The Jammu and Kashmir Bank (Urdu;???? ? ????? ???)was founded on 1 October 1938 under letters patent issued by the Maharaja of Jammu and Kashmir, Hari Singh. The Maharaja invited eminent Kashmiri investors to become founding directors and shareholders of the bank, the most notable of which were Abdul Aziz Mantoo, Pesten Gee and the Bhaghat Family, all of whom acquired major shareholdings.
The purpose of the J&K Bank Education Loan is to help students from economically weaker families to pursue higher studies in India or abroad.
Rate of Interest
1.The interest rate charged for Jammu and Kashmir Bank Education Loan depends on the tenure of the loan. Fixed interest rate is charged on loans with tenure up to 5 years as follows:
2. 1.12.25% for loans up to Rs 5 lakhs 2.13.25% for loans above Rs 5 lakhs, up to a maximum amount of Rs 10 lakhs 3.14.00% for loans above Rs 10 lakhs, up to a maximum amount of Rs 20 lakhs Floating interest rate is charged on loans with tenure of more than 5 years as follows: 1.Bank Rate + 1.5% OR Prime Lending Rate ? 3.00% for loans up to Rs 5 lakhs. 2.Bank Rate + 2.5% OR Prime Lending Rate ? 2.00% for loans above Rs 5 lakhs, up to a maximum amount of Rs 10 lakhs. 3.Bank Rate + 3.75% OR Prime Lending Rate ? 0.75% for loans above Rs 10 lakhs, up to a maximum amount of Rs 20 lakhs.
2.Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).
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