On-line loan application facility by - Syndicate Bank
With introduction of on-line loan application facility by the Nationalised Syndicate Bank, the days for sanctioning and disbursing loans would be reduced drastically, a senior bank official said on Tuesday.The facility, introduced on Tuesday in Coimbatore region, consisting of 13 districts of Tamil Nadu, would enable the user make the request in an interactive manner in shortest timeframe,C J Chako, Deputy General Manager of the Bank, told reporters here. Loan seekers, particularly education loans, SME loans, housing loans, trade finance and self-employed, would be in an advantageous position,as the application at the respective branch would be processed on top priority and if found in order, would send an e-mail indicating in principle sanction and advising to contact the branch, he said.On the claim of reduced time, Chako said in normal course, sanction and disbursement of educational loan would take at least two to three weeks, while on-line application would brin down the time at least by 10 days.Of the Rs.600 crore educational loans sanctioned across th country, Tamil Nadu's share was Rs.32 crores, he said, adding that there was 10 percent default rate in the State.
