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Saturday, Nov 06, 2004

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SBH to take over credit card dues

Our Bureau

Hyderabad , Nov. 5

IN what could be considered a major boon to lakhs of credit cardholders of various banks across the country, the State Bank of Hyderabad (SBH) has designed an innovative product that enables the credit cardholders to obtain a loan of up to Rs 1 lakh to repay their credit card outstandings.

Christened `Credit to Credit Cardholders' (SBH C3), the product offers loan at a significantly lower rate of interest of 12.5 per cent compared to 20-30 per cent currently being charged by the credit card issuing banks on the outstanding amounts.

Announcing this while inaugurating the `Festival Loan Mahotsav' here on Friday, the SBH Chief General Manager, Mr P. Dinakara Rao, said, "The bank expects to receive tremendous response to this novel product since it provides substantial benefit to the credit cardholders."

All active credit cardholders of banks with good track record and no default in payment at least for six months are eligible to avail themselves the loan under this scheme. For the purpose of security, the bank would take pledge of liquid securities such as National Savings Certificates, KVIPs, LIC policies, Government Securities and deposits of SBH up to at least 110 per cent value of the loan.

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