• J&K Bank Sahafat Finance Scheme

Composite Loan

  • Term Loan: 50%
  • Cash Credit: 50%

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.(No Invoice Required)
  • 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 or on freelance basis 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, editors, publishers & owners with at least daily / weekly / monthly circulation of 1200 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 1 year of service shall be eligible.
    • Borrower should have his/her salary account with J&K Bank for at least 3 preceding months.

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

  • Minimum: ₹50000/-
  • Maximum: ₹3,00,000/-
  • Term Loan:
    • Maximum: In 60 equated monthly installments, Ist installment shall commence after 30 days from Ist disbursement.
  • Cash Credit:
    • Drop-line method: The facility shall be revolving in nature up to the age of 60 years. The drawing power (DP) will thereafter be reduced every quarter on pro-rata basis by reducing the principal amount so that the facility gets, adjusted at the age of 65 years maximum. The interest will be serviced by the borrower as and when applied.
  • Minimum age of Applicant:  18 years.
  • Maximum age of Applicant at the time of loan maturity:- 65 years
  • ₹200 + GST
  • For Term Loan: RLLR+3.10% (FLOATING)
  • For Cash Credit: RLLR+3.10% (FLOATING)

Click here for rate of Interest