Date:05/12/2004 URL: http://www.thehindubusinessline.com/2004/12/05/stories/2004120501620300.htm

Back Syndicate Bank's new loan scheme for holiday, business travel

Our Bureau

Bangalore , Dec. 4

SYNDICATE Bank has come out with a new loan scheme to tap the growing holiday and business travel. The bank announced on Saturday the launch of SyndYatra, a retail loan scheme at a reasonable interest rate.

Under the scheme, the bank would extend loans up to Rs 3 lakh for travel within the country and up to Rs 5 lakh for overseas travel. The interest rate has been fixed at 12 per cent, 1 per cent above the prime lending rate of 11 per cent, said a bank release. The loan could be repaid at convenient instalments spread over a period, not exceeding 35 months. Besides the low rate of interest, other attractive features of the loan product are coverage of individuals up to 60 years, including pensioners and preferential consideration for issue free Syndicate Global Credit Cards to customers availing themselves of the loan for travel abroad.