Srinagar: Under a Memorandum of Understanding (MoU) inked with the University of Jammu last year, J&K Bank today granted Instant Digital Loan facility via STP platform to all active permanent workers of the university.
The bank would also provide qualified permanent workers of the University of Jammu who get their pay via J&K Bank with a free group personal accident insurance cover of Rs 25 lacs. This accidental insurance will take effect on June 10, 2023.
Sunit Kumar, General Manager & Divisional Head (Jammu), and Prof. Umesh Rai, Vice-Chancellor Jammu University, launched the ‘Extension of Online Loans’ today in the presence of Arvind Jasrotia, Registrar (Jammu University), Rajesh Dubey, and other senior Bank and University officials.
While lauding J&K Bank’s significant role in the financial system of Jammu and Kashmir, Vice-Chancellor Prof. Umesh Rai stated that the extension of the instant digital loan facility is a welcome step because university employees will benefit greatly from this facility in terms of time and convenience.
Prof. Rai went on to say that the Bank’s decision to provide free Group Personal Accidental Insurance Coverage of Rs 25 Lac is yet another milestone move targeted at the economic well-being of university staff and their families.
“Catching up fast with the digital-services landscape in the country, J&K Bank recently rolled out its state-of-the-art Instant Digital Loan facility through STP platform for salaried employees within the ambit of MOUs,” Divisional Head Sunit Kumar remarked on the occasion. From now on, all current Jammu University workers who bank with us may take use of a world-class feature that guarantees the processing and disbursement of personal loans up to Rs 1 Crore to a qualified borrower in only 10 seconds.”
“With its end-to-end automation, Straight through Processing (STP) is a customer self-service offering aimed at simplifying the process and making the client experience more pleasant.” “Initially, the facility will be available for consumption loans, cash credit facilities, and festival advance schemes for salaried employees,” he said.
