Sahafat Finance Scheme

Key facts

Launched on: 14th December 2017
Launched at: Srinagar, Jammu and Kashmir
Launched by: Jammu and Kashmir Launched by Jammu and Kashmir Bank's Chairman and CEO Parvez Ahmed

Objective: To give easy and hassle-free finance or loan to media professionals who are working in a state

Highlights of Sahafat Finance Scheme

• The aim behind launching this scheme is to make strong and sustaining channel of media in Jammu and Kashmir State and to fulfil a professional desire of Journalists or media persons and agents of Newspaper, editors or media businesses. 
• This scheme covers all the media professional and benefits in the journalist's field like periodicals, newspapers, TV media, journals and circulars. 
• This scheme also inspires, encourage and empower young blood in a state to opt in journalism field as a profession and it also motivates and supports to local journalists to work better. 
• By launching this scheme, a state government wants to give equal emphasis to journalism field among other professions. 
• This scheme will give financial benefit keeping in mind the level of risk associated with the profession and struggles by the journalists. 
• Sahafat Finance Scheme is totally managed and executed by Jammu and Kashmir bank in a state and it is available to each journalist by fulfilling eligibility criteria. 
• Journalists use this amount to purchase a photographic and many other professional tools like camera, Laptop, computer, journals, tablet PC and so on. 
• There is no priority for anyone, an equal chance is given to all those who are working in the journalism field. 

Loan detail

• Each journalist will get a minimum amount of Rs 50,000 to 3, 00,000. 
• A repayment of the loan amount is set in 60 Equally Monthly Instalments to make it simple and convenient to all. 
• A bank also gives Credit limit and loan facility at a cheap interest rate along with 4 lakh insurance facility with a minimum premium of Rs 342 yearly. 
• A loan amount is divided into two segments like 75% of the total loan amount of three lakh is approved and the rest 25% is extended for a cash credit. 
• A loan amount is available at a 3.4% at Marginal Cost of Funds Based Lending Rate and cash credit at 1Yr MCLR+3.4% (floating) with one year. 
• A processing charge is of Rs200 plus GST and no penalty for repayment of prepayment of a loan amount. 

Qualification Guidelines:

• An employed journalist is described by the act 1955 of working journalists and other Newspaper employees and Miscellaneous Provisions or a Media person whose professional work is to report or edit news for radio channel, TV channel or a web-based channel and worked as a full-time or part-time. 
• An employed person either may be a news editor, reporter, photographer, cameraman, photojournalist, stringer journalists, manager or administrator or a supervisor. 
• A person is eligible only when he or she is an employee of media or newspapers business which has at least distribution of 2000 prints on a daily basis or a weekly or a monthly. 
• A person must have an Employees of Media businesses or Newspapers or TV media or Radio channels or Magazines with at least 3 years of service. 
• A person who wants to finance under this scheme must have a salary account with Jammu and Kashmir bank for minimum 6 months prior to it. 
• Minimum age of the applicant is 16 years and maximum age limit is 65 years.