Srinagar: Jammu and Kashmir Bank today launched a finance scheme tailored for media fraternity in the state wherein a loan of up to Rs three lakh can be availed by journalists and employees of media houses in the state.
The scheme "J-K Bank sahafat finance scheme" was launched by the banks chairman and chief executive officer Parvez Ahmad here.
Under the scheme, the journalists, media personnel and employees of media houses and newspapers can avail a loan of up to Rs three lakh for purchase of equipment like camera, laptop, tablet or mobile phone.
The scheme has two components term loan which comprises 75 per cent of the total values of Rs three lakh and cash credit which is the rest 25 per cent.
The loan, which can be availed at an interest rate of Marginal Cost of Funds Based Lending Rate(MCLR) plus 3.4 per cent, has to be repaid in 60 monthly instalments and there are no pre-payment charges.
Speaking on the occasion, the banks chairman said the mission of the bank is to empower every individual of the state.
"The empowerment of a society is not possible till every individual is empowered and that is the mission of the bank. The courage and zeal which the media persons have shown over the years, it is time to recognise their efforts and this scheme is just a beginning," Ahmad said.