Jammu and Kashmir Bank on Wednesday launched “Help Tourism,” a financial product custom-made to boost the tourism infrastructure within the state.
“This product has been designed to cater to two sets of prospective customers with distinct needs and aspirations. For, we remain committed to provide the best financial products tailored to meet the varied requirements of our diverse clientele besides providing business opportunities to the educated youth so that they contribute positively to the state economy,” said, J&K Bank Chairman and Managing Director R K Chhibber at the launch of Bank’s product.
The twin-purpose loan product has two components tailored to provide hassle-free credit for the conversion of residential properties into tourist guest houses. Besides, it will also enable prospective borrowers to purchase adventure sports equipment for setting up outlets/facilities to hire the equipment to local, national and international customers desirous of undertaking various kinds of adventure sports or for providing recreation and adventure related services to the paying visitors.
The quantum of finance will be from Rs. 1 lakh per room to Rs. 15 lakh per guest house while as in case of adventure equipment the maximum loan will be Rs. 15 lakhs.
Moreover, the loan under ‘J&K Bank Help Tourism’ shall be provided only for renovation/refurbishment of residential houses and purchase of required materials, while as the adventure sports equipment has to be purchased from registered national agencies or imported from abroad.