Mysuru:  A Retail Loan Mela has been launched by Canara Bank to reach the customers directly thus benefiting both, said T.G. Boraiah, Deputy General Manager, Canara Bank, Regional Office, Nazarbad.

He was speaking after inaugurating the Retail Loan Mela on the call of Prime Minister to own a house of their own for every family under the Pradhan Mantri Awas Yojana (PMAY) and said that the loans are sanctioned based on the clear documents provided by the customers and eligible beneficiary would be getting interest subsidy to an extent of maximum Rs.2.67 lakh (only for one house).

“There are instances of home loans being sanctioned in a day as the customer gave all the relevant documents that met the requirement for the loan. Similarly, the vehicle loan has been sanctioned within an hour of the customer seeking the loan,” he said.

However, if both the bank and the customer have to grow, then the latter should see to it that repayments are made on time and also use the loan for which it was taken instead of by diverting the loan for other purposes, he said.

Assistant General Manager Geetha, Divisional Manager R. Padmapriya and others were present. Many builders and vehicle dealers are participating in the Loan Mela offering discounts.