Banking major, State Bank of India organised a two day `Home and car loan Mela' on July 25-26, 2009.

The fair will be organised at Abhinava Renuka Mandir by Davanagere main branch and Harihar branch. Besides four other branches of SBI participated in the event.

Pre-event, H Ranganath, the chief manager of Davanagere branch, SBI said that the bank is aiming at business of at least Rs 15 crore from this fair.

The bank last organised the fair in December, where it secured a business of Rs 8 crore, as revealed by Ranganath.

The bank sanctioned on-spot loans to eligible customers in the fair.

Prospective loans seekers were asked to carry photo identity card, a proof of residence and copy of bank account statement for last 6 months.

Car loan seekers additionally required a quotation for car loan, while home loan borrowers were asked to carry a salary certificate besides the other support documents mentioned.

Prospective borrowers (applicants) were given a month' time, till September 30 for submitting the required documents.

The rate of interest on home loans is fixed at 8 percent for the first year, at 9 percent for the next two years, following which the floating reference rate will come into effect. There would be no processing fee levied on loans offered in the fair.

Recently, the bank organised ‘SBI Home Fair 2009' between July 17 and 19 at Mayor Ramanathan Chettiar Centre.