The Hindu Business Line : SBI loan festival to begin on Friday

ENTHUSED by the significant response to the `Housing Loan Utsavam' conducted during June last year, State Bank of India (SBI) is now conducting a bigger scale four-day event titled `SBI Loan Maha Utsavam'.

The event, to be held at Peoples' Plaza on the Necklace road here from July 16 to 19, would be inaugurated by the Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy.

Addressing a press conference here on Monday to announce the event details, the SBI Chief General Manager, Mr S.K. Bhattacharya, said the bank expects to generate a business of at least Rs 150 crore this time compared to Rs 130 crore in last year.

The target groups in this event are salaried employees of Government, public sector and reputed private sector undertakings, people involved in services, businessmen, professionals, self-employed and agriculture.

The bank proposes to offer all personal segment loan products that include housing loans, car loans, two-wheeler loans, education loans and mortgage loans.

According to Mr Bhattacharya, the bank would offer in principle sanction on the spot even prior to the identification of a housing/flat/car, which would be valid for three-months from the date of principle sanction.

Highlighting the salient features of the loan products, he said there would be no processing fee for personal segment loan products except mortgage loans. The bank provides concessions in rate of interest for housing and car loans by 25 basis points and there would not be any hidden costs or administrative costs.

While the interest would be calculated on daily diminishing balance, the bank would not charge any prepayment fee. The bank also offers free accident insurance to the housing and car loan borrowers, Mr Bhattacharya said.

"The `SBI Loan Maha Utsavam' is not just about giving loans, its about meeting of home/personal loans related people under one roof ," the SBI CGM said.

More Stories on : Events | Public Sector Banks | Andhra Pradesh

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