SBI loan mela gets underway

[sajiv]

VISAKHAPATNAM: The three-day housing loan mela by the State Bank of India got off to a colourful start on Thursday with in-principle sanction of Rs.12 crores to 162 applicants.

As soon as the mela was inaugurated, five home loans –one loan of Rs.50 lakhs, two loans each for Rs. 5 lakhs and Rs.8 lakhs were sanctioned. In his inaugural speech at SBI administrative office, Balaji Nagar, SBI Assistant General Manager (administration) S.V.S. Rama Prasad said they had set a target to sanction Rs.100 crores.

During the mela, concessional rate of interest for loans up to Rs.5 lakhs at 8.5 per cent and up to Rs.20 lakhs at 9.25 per cent with no processing fee.

SBI AGM (region-I) D.S.R.K. Saibaba said they were offering the concessional offer for a limited period at all the 42 branches in the region. He said prospective buyers should come forward in large numbers to avail of the scheme. Documents have to be submitted as per requirement within six days of in-principle loan sanction.

AGM (retail asset centralised processing centre) S.V. Lakshmaiah said in addition to housing loans, automobile dealers had also put up five stalls to sell their cars with loans from SBI. Nine builders had opened stalls to showcase their apartment ventures being taken up by them at various places in the city.