Jammu and Kashmir Bank has introduced a special product to meet the requirement of small businesses. Small businesses have been badly affected by the 3 months of civil strife.
The scheme known as J&K Bank’s Saral Finance Scheme was introduced by the bank’s apex management committee chairman, Sudhanshu Pandey.
A spokesperson of the bank said that the scheme is meant to offer simple and trouble free loan services to small businessmen, traders and vendors in the state.
He said that small businesses play a vital role in helping the people all over as they lead to high employment production, proper use of the available resources and low capital need.
He said, “Once given an opportunity, not only did micro-finance clients expand business and increase their income, the high repayment rates demonstrate that given a chance, the poor are capable of transforming their lives”.
According to the scheme, a maximum sum of Rs 2 lakh would be given to the borrower, having a repayment term of 5 years, the spokesperson said.
These loans would carry an interest rate as low as 11.25%.