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 w.e.f. 21.08.2017  
    Revised
  Particulars Interest Rates (%)
    w.e.f. 21.08.2017
1 Agriculture/Horticulture Short term Crop Loan (including under KCC) Only  
  a) Upto Rs. 3.00 lac 7.00
  b) Above Rs. 3.00 lac to Rs.5.00 lacs 10.00
  c) Above Rs. 5.00 lacs to Rs. 20.00 lacs 10.50
  d) Above Rs. 20.00 lacs 11.50
2 Term Loans for Agriculture/ Horticulture & Allied Activities (including pump sets)  
  a) Up to and inclusive of Rs.2.00 lacs 9.50
  b) Above Rs.2.00 lacs to Rs. 5.00 lacs 10.00
  c) Above Rs. 5.00 lacs to Rs. 20.00 lacs 10.50
  d) Above Rs. 20.00 lacs 11.00
 
 
3 Tractor Loans (including tillers etc.)  
  a) Loans up to Rs. 2.00 lac 9.50
  b) Above Rs.2.00 lacs to Rs. 5.00 lacs 10.00
  c) Above Rs. 5.00 lacs to Rs. 20.00 lacs 10.50
4 Financing Solar Water Pumping Systems 10.00
5 General Credit Card( Revised Scheme) 11.50
6 Self Help Groups (SHGs) Revolving Fund 11.50
  Self Help Groups (SHGs) under NRLM/ others  
  a.loans upto Rs. 3.00 lacs 11.50
  b.above Rs.3.00 lacs 12.50
7 Trade (Retail & Wholesale) including Giri Finance Scheme  
  a) Up to and inclusive of Rs.2.00 lacs 12.00
  b) Above Rs.2.00 lacs to Rs 5.00 lacs 12.50
  c) Above Rs.5.00 lacs 12.75
8 J&K Grameen Bank Easy Finance to Small Businessmen 12.00
9 Artisan Credit Card (ACC) 11.50
10 J&K Grameen Bank Weaver MUDRA Scheme 11.50
11 Loans under Wazwan Scheme 11.50
12 Micro & Small Enterprises (Manufacturing) (Rural Artisans, SSI & village Industries)
  a) Up to and inclusive of Rs.2.00 lacs 12.00
  b) Above Rs.2.00 lacs to Rs 10.00 lacs 12.25
  c) Above Rs.10.00 lacs 12.50
13 Loans for Stone Crushers & Brick Kilns  
  a) Up to Rs. 20.00 lacs 12.75
  b) Above Rs. 20.00 lacs to Rs. 50.00 lacs 12.50
  c) Above Rs. 50.00 lacs to Rs. 100.00 lacs 12.50
14 Transport Operators  
  a) Up to and inclusive of Rs.2.00 lacs 11.15
  b) Above Rs.2.00 lacs and up to Rs.10.00 lacs 11.15
  c) Above Rs. 10.00 lacs 11.15
15 2nd Hand Transport Vehicle  
  a) Loans for repayment period up to 4 yrs 13.75
  b) Loans for period exceeding 4 yrs 14.00
16 Loans under Machine Finance for infrastructure purposes  
  a) Up to Rs. 10.00 lacs 11.75
  b) Above Rs. 10.00 lacs 12.75
17 Other Micro & Small Services Sector  
  a) Up to and inclusive of Rs.2.00 lacs 12.00
  c) Above Rs.2.00 lacs to Rs. 10.00 lacs 12.25
  d) Above Rs.10.00 lacs 12.50
18 Education loans (primary & higher Education)  
  a) Up to Rs. 5.00 lacs 10.50
  b) Above Rs. 5.00 lacs and up to Rs.10.00 lacs 11.00
  c) Above Rs.10.00 lacs & up to Rs.20.00 lacs 11.50
  (Concession of 0.50% in interest rates under Education Loans for girl students)
19 Housing loans ( Including PMAY)(w.e.f 01.02.2018)  
  a) Housing Loans qualifying for Priority Sector Classification 8.35
  b) Up to Rs. 30.00 lacs (Non priority) 8.50
  c) Above Rs. 30.00 lacs 9.00
20 Car Loans  
  a) For individuals 9.50
  b) For Companies & Firms 9.50
21 Car Loans ( 2nd Hand Cars)  
  a) for a period upto 04 years 12.50
  b) for a period exceeding 04 years 13.50
22 Personal Loans for public and pensioners 14.00
23 Consumer loans 13.50
24 Loans for purchase of Solar Home Lighting Systems 11.50
25 Loans for purchase of Solar Water Heating Systems 13.00
26 Consumption loan for Professional and Businessmen 15.00
27 Financing of Two Wheelers to Farmers 11.50
28 Two Wheeler Loans  
  a) For period upto 3 years 11.00
  b) For period exceeding 3 years 12.00
  (Concession of 0.50% in applicable rate for girl students/ working ladies for purchase of scooties only)
29 Festival Advance 13.35
30 Mortgage Loans  
  a) Upto Rs. 2.00 lacs 12.25
  b) Above Rs. 2.00 lacs to Rs. 20.00 lacs 12.75
  c) Above Rs. 20.00 lacs 13.25
31 Micro Credit Schemes 11.25
32 Mortgage Loan for Trade & Services  
  a) Up to Rs. 2.00 lacs 12.75
  b) Above Rs. 2.00 lacs to Rs. 20.00 lacs 13.00
  c) Above Rs. 20.00 lacs to Rs. 200.00 lacs 13.50
33 JKGB Contractors finance scheme  
  a) Up to Rs. 2.00 lacs 12.00
  b) Above Rs. 2.00 lacs to Rs. 20.00 lacs 12.75
  c) Above Rs. 20.00 lacs to Rs. 100.00 lacs 13.00
34 Loans underReal Estate/Future Rent Receivable Scheme  
  a) Up to Rs. 15.00 lacs 13.00
  b) Above Rs.15.00 lacs 13.75
35 Advances to landlord for construction of premises for Bank use  
  a) Up to Rs.2.00 lacs 14.50
  b) Above Rs.2.00 lacs 14.50
36 Passenger Buses for Private Educational Institution  
  a) Repayment up to 7 years 12.50
  b) Repayment period exceeding7 years 13.25
37 Loan Against NSC/KVP/LIC 13.00
38 Loans & Advances (SOD/DL) against Bank's own Deposits  
  a) Loan/Advanceis 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
39 Clean Overdraft/Temporary Overdraft 17.00
40 Adhoc facility over and above sanctioned limits Adhoc working capital facility allowed for a period upto 60 days- 2% over and above the rate aplicable on regular working capital limit

Important Notes:

  • 1. 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 period of existing default & future default amount in all categories of loans over & above the contracted rate of interest
  • 2. Interest rate on loans and advances has to be applied after taking into account the total amount of all the existing loans and fresh loans to be sanctioned in particular loan activity i.e. per party exposure of individual loan activity.