J&K Bank Cash Credit Scheme For Salaried Employees

J&K Bank Cash Credit Scheme For Salaried Employees

J&K Bank Cash Credit Scheme

The product is aimed at addressing the cyclic liquidity needs of salaried employees.

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

  • Non-Priority
  • The facility shall be revolving in nature up to 8 years before the age of retirement of the employee*. The drawing power (DP) will thereafter be reduced on borrower’s birthday every year on pro-rata basis by reducing the principal amount so that the facility gets adjusted by 1 year before the age of retirement. The annual reduction can be spread over four quarters.The interest will be serviced by the borrower as and when applied.
  • Under this scheme, the credit facility can be sanctioned in favor of employees who is nearing his/her date of retirement. However the facility will be sanctioned on drop line limit basis as under:
Remaining Service Maximum Limit
Up to 8 years 6 times salary credited in the account or Rs. 6.00 Lakh, whichever is lower
7 years 5 times salary credited in the account or Rs. 5.00 Lakh, whichever is lower
6 years 4 times salary credited in the account or Rs. 4.00 Lakh, whichever is lower
5 years 3 times salary credited in the account or Rs. 3.00 Lakh, whichever is lower
4 years 2 times salary credited in the account or Rs. 2.00 Lakh, whichever is lower
3 years equal to salary credited in the account or Rs. 1.00 Lakh, whichever is lower

Quantum of finance:

  • Minimum: Rs. 50,000.00
  • Maximum : 6 times average of previous three month’s salary credited in the account; or Rs. 6, 00,000.00 whichever is lower.

* The scheme is customized for all retirement age brackets that are in vogue in the Government service sector i.e. 60, 62 and 65 years.

  • Stipulation of minimum take home salary shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.
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  • Minimum age of Applicant: 21 years.
  • Maximum at the time of loan Maturity: One year before the age of retirement.
  • Stipulation of minimum take home salary of 40% shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.
  • NIL
  • Primary: NIL
  • Collateral: NIL
  • 0.25% of the loan amount plus GST,
    • Minimum of Rs. 500.00 plus GST.
    • Maximum of Rs. 1000.00 plus GST.
  • 1 year MCLR+3.50 p.a. fixed Rate of Interest with monthly rests and Annual Reset.

Click here for rate of Interest

  • No penalty on prepayment or / and foreclosure of the loan.
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