Interest free vehicle loans for journalists

The proposal made by President Mahinda Rajapaksa through budget – 2012 to implement a relief loan scheme for senior journalists, artistes and authors to purchase motor vehicles and to form a fund for their welfare is being implemented, states a Finance and Planning Ministry Press release.

Accordingly, senior journalists, artistes and authors are now able to obtain a maximum of Rs. 1,200,000 as an interest free loan from the state banks to purchase cars or vans.

If the value of the vehicle exceeds the limit of Rs. 1,200,000 the balance can be obtained from the relevant State bank under normal interest rates. The relevant instructions and the approval have already been granted by the Treasury to the Mass media and Information Ministry Secretary to grant vehicle loans to the journalists and form a welfare fund for them under the first phase of the loan scheme.

Accordingly, measures will be taken by the Mass Media and Information Ministry to call for applications and make aware the journalists within next few days. Concessions will be granted to the artistes and authors under the second phase of this scheme and the Culture and the Arts Ministry will coordinate this effort.