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SBH plans `Loan Mahotsav'

Our Bureau

Hyderabad , Nov. 4

STATE Bank of Hyderabad (SBH) is launching its two-day annual `Festival Loan Mahotsav' on November 5 at the Institute of Engineers here.

In a press release here on Thursday, the bank said it expects to book business to the extent of Rs 100 crore to Rs 125 crore during the two-day `Loan Mahotsav' and expects over 20,000 visitors as it is being held during Deepavali and Ramzan festival season.

According to the bank, the event would be a one-stop-shop for the public, where builders, consultants, educational institutions, insurance companies, credit cards issuers, mutual funds and automobile dealers would showcase their products and services. The target group for the `Loan Mahotsav' is the salaried employees from the Government, private and public sector undertakings apart from professionals and self-employed persons.

The bank said its officials would assist the public to provide basic information about the various schemes. In-principle sanction letter would be given to the eligible applicants, which would be valid for three months in case of housing and mortgage loans and one month in case of other loans, to convert them into loans.

As a special package, the bank would offer loans to 0.5 per cent to one per cent less than the existing interest rates on the loan applications registered during the `Loan Mahotsav' and subsequently sanctioned. The bank said it would not charge any processing fees and there would be no hidden costs or administration costs.

As a part of its growth plan, SBH said it is targeting a 25 per cent growth in overall business.

More Stories on : Public Sector Banks | Andhra Pradesh

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