Interest Rates on Loans

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  2. Interest Rates on Loans

Revised Interest Rate Structure

  Revised Interest Rate Structure for FRESH Loans & Advances for General Public 
   
S No. Activity Interest Rate (%)
w.e.f 18.05.2022
   
1 Agriculture/Horticulture Short Term Crop Loan (including under KCC for Crops)
  a) Upto Rs. 3.00 lakh 7.00
  b) Above Rs. 3.00 lakh to Rs.5.00 lakh 9.20
  c) Above Rs. 5.00 lakh to Rs. 20.00 lakh 9.70
  d) Above Rs. 20.00 lakh 10.30
     
2  Agriculture including allied activities Short Term Loan (under KCC for Animal Husbandry & Fisheries)  
  a) Upto Rs. 2.00 lakh 7.00
  b) Above Rs. 2.00 lakh to Rs.5.00 lakh 9.20
  c) Above Rs. 5.00 lakh to Rs. 20.00 lakh 9.70
  d) Above Rs. 20.00 lakh 10.30
 
3  Term Loans for Agriculture/ Horticulture & Allied Activities
(including Poultry Venture Scheme, Pump sets, Financing to Fishery Sector, ACABC & Agri-Marketing Infrastructure)
  a) Up to and inclusive of Rs.2.00 lakh 8.50
  b) Above Rs.2.00 lakh to Rs. 5.00 lakh 9.20
  c) Above Rs. 5.00 lakh to Rs. 20.00 lakh 9.70
  d) Above Rs. 20.00 lakh 10.30
 
4 Farm Mechanization Scheme
  a) Loans up to Rs. 2.00 lakh 8.50
  b) Above Rs.2.00 lakh to Rs. 5.00 lakh 9.00
  c) Above Rs. 5.00 lakh to Rs. 20.00 lakh 9.50
 
5 Financing Solar Water Pumping Systems & Solar Equipment Finance Scheme for Individuals 10.85
 
6 General Credit Card (Revised Scheme) 10.35
 
7  Self Help Groups (SHGs) Revolving Fund  
  Self Help Groups (SHGs) under NRLM/ others
  a) Loans upto Rs. 3.00 lakh 10.75
  b ) Above Rs.3.00 lakh 11.00
 
8 Trade (Retail & Wholesale) including Giri Finance Scheme
  a) Up to and inclusive of Rs.10.00 lakh 10.65
  b) Above Rs.10.00 lakh and less than Rs. 100.00 lakh 10.70
  c) Rs. 100.00 lakh & above 10.50 (For CMR 1-7)
    10.95 (For others)
     
9 JKGB Easy Finance to Small Businessmen 10.65
 
10  Artisan Credit Card (ACC)/ JKGB Weaver MUDRA Scheme/ JKGB Handicraft Artisan MUDRA Scheme/ Loans under Wazwan Scheme/ Credit Card Scheme for Weavers & Artisans 10.35
 
11 J&K Rural Employment Generation Programme (JKREGP) Scheme 10.35
 
12 Micro & Small Enterprises (Manufacturing)(Rural Artisans, SSI & Village Industries)
  a) Up to and inclusive of Rs.10.00 lakh 10.65
  b) Above Rs.10.00 lakh to less than Rs.100.00 lakh 10.70
  c)Rs.100.00 lakh & above 10.50 (For CMR 1-7)
    10.95 (For others)
13 Other Micro & Small Services Sector
  a) Up to and inclusive of Rs.10.00 lakh 10.65
  b) Above Rs.10.00 lakh to less than Rs.100.00 lakh 10.70
  c) Rs.100.00 lakh & above 10.40 (For CMR 1-7)
    10.75 (For others)
     
14 Arogya Plus - Scheme for Financing Doctors/ Medical Practitioners
  a) Upto & inclusive of Rs.20.00 lakh 9.85
  b) Above Rs.20.00 lakh 10.50
 
15 Purchase of Generator set for Traders/ Businessmen 10.40
 
16 Loans for Stone Crushers & Brick Kilns
  a) Up to Rs. 20.00 lakh 11.50
  b) Above Rs. 20.00 lakh to Rs. 50.00 lakh
  c) Above Rs. 50.00 lakh to Rs. 100.00 lakh
 
17 Transport Operators (including Replacement of Old Public Transport under J&K Transport Subsidy Scheme & E-Rickshaw Scheme)
  a) For Exisiting customers 9.30*
  b) For Fresh connections 9.75
  c) under Mumkin Scheme 9.30
  *The ROI of 9.30% p.a in Commercial Vehicle Finance scheme is applicable to the existing customers having minimum three years of past-proven track record in the Transport activity with our Bank only.  
18  2nd Hand Transport Vehicle
  a) Loans for repayment period up to 4 yrs 12.50
  b) Loans for period exceeding 4 yrs 13.00
 
19 Loans under Machine Finance for Infrastructure Purpose 9.95
   
20 Education Loans (Primary & Higher Education)
  a) Up to Rs. 5.00 lakh 9.10
  b) Above Rs. 5.00 lakh and up to Rs.10.00 lakh 9.40
  c) Above Rs.10.00 lakh & up to Rs.20.00 lakh 10.45
   
