Srinagar, Sept. 16: J&K Bank today launched a special loan scheme for State / Central government employees drawing salary from the bank. The scheme introduced as J&K Bank Festival Advance Scheme has been tailored to meet the personal financial needs of the State as well as the central government employees during festivals.
Under the scheme, the bank shall be providing finance upto 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/guarantee. Even the borrower shall not be charged loan processing fee.
Eligible employees can avail the finance at the business unit where they maintain their salary accounts and have at least three credits on account of salary in the account. The scheme can be availed only once during a calendar year and will be available on the occasion of following Eid-ul Fitr, Eid-ul-Adha, Nowroz, Diwali, Baisakhi, Gurupurab, Losar and Christmas.
Notably, disbursement of the loan shall be made during the period of 15 days prior to festival. The scheme is available at all business units (branches) of the bank.
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