The country's largest lender, State Bank of India, organized a ‘Car Loan Mela' in Lucknow, in association with Times of India. The car loan mela was held with the objective of providing car loans to customers at the lowest rates in the industry. In addition to this, loans were sanctioned on the same day in which they were applied for, provided the documents were satisfactory.
The event proved to be a huge success as it drew customers in large numbers. Apart from individual borrowers, the mela also saw participation from well known car dealers of the city such as Sunny Toyota, Stallion Honda, KTL, Bright 4 wheels, JSV Hyundai, Goldrush Sales and Services ltd, Narain Ford, Megha Auto and among others.
Responding to the success of the mela, SBI CGM Mr. K Ramachandaran said that it is the only bank providing car loans at the lowest rates. The Lucknow circle has witnessed 150 percent growth in this segment. He also added that about four thousand loans have been sanctioned and it is expected that more loans will be disbursed.