‘Advance Salary Scheme’ BOAJK provides over Rs2.09bn loans to govt employees

MUZAFFARABAD: Bank of Azad Jammu and Kashmir provides loans worth more than 2 billion 9 crore rupees to 5,145 employees of government and autonomous institutions of AJK under the “Advance Salary Scheme”.

Permanent employees of government, semi-government or autonomous organizations of AJK can avail loans up to Rs20 lakh under this scheme.

Khawar Saeed, President and Chief Executive Officer of the Bank said in a business review meeting that the Bank of Azad Jammu and Kashmir has the lowest markup rate in the market and is providing loans to customers on very easy terms while playing a positive role in the socio-economic development of the state.

According to the scheme, permanent employees are provided loan facility for a period of one to four years for household, personal and medical needs like children’s education, marriage.

The socio-economic development of the region is being accelerated by prompt payment and the easy access of consumers to credit schemes like tourism development, housing finance, gold loan, car financing, motorcycle loan, home appliances, SME, micro, commercial, health care etc.

Under the supervision and leadership of President/CEO Khawar Saeed, the bank is achieving its goals with the hard and team work of the staff and customer support.

Copyright Business Recorder, 2023