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Thursday, Sep 14, 2006

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SBI gears up for festive season splurge

L.N. Revathy

The bank plans to strengthen its sales team

DREAM HOMES: A file picture of State Bank of India's property fair in Chennai - S.R. Raghunathan

Coimbatore , Sept. 13

State Bank of India is currently organising a two-month long `Property Utsav' home loan campaign. The commencement of this campaign coincided with Ganesh Chaturthi and is expected to conclude after Diwali.

While the Property Utsav is a centrally organised programme, at the zonal level, the bank is organising the annual Property Fair. "We are planning to organise as many as 14-plus `Property Fair' in two months. We started the campaign from Namakkal on September 9 and are planning to organise the event in Coimbatore on September 16 and 17," Mr C. Jeyasooria, Assistant General Manager (Region I), Coimbatore Zone, told Business Line.

Marketing Aggressively

Just like the previous year, this year also the bank is planning to reduce the interest rate by 0.5 per cent, cut the processing fee by half and limit the borrower's margin to 10 per cent during this period.

He said there were over 3,000 visitors last year and the enquiries crossed the Rs 200 crore-mark.

"Sixty per cent of the enquiries eventually fructified. Now with the more property developers evincing interest in promoting projects in Coimbatore, we are upbeat about the success of this event," he said.

While the Retail Asset Processing Cell processes loan applications, the branch completes the KYC (Know Your Customer) formalities.

"We are striving to reduce the turnaround time, and clear all applications within 7 days of receipt." SBI is now marketing its products aggressively.

The bank is gearing up to send its sales team to the customers door-step. "We are aiming to go lean on the desk and strengthen the sales team, replicate the new generation bank strategy," Mr Jeyasooria said. The bank has identified three members of its staff for promoting its products in Coimbatore. "The team's contribution is close to twenty-five per cent of the sanctions," he said.

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