J&K Bank Smartphone Loan, Check Eligibility and Other Details

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Jammu and Kashmir Bank has recently introduced a unique loan facility to meet the growing demand for mobile phones. The bank’s new program aims to provide financial assistance to individuals seeking to purchase smartphones.

With the aim of providing accessible financing options, the bank’s latest program is designed to assist individuals in acquiring smartphones running on popular operating systems such as IOS, Blackberry, Android, and Windows. This innovative initiative opens up avenues for permanent employees, pensioners, and seasoned credit customers who meet the eligibility criteria. By offering favorable terms and a simplified application process, Jammu and Kashmir Bank aims to empower individuals to embrace the benefits of modern technology.

Here are the key features of this exclusive loan facility:

Nature of the Facility:

  • The loan facility is in the form of a term loan.


  • The loan is specifically designed for customers who wish to purchase mobile phones, including those running on IOS, Blackberry, Android, and Windows operating systems.


  • Permanent employees and pensioners of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies, who receive their salaries through J&K Bank and have a letter of undertaking from their employer, are eligible for the loan.
  • Existing customers who have availed seasoned credit facilities (more than 2 years old) without any outstanding dues exceeding one month during the loan period are also eligible.


  • The minimum age requirement is 21 years.
  • For employees, the maximum age at the loan maturity should be either the date of retirement or 60 years, whichever is earlier.
  • For others, the maximum age at the loan maturity is 65 years.

Scale of Finance:

  • The loan amount starts from a minimum of ₹10,000.
  • The maximum loan amount is either ₹75,000 or 12 times the net monthly income, depending on the customer’s eligibility criteria.
  • Individual small businessmen who do not file tax returns or maintain financial statements can avail of a loan amount of up to 10% of the credits in their operative account during the last 12 months or 90% of the smartphone’s invoice value, whichever is lower.
  • The deductions from gross salary for government employees should not exceed 60% of their gross salary, while for others, deductions should not exceed 50% of their gross income.


  • Customers are required to pay a margin of 10% of the invoice value of the smartphone.


  • No primary or collateral security is required for this loan facility.

Processing Charges:

  • Customers will be charged a processing fee of ₹350 plus applicable GST.


  • The loan amount can be repaid in 30 equated monthly installments.


  • There are no prepayment charges for this loan facility.

Rate of Interest:

  • The interest rate is subject to change and is currently set at 1 Year MCLR + 3% (fixed).

This new loan facility by J&K Bank aims to empower individuals to own the latest smartphones and stay connected in today’s digital world. Interested customers are encouraged to visit their nearest J&K Bank branch for more information and to avail of this unique opportunity.

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