The Hindu : Andhra Pradesh / Visakhapatnam News : SBI loan mela from October 10

Online edition of India's National Newspaper
Tuesday, Oct 05, 2004

Andhra Pradesh

Andhra Pradesh - Visakhapatnam

SBI loan mela from October 10

By Our Special Correspondent

VISAKHAPATNAM, OCT. 4. The State Bank of India (SBI) will conduct a Maha Utsav-2004 on Beach Road from October 10 to 13 to sanction personal loans for the festival season.

Spot sanction

Announcing this at a press conference here on Monday, the SBI deputy general manager, Supriyo Kumar Chaudhuri, said that the four-day festival would be the biggest and first of its kind being organised by the 31 branches of the bank in and around the city.

The personal segment products, such as housing loans, loans for purchase of car or two-wheeler, mortgage loans to meet household commitments, education loans for children, personal loans for domestic needs and festival loans for the season would be sanctioned on the spot, he disclosed.

``No processing fee is charged at the utsav and the concessional interest rate given during the utsav is very attractive varying from 0.25 per cent to 1.75 per cent for housing loans.

The loans are sanctioned on the spot if the applicants could produce simple documents like two recent passport size photographs, latest salary slip (for employees), bank statement (any bank) for the last six months, income-tax returns in the case of business people and residential proof,'' he said.

The concessions at the utsav would hold good for all those who registered at the utsav but produced the relevant documents a few days later to avail themselves of the loans, he clarified. Though no target had been set, he expected a business of Rs. 50 crores to Rs. 100 crores during the four-day utsav.

Painting contest

There would be other attractions like a painting competition for school children to bring togetherness among them as also create awareness on banking, Mr. Chaudhuri said.

As many as 46 stalls of exhibits of builders, building materials, real estate products, cars, two-wheelers, consumer durables, interior furnishings and decorative materials would be set up by city entrepreneurs to cater for the people.

There would be two food courts by reputed hoteliers at the venue, Viswapriya Function Hall and an SBI Museum showcasing the glorious history of the bank, its role in nation-building and various facets of its development. Besides, there would be cultural programmes like jugalbandi and live band in the evenings, he said.

Deposits

Replying to questions, Mr. Chaudhuri said that the SBI Visakhapatnam module had Rs. 3,080 crores deposits and gave Rs. 1,730 crores as advances.

There was a growth of Rs. 350 crores in deposits as on date and the advances were to the tune of Rs. 180 crores. The gross NPA was 2.75 per cent.

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