Syndicate Bank launches SyndSmallCredit

Manipal, Karnataka, June 21 (UNI) Syndicate Bank today launched 'Synd Small Credit' (SSC), a new loan scheme for providing financial assistance up to Rs 1.50 lakh to customers with small means.

Annoucing the scheme's launch here, Bank Chairman and Managing Director C P Swarnkar said the new product gave flexibility to customers wherein they could contribute to the Pigmy account at their doorstep in different amounts. This could be ultimately appropriated towards the loan account.

The scheme comes with an inbuilt doorstep banking facility and could be a boon to those engaged in manufacture, retail traders, professionals, self-employed persons and artisans among others.

The ballooning repayment schedule in the scheme enabled the customers to have the choice of repayment holiday for the first three months and repaying thereon in smaller instalments in the beginning and higher amounts as income levels improved.

Mr Swarnkar said the SSC was also another step towards achieving comprehensive and wholesome financial inclusion. The product was aimed at entrepreneurs of small means with distinct specific features including no collateral.

UNI