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Our Bureau

Hyderabad , Oct. 6

State Bank of India has announced the launch of a three-day `Mega Loan Mahotsav' for extending home and car loans with attractive features during the ongoing festive period at the Institution of Engineers here on Friday.

According to the SBI Chief General Manager, Mr V.S.G. Chandra Sekhar, this is part of the concessional offer of the bank valid from August 27 to October 31, coinciding with the festive season.

Addressing newspersons on the occasion, he said the bank would make spot approvals for the applications made at the venue during the offer period. Stating that there would not be any hidden charges, he said the bank offers an interest rate concession of 50 basis points, five per cent reduction in margin money, 50 per cent discount in processing charges and free accident insurance cover during the offer period.

While the rate of interest on housing loans would be 8.75 per cent, the bank is extending car loans at 9.25 per cent interest as a part of the offer, he said.

According to Mr Chandra Sekhar, the bank is upbeat on the growing opportunities in the housing loan segment in the twin cities of Hyderabad and Secunderabad, where the housing sector is registering a robust growth, next only to Bangalore.

He attributed the growth in housing sector to liberalised housing finance provided by the banking sector at lower rates of interest and also the attractive tax incentives provided by the Government.

He said SBI has come out with a vast bouquet of housing loan products to suit the needs of customers and to meet the market competition.

More Stories on : Promotions & Offers | Consumer Finance | Housing Finance | Public Sector Banks | Andhra Pradesh | State Bank of India

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