• J&K Bank Sahafat Finance Scheme

To provide finance for any personal or professional need on merit basis to journalists / Media Personnel and employees of newspaper/media houses.

  • The loan shall be used for purchase of necessary equipment like cameras, laptops, tablets or other media equipment, books, journals etc.
  • The revolving facility shall be used to meet cyclic liquidity needs.
A journalist / Media Personnel for the purpose of this scheme would mean:
  • a working journalist as defined under the Working Journalists  and other  Newspaper  employees  (Condition of Service) and Miscellaneous Provisions Act, 1955, or
  • 'Media Personnel" whose principal avocation is that of reporting/editing for news channels of radio, TV or web- based services and who is employed as such, either whole-time or part-time, in or in relation to, one or more such establishments and includes news editor, reporter, photographer, cameraman, photo journalist, stringer journalists, managerial or administrative capacity, supervisory   capacity or accounting etc.
  • Employees of media houses/newspapers with at least daily / weekly / monthly circulation of 2000 copies (depending on the publishing frequency) shall be eligible for this scheme.
  • Employees of Media houses / Newspapers / Private TV / Radio channels/ Magazines with at least 3 years of service shall be eligible.
  • Borrower should have his/her salary account with J&K Bank for at least 6 preceding months.
  • Non-Priority

Composite Loan

  • Term Loan: 75%
  • Cash Credit: 25%

The total loan to the borrower shall not exceed 36 times of Net monthly income subject to

  • Minimum: ₹50000/-
  • Maximum: ₹3,00,000/-
  • Maximum: In 60 equated monthly installments, Ist installment shall commence after 30 days from Ist disbursement.
  • Minimum age of Applicant:  18 years.
  • Maximum age of Applicant at the time of loan maturity:- 65 years
  • ₹200 + GST
  • For Term Loan: Applicable MCLR+3.4% (floating) with monthly rests
  • For Cash Credit: 1Yr MCLR+3.4% (floating) with one year reset clause

Click here for rate of Interest

  • No penalty on prepayment or / and foreclosure of the loan.