Introduction:
Women’s mobility has always been a matter of concern in India, and Jammu and Kashmir are no different. With limited public transportation facilities, women often face difficulties in commuting, especially in remote areas. To ease this burden and empower women to own their dream vehicles, JK Bank has introduced “Scooty Finance for Girls/Ladies.”
With this scheme, JK Bank aims to help women in Jammu and Kashmir with their commuting needs by providing easy and hassle-free finance options to buy scooters. Let’s delve deeper into this scheme and understand how it works.
ELIGIBILITY
a) Working ladies with regular & adequate source of income to repay the monthly installments. These shall include regular employees of Government/ Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or Reputed Establishments, Professionals or self employed individuals & Businesswomen.
b) Girls/ladies who are either still studying/ don’t have regular or documented source of income/ do not belong to (a). Finance shall be provided in their name with parent/ Guardian /Spouse as co-borrower.
c) The borrower should be an Indian citizen.
d) Borrower/s should have attained the age of 18 years. However, in case the applicant is below 18 years of age but above 16 years, finance can be provided with parent/Guardian as co-borrower provided the scooty to be purchased is not more than 50cc(As allowed under Motor Vehicle Act,1989) and possesses valid driving license as allowed under the Act. However, an acknowledgement of debt is to be obtained from the minor on her attaining the age of majority.
e) Co- borrower should have regular and adequate income to repay the monthly loan installments.
f) Maximum age of borrower/co-borrower at loan maturity: 58 years or age of retirement, whichever is higher for employees & 65 years for others.
g) Minimum employment: The applicant must have been in current employment for a period not less than 1 year or must have a business standing of at least 2 years.
h) The borrower should have valid driving license.
NATURE OF FINANCE
Term Loan.
MAXIMUM QUANTUM OF FINANCE
85% of cost of the Scooty subject to a maximum of 50,000/=. In case the requirement is more than the maximum finance amount, the borrower must bring that amount as additional margin.
The net monthly home take income/salary of the borrowers after including the installment amount on this loan should not be less than 40% of the gross monthly income/salary. In case of (Girls/ladies who are either still studying/ don’t have regular or documented source of income/ do not belong to Eligibility (a). Finance shall be provided in their name with parent/ Guardian /Spouse as co-borrower.), the 40% net home take salary principle shall apply to co-borrowers
MINIMUM MARGIN
15% of invoice value
REPAYMENT
SECURITY
Primary:
Hypothecation of Scooty.
Collateral:
• No third party guarantee required in respect of permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings drawing salary through our Bank & where letter of undertaking from employer is available. Guarantee of one person shall, however, be required if letter of confirmation from employer is not available.
• Guarantee of one person required for employees of Private Companies or Reputed Establishments/Institutions & for Professionals or self employed individuals & Businesswomen.
• Guarantee of co-borrower in case of categories mentioned(Girls/ladies who are either still studying/ don’t have regular or documented source of income/ do not belong to Eligibility (a).Finance shall be provided in their name with parent/ Guardian /Spouse as co-borrower.)
INSURANCE
Comprehensive insurance of the vehicle against all types of risks with usual bank clause and policy to be drawn in the joint names of the borrower and the bank
