The Union Bank of India has reduced the interest rate for securing loan for micro, small and medium enterprises (MSME), traders, small industrialists and also on housing loans.
The interest rate for traders has come down to 8.65% from the earlier 12.5%, which is a boon for them, said D. Chiranjeevi, UBI deputy general manager, Telangana regional office.
Mr. Chiranjeevi was in the town on Thursday to conduct a credit camp on retail, agriculture, MSME and other sectors with the entrepreneurs of the erstwhile Karimnagar district. Speaking on the occasion, he said there was huge potential for more economic activities in Karimnagar, Nizamabad and Warangal districts after the formation of Telangana State.
He said a large contingent of officials from all the departments of UBI, Hyderabad, arrived in Karimnagar to educate the entrepreneurs on the financial assistance being given by the UBI at a reduced rate of interest in all the sectors.
He said they were concentrating more on the agriculture sector, some specific schemes for rice millers, poultry, dairy and farm mechanisation activities and on retail markets as well. He said the UBI was the only bank with a low interest of 8.3% on housing loan up to ₹75 lakh. He said they were waiving off the processing fee and legal opinion fees for the benefit of those taking housing loans and have reduced the time for the sanction of the loan. Highlighting the achievements of the UBI, Hyderabad region, with 82 branches in the State, he said they topped in deposits that were more than the advances. Of a total business of ₹12,232 crore till September-end, the bank had provided advances of ₹6,032 crore that includes MSME - ₹1,470 crore, MSE - ₹948 crore, agriculture - ₹1,092 crore, retail - ₹1,638 crore and export advances - ₹20 crore.
AGMs Jayadev Nair and Joga Rao, Chief Managers P. Prahlad and A.V. Kumar, branch manager P. Narayana and others were also present.
