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 bank’s 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 bank’s 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.
“In past media as an industry was not a concept at all which has changed over the time and it is history now. However, I am glad that media has taken a proper shape here and has transformed into a viable professional activity being represented by very competent and passionate people at national and international level. Many of our bright minds in media have earned global acclaim,” he said.
“Every district in the state now boasts of several local news and magazine editions, not to talk of, hundreds at the state level. Understanding and realizing the uninterrupted contribution made by the local Media persons – Journalists, Reporters, Camera men, printers, publishers in highlighting the problems and issues faced by the people of the State especially during past few decades by risking their lives; J&K bank has decided to recognize media as a viable sector. Thus Financial Empowerment by way of easy loan schemes will become an enabler for our media persons to undertake it as a full time profession with decent economic returns,” he added.
“We understand your difficulty of not being compensated proportionate to your hard work, but this kind of easy access to finance, we hope, will enable you to harness your talent and enhance the monetary returns on your work”, he added.
Chairman used the occasion to express his gratitude to the media fraternity for supporting the only flagship company from J&K during tough times besides providing the feedback from people thereby helping it to improve its delivery of services.
He sought consistent support from the fraternity in the bank’s journey towards greater heights of success and excellence.
Earlier, Executive President S S Sehgal welcomed the guests and gave a brief overview of the new products that the bank has launched during the last year, wherein the specific needs of the targeted customers were met.
On the occasion, Vice-president Rakesh Gandotra gave a comprehensive account of the product that has been uniquely tailored for the media persons.
The purpose of the unique scheme is to provide easy and hassle-free finance to media persons for personal and professional needs on urgent basis. The maximum credit of Rs 3 lacs repayable in 60 EMI’s shall be provided in form of term loan for purchase of cameras, tablets, laptops etc and revolving cash-credit facility to meet routine money needs. With minimum rate of interest, the scheme also offers an insurance cover of Rs 4 Lacs against an annual premium of Rs 342 to be borne by the borrower.