SBI sanctions Rs 38 crore of personal loans

The SBI has set a target of Rs 80 crore for personal segment loans in Mysore. In the last two months, its eight branches here together have sanctioned Rs 25 crore, and another Rs 13 crore is being sanctioned. This has been possible following the eight branches in the city forming a Retail Assets Credit Processing Centre (RACPC).

RACPC has been formed to hasten sanction of loans. All loan proposals sent individually by the eight branches are pooled and processed at this one centre of the main branch, RACPC Assistant General Manager H C Anantharam said

Thursday. "As against Rs 80 crore this year, the SBI had sanctioned Rs 12 crore as per its target last year," said main branch's divisional manager A V Rajan.

Realising the increasing housing needs in Mysore, which is growing rapidly, SBI is conducting a home loan festival. Organised as part of the Dasara, the two-day festival on September 23-24 will offer housing loans at concessional rates and there will be no hidden costs, he said.

Apart from its features like on-the-spot approval, free ATM card, free accident insurance on housing, optional insurance from SBI Life at competitive rates and processing fee waiver, the event will be family-friendly with spot drawing competition for children, spot gifts, live entertainment and food court, chief manager, K Raghu Shetty said.

The loan uthsav will function from 10 am to 8 pm, added RACPC chief manager Jyothi.