State Bank of India is organising a three-day multi-product loan mela — RAINBOW — from Friday, during which seven products would be offered to the public.
Addressing a press conference here on Thursday, SBI Regional Manger G. Ramanujam said that the mela was also an opportunity to utilise the special interest rate scheme offering 8 per cent for home and car loans. This scheme was scheduled to conclude by September 30.
This was the second edition of the RAINBOW loan mela after the inaugural edition was held last year. It saw in-principle sanction of Rs. 60 crore of which loans to the tune of Rs. 25 crore eventually materialised, he said.
Some of the products on offer include loans for houses, car, mortgage and reverse mortgage, education loans for pursuing studies in India and abroad, loans for industries, trade and services, loans for self-help groups, agriculture and allied activities, SBI Life Insurance, SBI Mutual Fund and SBI cards, Deposit schemes, locker, gold coin and gold deposit scheme, besides technology products such as internet and mobile banking.
Educational loans less than Rs. 4 lakh would require no collateral. The bank hopes to do business to the tune of Rs. 60 crore during the mela.
It would be held at three locations — Palaniappan Chandrika Marriage Hall on Bypass Road, SBI Vinayaganagar Branch on Dr. Ambedkar Road and at SBI Bypass Road Branch (car loan alone).
