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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 pc interest, which works out to 11.75 per cent as of now,’’ Mr T. R. Viswanatham Nair, General Manager, Syndicate Bank, Hyderabad Region, told newspersons here on Monday.
Syndicate Bank is targeting disbursal of Rs 100 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 Rs 1,900 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 per cent interest for loans below Rs 20 lakh. For loans up to Rs 25 lakh, the interest rate has been fixed at 10.50 per cent with effect from May 1, 2012, he added.
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