The Hindu Business Line : Indian Bank okays housing loans worth Rs 3.75 cr at Madurai fair

THE Assistant General Manager and Circle Head, Indian Bank, Mr T.S. Baskaran, has said that the bank has sanctioned home loans to the tune of Rs 3.75 crore to 82 customers at the stall put up by the bank at the ongoing Chamber Trade Fair here.

Addressing the presspersons here, he said the interest rate for home loans has been brought down to 7.5 per cent without any processing and hidden charges, applicable not only to the new customers but also to the existing customers, who were informed in writing about the same, whenever the rates were lowered. The interest rate offered is the lowest, he claimed.

With respect to trade finance, he said that traders with 4 to 5 years of satisfactory track record are given both working capital and term loan at 11.5 per cent and no margin is required up to Rs 10 lakh.

The bank has introduced a novel scheme known as `Annapoorna & Arogya' for mid-sized hotels, restaurants, bakeries, motels, highway inn, caterers and refreshment stalls in railway station/bus stations, staff canteen in established organizations, etc. The term loans enjoy a holiday period, not exceeding three months, he added.

Mr Baskaran claimed that the bank has introduced a new scheme called `Kalvi Kadan' (educational loan) for the members of self-help groups, where they can avail themselves of loans six times their savings at 8.75 per cent rate of interest. The scheme is in operation at Paramakudi in Ramanathapuram district and at Usilampatti in Madurai district.

The bank has unveiled a scheme to assist the commercial building owners, `IB Rentncash' scheme, under which the customers can get a maximum of 60 months rent or 60 per cent of the rental value for the unexpired period of lease with a 40 per cent margin subject to 50 per cent of the marker value of the property, at an interest of 11.5 to 12 per cent per year, he mentioned.

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