Syndicate Bank Launches Mega Gold Loan Campaign

Online, June 7, 2012 (Newswire.com) - Syndicate Bank has launched 'Mega Gold Loan' campaign across all its branches in Anantapur, Kurnool and Kadapa districts, which are situated in Andhra Pradesh. As stated by Syndicate Bank, "The 'Mega Gold Loan' campaign is coinciding with crop loan season and it is expected that it will serve the farming community in a far more efficient manner and will help in supplementing the need of crop finance.''

Under the scheme, Rs 1,900 per gram of gold of 75 per cent of net value of gold would be provided by Syndicate Bank to the person as a loan, if the tenure of the loan is less than 12 months. Similarly, for loans with tenure of 12 months -24 months, Rs 800 per gram or 75 per cent of net value will be offered to the applicant at 11.75 per cent interest rate. Even business class persons would get an option to avail overdraft facility under the gold loan scheme.

About Syndicate Bank

Syndicate Bank was formed in the year 1925 in Udupi, Karnataka under the aegis of three visionaries - Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician - who shared a strong commitment of social welfare. Their prime objective was primarily to extend their monetary assistance to the local weavers who were crippled by the crisis of handloom industry.

The growth of Syndicate Bank has been synonymous with the phase of progressive banking in India. Spanning over the period of 80 years of pioneering expertise, the Syndicate Bank has successfully created a niche for itself and enjoyed a solid customer base, comprising customers of last two or three generations. Being firmly rooted in rural India and understanding the reality of rural area, the bank's perception had vision of future of India. It is continuously propagating innovations in banking and is also using new ideas, without however getting diverted from its distinctive socio-economic and cultural ethos. The bank is effectively meeting the challenges of the 21st century in varied areas of information technology, knowledge and competition.

Syndicate Bank has implemented a comprehensive information technology plan and upgrades skills & knowledge of its personnel through a variety of training programmes, which in turn help in encouraging customer delight in every sphere of the banking activity. The bank has launched an ambitious technology plan, named as 'Centralised Banking Solution' (CBS), whereby over 500 of strategic branches with their ATMs are being networked nationwide over a period of 4 year. The bank enjoys pioneer position among public sector banks on launching CBS. The bank has already achieved CBS implementation among its different branches.

To meet bourgeoning needs of car loan, home loan and all other loan, Syndicate Bank has systematically diversified its varied banking products/services under different names, like, SyndRent, SyndVahan, SyndVidya, etc.

Some of the awards won by Syndicate Bank are-

• Indian Merchant's Chamber Award for doing outstanding contributions towards welfare of society.

• FICCI Award for outstanding achievement in agriculture.

• Best Core Banking Project Award by The Asian Banker.

• National Award for excellence in lending to micro enterprises.