SBM to disburse Rs 250 cr in loan mela

Bangalore, Oct 6: The State Bank of Mysore has surpassed the national average both in loan disbursal and overall performance for three years in succession, its Managing Director P P Pattanayak said today.

Speaking after inaugurating 'Mega Housing Utsav' here, he said the bank was offering loans at eight per cent interest at the mela, apart from offering reduced margins and full waiver of processing charges. A total business of Rs 250 crore was expected in the three-day mela. Spot sanctions would be given for housing and vehicle loans at the mela, where leading builders, developers and automotive company dealers had put up stalls.

Mr Pattanayak said SBM had recently opened a central processing centre in its Bangalore headquarters to bring down the processing time for loans. All loans were now being sanctioned within three to four days.

On farm credit, he said SBM had been in the forefront of disbursing farm loans, which constituted 24 per cent of its total loan disbursal compared to the RBI benchmark of 18 per cent.

UNI