Staff Correspondent

DAVANGERE: State Bank of India (SBI) will hold a loan mela on Saturday and Sunday at Abhinava Renuka Mandira here. It will sanction car loans on the spot and issue loan approval letters for housing schemes, provided customers submit the relevant documents.

Speaking to presspersons here on Thursday, Ranganath, Chief Manager, Davangere circle, said there was a special offer of car as well as housing loans at 8 per cent interest. Processing fees would not be charged.

Identity proof such as PAN and voter ID cards, driving licence, passport, proof of residence, Form 16, Income Tax returns for the past three years, bank account details and salary certificates would be accepted. He said the bank had done business totalling over Rs. 7 crore during the loan mela held here last year and hoped it would increase to Rs. 15 crore this year.

To a question, Mr. Ranganath said the bank had received an order from the State Government to offer crop loans to farmers at an interest rate of three per cent. He claimed that the bank had already started disbursing the loans. The maximum ceiling for crop loans was Rs. 50,000. He said the bank would charge an interest rate of eight per cent if farmers availed themselves of crop loans over Rs. 50,000.

Siddanaika, Manager of SBI, MCC block, said the bank had enhanced interest rates on fixed deposits in the aftermath of the recession.

Senior bank officials Ashok Pattavardi and Devandra were present.