Jammu: Jammu and Kashmir (J&K) Bank has organized a car loan mela at Dussera Ground, Gandhi Nagar. This car loan mela will display a large number of popular car models from leading manufacturers like Maruti, Tata, Chevrolet, Mahindra etc.

Off late, car loan melas have become a good venues to showcase new as well as used cars and provide a convenient platform for both the buyers as well as the sellers. There are various benefits of buying a car from car loan melas sponsored by banks. Easy documentation, on the spot approval, easy loan facility and trusted deals in case of used cars are hallmark of such events.

Inaugurated by the Gandhi Nagar MLA Mr. Raman Bhalla, this car loan mela will witness participation from leading distributors of the area. M/s Jamkash Vehicleads, M/s National Garages, M/s K C Motors, M/s Crest Autocraft, M/s Choudhary Motors and M/s Jammu Motors are some of the distributors who will showcase their cars at the loan mela.

Speaking at the occasion Mr. Bhalla highlighted the achievements of J&K Bank in the development of the state and providing hassle free finance service to its customers at reasonable interest rates.

J&K Bank provides loans for both new and used cars under its car finance scheme. For new cars the bank offers a loan amount up to 24 months net monthly income or salary subject to maximum finance of Rs. 10.00 lakhs. The maximum tenure of a new car loan is 7 years and the bank expects 20% of the loan amount as the margin money.

Used car loans from J&K Bank are available for amounts up to 2.5 times of the net annual income or 15 lakhs, whichever is lower. If married, the spouse's income also considered provided the spouse guarantees the loan. Loan amount for used vehicles shall be subject to a maximum limit of Rs. 15 lakhs. The margin money requirement for used car loans by J&K Bank is 25% for vehicles having age less than 3 years and 30% for vehicles having age of 3 years and above up to 5 years. These loans have a maximum repayment period of 72 months for vehicles having age less than 3 years and a maximum repayment period of 48 months for vehicles having age of 3 years & above to 5 years.