrespective of their religion / community.

NATURE OF ADVANCE:

Term Loan

PURPOSE Festival Advance Scheme

To provide personal finance for festival celebrations.

ELIGIBILITY

Permanent Employees/Pensioners of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies drawing salary/pension from our Bank

AGE CRITERIA

MINIMUM:

18 years

MAXIMUM:

1 year less than the age of retirement

59 years where retirement is 60 years and

57 years where retirement age is 58 years

Maximum: 69 years in case of pensioners

QUANTUM OF LOAN

MINIMUM:

Rs. 5,000

MAXIMUM:

Rs. 40,000

If the average of last 03 months net salary credited in applicants account is less than Rs. 50, 000/-

Rs. 60,000

If the average of last 03 months net salary credited in applicants account is between Rs. 50, 000 – 80,000.

Rs, 75,000

If the average of last 03 months net salary credited in applicants account is above 80,000.

For Pensioners:

70% of the net pension credited in the account

Rs. 20,000 (whichever is lower)

MARGIN for festival advance scheme:

NIL (NO MARGIN)

SECURITY for festivaladvance scheme:

NO SECURITY

Primary: Nil

Collateral: Nil

PROCESSING CHARGES for festival advance scheme:

NIL (NO PROCESSING CHARGES)

REPAYMENT period:

10 months

In 10 Equated Monthly Installments

foreclosure charges:

No Foreclosure charges for early repayment of loan

RATE OF INTEREST Festival Advance scheme:

One year MCLR + 3.50 % P.a. (fixed) with monthly rests

(SUBJECT TO CHANGE)

Click here for rate of Interest

https://www.jkbank.com/others/common/intrates.php

DOCUMENTS REQUIRED for JK BANK FESTIVAL ADVANCE SCHEME

DULY FILLED APPLICATION FORM

IDENTITY AND ADDRESS PROOF

INCOME PROOF

DOCUMENTS TO BE SUBMITTED BY A SALARIED PERSON INCLUDES:

PAN CARD

ADDRESS PROOF:

Aadhar Card /passport/ Voter ID Card /electricity bill/Driving License

Last 06 months bank statement

Last 03 months salary slip.

Latest Form 16

MODE OF APPLICATION OF FESTIVAL ADVANCE SCHEME:

OFFLINE MODE:

Individuals can apply for the loan through all J&K bank branches

ONLINE MODE:

From J&K Bank’s official website or click radio button as below

https://www.jkbank.com/others/common/applyNow.php

Jammu and Kashmir Bank (J&K Bank) is a major private sector bank headquartered at Srinagar in Jammu and Kashmir, India. J&K bank was incorporated on 01^stof October 1938 and is listed on stock exchange (Both NSE and BSE)

J&K bank has a network of 1038 branches out of which 877 branches are located in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh as on march 2020.

J&K bank has network of 1340 ATMs and cash deposition machines (CDM) across the country as on March 21 2020.

J&K Bank, was the first private bank in the country to emerge as a state–owned bank.

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It was also the only private sector bank designated as RBI's agent for banking business, and carries out the banking business of the Central Government, besides collecting

Registered Office

M A Road-Srinagar

190 001

Jammu & Kashmir

Corporate Headquarters

M A Road-Srinagar

190 001

Jammu & Kashmir

www.jkbank.net

https://www.jkbank.com/apps/LoanStatus/appStatus.php

For Customer Services:

Contact Centre : 1800 1800 234