VISAKHAPATNAM: Want to buy a new car this festive season? The SBI is offering spot loan sanctioning facility at the Express Auto Expo-2016. In the two-day expo, the SBI officials will complete all the formalities and sanction loans within a day and filling the applications, if the required documents are provided to the bankers on the spot.
“We are offering car loans with the interest rate of 9.99 per cent per annum, but not focusing more on two-wheelers. The loan for a two-wheeler will only be sanctioned, if it costs over `1 lakh,” said N Ramakrishna, relationship manager of SBI, AU Campus branch. On the effect of demonetisation on loan sanctioning, SBI DGM Ajay Kumar Pandit said:“ Demonetisation has no effect on sanctioning of loans.
The process is as similar as before the note ban. After demonetisation, the approach for such luxurious gadgets has gone down as people are busy to sort out their priorities.” As December-January is a peak season for automobile business and the demonetisation raised many questions regarding the bank works, this expo will help a lot to make people aware that the loan processing is back to normal, he said.