J&K Bank launches products to provide financial support to business communities

The Jammu and Kashmir Bank has launched two products titled ‘J&K Bank Business Support Loan Scheme 2019-20’ and ‘J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses’.
The purpose of tailoring J&K Bank Business Support Loan Scheme 2019-20 for businesses is to provide them much needed financial cushion so that they are able to meet the temporary mismatch in their cash flows caused by the business challenges during 2019 followed by COVID-19 pandemic.
The ‘J&K Bank Business Support Loan Scheme 2019-20 for Hotels and Guest Houses’, aims to support the units financially for meeting their expenditure towards salaries to staff and other recurring fixed costs.
It was informed that the credit scheme titled ‘J&K Bank Business Support Loan 2019-20’ has been engineered keeping SMA1 & SMA2 borrowers into consideration.
The highlights include 10% enhancement in existing working capital limit in the form of a 3 year working capital term loan (which includes one year moratorium on principal), subject to an upper limit of Rs 5 cr for SMA2 and Rs 20 cr for other standard loans.
Both the schemes are valid up to October 31, 2020 and loans will be sanctioned and disbursed within the stipulated time frame.