NEWS & ADVICE : HOME LOANS
UCO Bank to distribute Rs 7,000-8,000 crore loans in the last quarter
By Joseph Samson
Jan 23, 2009
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Kolkata based UCO Bank plans to extend Rs 7,000-8,000 crore loans during the last quarter of the ongoing fiscal.

The bank's Chairman and Managing Director SK Goel said that following a slowdown in the third quarter, they expect the demand to stimulate in the period between January and March 2009.

UCO bank is planning to accelerate in the auto loan space followed by financing to the agriculture, housing and infrastructure sectors. Its chairman said that they expect a net increase of Rs 7,000-8,000 crore in the disbursement over the next three months.

He said that the bank is going to focus on auto loans because this segment is facing a slowdown ever since the private banks exited the sector after the global financial crisis.

During this period, the bank plans to disburse Rs 2,200 crore for the new car and commercial vehicles. Further it will give Rs 2,000 crore to the agriculture sector and Rs 1,500 crore each to infrastructure and housing sectors.

The bank is also working on a plan to fund a few hotels in Delhi in a consortium with other banks, said Mr Goel.

UCO Bank is also in talks with the some leading auto makers like Tata Motors for financing commercial vehicle and Maruti Suzuki India for financing cars. The bank already has an agreement with Bajaj Auto regarding the latter's financing.

Currently the bank is offering commercial vehicle loans at 13.5%, which is its prime lending rate. On the other hand car loans up to Rs 50,000 are extended at 11% and those above Rs 50,000 are charges 12.5%.

In additional the CMD informed that the demand in the housing segment has picked up after the announcement of the special package for loans upto Rs 5 lakh and loans between Rs 5 lakh and Rs 20 lakh. However he said that the demand is still not at the preferred levels.

 


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