New Delhi, Oct 06: In view of the impending festival season, Punjab and Sind Bank today launched a special loan scheme at low prime lending rate, waiving the processing fee and prepayment charges besides liberal third party guarantee and collateral. The 'special festival loan scheme', which has been formulated to meet the expenditure for festival celebrations like furnishing of house/shop/office, purchase of consumer goods and other personal expenditures, would be valid upto december 31, 2003, a bank statement said here.

Under the scheme, PSB said that there would be no processing fee and prepayment charges and there would be no third party guarantee, except that from spouse, major son.

For the salaried class, the loan would be five times the net take home pay or a maximum of Rs 100,000, for professional and self-employed, it would be 20 per cent of the annual income as per the income tax return.
The scheme would cover officials and employees of state governments and Central Government, PSUs, local bodies, universities and colleges and schools.

Bureau Report