Bank of Baroda to open ?loan factory? in city

THE BANK of Baroda (BoB) will open a ?loan factory? in the city soon. The bank will also open a separate branch dedicated for providing loans to the Small and Medium Entrepreneurs (SME) at Gumti.

THE BANK of Baroda (BoB) will open a ‘loan factory’ in the city soon. The bank will also open a separate branch dedicated for providing loans to the Small and Medium Entrepreneurs (SME) at Gumti.

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On the occasion of loan mela organised by BoB, Assistant General Manager (AGM) of the bank ZA Khan said that in the ‘loan factory’ cases related to personal, car, housing and traders’ loan would be taken up. “It is a unique effort which will enable customers to avail loan without any hassle,” stated Khan. He said that five loan factories were already working in Mumbai and New Delhi.

While the one to be opened in Kanpur would be the first in the State, he asserted.

Keeping in view the specific needs of the SMEs, a special branch would be opened at Gumti No 5.

About the loans released by the bank from October 5, Khan stated that the bank had a set target of releasing trader loans amounting to Rs 65 crore and personal, car, housing and other loans of Rs 20 crore. In the ‘Loan Mela’ organised on Wednesday, the bank had released loans amounting to Rs 6.65 crore. The AGM also stated that more loans would be distributed in future by organizing such melas.