State Bank of India Vizianagaram Regional Manager Devagupatapu Raja Rama Mohana Rao said that the bank had been focusing on Stand-up India loans to help women and youth from the SC and ST communities become entrepreneurs and ensure livelihood for many with their efforts and planning.
He said that the loans given under Stand-up India would be a boon for applicants as there was no need for collateral security and other supporting documents.
“The bank is willing to sanction loans between ₹10 lakh and ₹1 crore for the applicants. SBI will encourage them when they come with project sreport and necessary licenses for establishing greenfield category industries. All the managers of 44 branches have been suggested to explain the benefits of the scheme,” he said. “The interest rate is also very less in Stand-up India scheme compared to loans of other schemes. The interested candidates can approach their nearest branches to get more details. The scheme is being promoted with the support of the Department of Industries,” he said.
Mr. Rama Mohana Rao said that there was a good response for Kavach personal loans which were given to business owners affected by COVID-19.
“We sanctioned nearly ₹9 crore to 400 applicants. Those interested will have to download the YONO app through which they will receive notifications regarding their eligibility. Other SBI customers can also avail pre-approved personal loans if they get notifications from the app. No documents are required to get the loan up to ₹5 lakh under this category,” he said.
Mr. Ramamohana Rao said that all branches were focusing on home loans with the improvement in real estate activity in Vizianagaram district.
“SBI offers special concession to women employees who avail home loans. The banks sanction loans at 6.7% interest, which is the lowest compared to any bank,” the regional manager said.