 
21 Housing Loans
  a) Housing Loans qualifying for Priority Sector Classification 7.30*
7.35
  b) Up to Rs. 50.00 lakh (Non priority) 7.45
  c) Above Rs. 50.00 lakh 7.70
  *(* For customers having CIBIL Tu & Personal Score > 750)
 
22 Car Loans
  a) For Individuals 8.10
  b) For Companies & Firms
 
23 Car Loans ( 2nd Hand Cars)
  a) for a period upto 04 years 11.30
  b) for a period exceeding 04 years 12.20
 
24 Financing Farmers for purchase of Vehicles  
(i) For brand new vehicle  
  a) Upto Rs3.00 Lakh 8.05
  b) Above Rs 3.00Lakh & upto Rs 5.00Lakh
  c) Above Rs 5.00Lakh & upto Rs10.00Lakh
     
(ii) For 2nd hand vehicle  
  a) for  period upto 04 years 11.15
  b) for period exceeding 04 years 11.75
     
25 Personal Loans
  a)  Public 12.60
  b) Pensioners 11.90
 
26 Consumption Loan for Professional and Businessmen 12.60
   
27 Loans for Purchase of Consumer Durable Goods
  a) For Salaried Persons (State/ Central Govt.) 11.20
  b) Others 11.80
 
28 Financing of Two Wheelers to Farmers 9.00
  Concession of 0.25% in interest rate will be allowed, if atleast 50% of the loan amount is secured by Bank’s own deposit/ NSC/ KVP/ Surrender Value of Life Insurance Policy.
  
 
29 Two Wheeler Loans
  a) For period upto 3 years 9.10
  b) For period exceeding 3 years & upto 5 years 9.30
  (Concession of 0.50% in applicable interest rate for girl students/ working ladies for purchase of scooties only)
 
30 Festival Advance 11.50
 
31 Mortgage Loans 10.20
 
32 Micro Credit Schemes (including Micro Credit Scheme for Fruit & Vegetable Shop on Rehri) 9.25
 
33 Mortgage Loan for Trade & Services 
  a) Loan upto Rs. 20.00 lakh 9.20
  b) Loan above Rs.20.00 lakh and less than 100.00 lakh 10.20
  c) 100.00 Lakh and above 10.40 (For CMR 1-7)
 
10.80 (For others)
34 JKGB Contractors Finance Scheme
  a) Up to Rs. 2.00 lakh 10.35
  b) Above Rs. 2.00 lakh to Rs. 20.00 lakh 10.90
  c) Above Rs. 20.00 lakh to Rs. 100.00 lakh 11.00
 
35 Loans under Real Estate/Future Rent Receivable Scheme
  a) Up to Rs. 15.00 lakh 9.80
  b) Above Rs.15.00 lakh 10.30
 
36 Advances to Landlord for Construction of Premises for Bank use 12.60
 
37 Passenger Buses for Private Educational Institution
  a) Repayment up to 7 years 9.80
  b) Repayment period exceeding 7 years 10.80
 
38 Loan Against NSC/KVP/LIC 11.50
 
39 Loans & Advances (SOD/DL) against Bank's Own Deposits
  a) Loan/Advance is granted against Term deposits and the deposits stand in the name of the borrower singly or jointly or in the name of the concern and the advance is granted to the said concern or in the partners of the partnership concern and the advance is granted to the said concern or in the name of a ward whose guardian is competent to borrow on behalf of the ward and where the advance is made to the guardian of the ward in such capacity. 1.50% over deposit rate
  b) Loan Advance is granted against bank's own deposits in the name of 3rd party/parties. 2% above the deposit rate
 
40 Clean Overdraft/Temporary Overdraft 17.00
 
41 PMFME Scheme  
  a) upto Rs 10 Lakh 9.50
  b) above Rs 10 lakh & upto Rs 20 lakh 10.00
  c) Above Rs 20 Lakh 10.50
     
42 Adhoc facility over and above sanctioned limits 2.50% over and above the rate applicable on regular Working Capital.
 
43 OD under PMJDY 8.50

Important Notes:

  • 1. The revised Interest rates shall be applicable to the Fresh Loans as well as the existing Cash Credit Limits/SODs (effective from the date of fresh renewals)
  • 2. In the event of default in repayment of principal and payment of Interest under any line of Credit, branches are advised to charge/ apply penal interest at the rate of 2% p.a. for the default & future default amount in all categories of loans aver & above the contrated rate of interest.
  • 3. Interest rate on loans and advances has to be applied after taking into account the total amount of all existing loans and fresh loans to be sanctioned in particular loan activity i.e. per party exposure of individual loan activity.
  • 4. A Concession of 0.25% on the applicable Interest Rates shall be customarily passed on to each such borrower who brings in margin of more than or equl to 50% of the unit cost across all Vehicle Loan segments (Public/Farmers) only.
  • 5. Interest rates on all activities , other than mentioned above, shall remain unchanged.