J&K Bank rolls out loan scheme for journalists

Tribune News Service

Srinagar, December 14

The J&K Bank today launched its ‘Sahafat Finance Scheme’ exclusive for mediapersons and employees of various media organisations.

A bank official said it was a first-of-its-kind scheme tailored specially for the media fraternity of the state. He said a loan ranging from Rs 50,000 to Rs 3 lakh could be availed under the scheme.

The scheme was launched by the bank’s chairman and CEO, Parvez Ahmad, during a function held at the J&K Bank’s corporate headquarters.

Speaking on the occasion, Ahmad said the mission of the bank was to empower every individual of the state. “The empowerment of society is not possible till every individual is empowered and that is the mission of the bank. The courage and zeal which mediapersons have shown over the years…it is time to recognise their efforts and this scheme is just a beginning,” Ahmad said while adding that there were more schemes in the offing for the media fraternity.

Under the scheme, a bank official said journalists, mediapersons and employees of media houses and newspapers could avail loan for purchasing equipment such as camera, laptop, tablets, mobile phones and other necessary gadgets.

He said the scheme had two components – ‘term loan which comprises 75 per cent of the total value of Rs 3 lakh and cash credit i.e. the rest 25 per cent’.

The loan can be availed at an interest rate of marginal cost of funds based lending rate (MCLR) i.e. 8.80 per cent plus 3.4 per cent. It has to be repaid in 60 monthly instalments and there are no pre-payment charges.