VIJAYAWADA: Mahila Shakti Loan, a new banking product, was launched by Repco Bank here Thursday to encourage women’s empowerment by offering loans against income generating properties owned by women.
Vijayawada One Town corporator Adhi Lakshmi formally launched the product and opined that it was time such financial help was offered to women.
The new loan is offered to women customers at a low interest rate of 14 per cent. Maximum repayment period is 7 to 10 years and the loan amount can be anywhere between `5 lakh and `50 lakh. However, the applicant should have a steady income source.
Another new product - Corporate Loan - was also launched by the bank, under which `1 crore to `3 crore is provided at 14 per cent interest and from `3 crore to `5 crore at 13.5 per cent and above `5 crore at 13 per cent. In case of realtors, the interest rate is one per cent more than what is being offered for others. The loan is provided against building or place.
Repco Vijayawada branch chief manager M Ramesh Babu said bank’s two branches in the city had done a business of `140 crore in last fiscal.