Syndicate Bank has launched a ‘ Jewel Loan Maha Mela’ to extend loans on the pledge of gold ornaments.
“The loans will carry an interest rate of base rate plus 1.25% interest, which works out to 11.75% as of now,’’ Mr T. R. Viswanatham Nair, General Manager of Syndicate Bank, Hyderabad Region, said here on Monday (April 30, 2012).
Syndicate Bank is targeting disbursal of Rs100 crore of loans during the mela period from May 1, 2012, to September 30, 2012.
“We have also made products suitable for all categories of customers, besides increasing the finance to Rs1,900 per gram,’’ Mr Nair said.
The Bangalore-based bank will also focus more on the housing loans segment. It has waived the provision for surety/guarantor and is offering loans at 10% interest for loans below Rs20 lakh. For loans up to Rs25 lakh, the interest rate has been fixed at 10.50% with effect from May 1, 2012, he added.
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“The loans will carry an interest rate of base rate plus 1.25% interest, which works out to 11.75% as of now,’’ Mr T. R. Viswanatham Nair, General Manager of Syndicate Bank, Hyderabad Region, said here on Monday (April 30, 2012).
Syndicate Bank is targeting disbursal of Rs100 crore of loans during the mela period from May 1, 2012, to September 30, 2012.
“We have also made products suitable for all categories of customers, besides increasing the finance to Rs1,900 per gram,’’ Mr Nair said.
The Bangalore-based bank will also focus more on the housing loans segment. It has waived the provision for surety/guarantor and is offering loans at 10% interest for loans below Rs20 lakh. For loans up to Rs25 lakh, the interest rate has been fixed at 10.50% with effect from May 1, 2012, he added.
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