SRINAGAR: J&K Bank on Wednesday launched a special loan scheme for state and central government employees who draw salary from the bank.
In a release issued here, the bank said the scheme introduced as ‘J&K Bank Festival Advance Scheme’ has been tailored to meet the personal financial needs of the employees during festivals.
“Under the scheme, the bank shall be providing finance up to Rs 40,000, repayable in 10 equated monthly installments. The scheme is hassle-free, as the borrower would not be asked for any kind of security or guarantee. Even the borrower shall not be charged loan processing fee,” it said.
Eligible employees can avail the finance at the business units where they maintain their salary accounts and have at least three credits on account of salary in the account, it said.
The scheme can be availed only once during a calendar year and will be available on the occasion of Eid-ul Fitr, Eid-ul-Zuha, Nowroz, Diwali, Baisakhi, Gurupurab, Losar, and Christmas, it added.
“Disbursement of the loan shall be made during the period of 15 days prior to festival. The scheme is available at all business units of the bank,” it said.