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Syndicate Bank Launches a Scheme to Finance Restaurant and Hotel Entrepreneurs
May 18, 2017
To extend a financial aid to the restaurant and hotel entrepreneurs Syndicate Bank has rolled out a special scheme that will help in funding business models such as canteens, catering service providers, hotels, lodges, restaurants, etc. The scheme can also be used to upgrade existing businesses for the purchase of equipment or furniture, etc.
Under the scheme, a customer can get credit in the form of overdraft or a term loan. The loan amount is capped at Rs. 10 crore per business and the interest rates will be calculated on the following basis:
- Base Rate+1.00% for loans up to Rs. 10 lakh.
- Base Rate+2.00% for loans ranging between Rs. 10 lakh and Rs. 100 lakh.
- Base Rate+2.50% for loans ranging between Rs. 100 lakh and Rs. 1000 lakh.
