Federal Bank holds loan mela

Kochi, Aug 28: In a bid to popularise home and car loans among the public, the Federal Bank Ltd is holding a one-month festival-- 'My Home-My Car Loan' -- in association with major builders and vehicle dealers, in their branches in the district.

Talking to presspersons here today, Ernakulam Region Deputy Manager C V John said the applicants at the festival would be given in-principle sanction for the loans.

The applicants would be eligible for a 50 per cent relaxation in the processing fees.

The festival, which coincides with the 'Onam' celebrations, would have attractive home and car loans with lower interest rates compared to others banks, he claimed.

In case of housing loans, the interest bracket would be from 8.75 to 9.5 per cent and for car loan 9.25 to 11 per cent depending on the loan period, Mr John said.

He said the mela was inaugurated on August 20 by the Bank Chairman M Venugopalan.

UNI