By Ridhi Verma
Srinagar ~ Buying a new car just got a little easier this festive season. J&K Bank has announced special car loan rates starting at 7.70% per annum, making it one of the more attractive offers in the market right now
The scheme, promoted under the banner “Double Delight”, offers customers several perks, including nil margins, a 100% waiver on processing charges, a free J&K Bank credit card, and an Amazon voucher worth ₹1,000. The offer also features reduced GST and other festive concessions for eligible applicants.
Bank officials said the interest rate and final loan terms will depend on the borrower’s credit score, repayment capacity, and the model of the car being financed. Borrowers with strong credit profiles stand to enjoy the lowest rates under the scheme.
For comparison, the standard car loan rate outside the festive offer is around 8.85% per annum as of the first quarter of FY 2024–25, according to HDFC Sky data.
“This festive campaign is designed to bring more smiles to our customers,” a senior J&K Bank representative said. “We’re offering zero margins and processing fee waivers so customers can make their car purchase smoother and more rewarding,” an official told Kashmir Observer.
Festive Offer Highlights
- Interest rate: Starting from 7.70% p.a.
- Margins: NIL*
- Processing charges: 100% waived*
- Free J&K Bank Credit Card*
- Free Amazon voucher worth ₹1,000
- Reduced GST & exclusive bank offers
J&K Bank has encouraged prospective buyers to visit their nearest branch or log on to www.jkbank.in for more details.
Financial experts say the offer is timely, as lenders compete with festive discounts to spur car sales and consumer spending. With zero-margin financing and waived fees, the J&K Bank offer could significantly lower the upfront cost for new car buyers.
