The country’s leading public sector lender, the State Bank of India will initiate a special support drive for dealers in the country, in order to provide easy finance to small and medium scale entrepreneurs. The bank’s strategic business unit will support both vendors and dealers through ‘Dealer Accounts Drive’ – a six-month long special campaign for dealers, beginning from 1st July 2009.

SBI, having more than 11800 branches, will offer attractive interest rate schemes for dealers besides a full waiver of mortgage charges for dealers who will avail finance from the bank during the campaign period. As such, the bank would be eliminating the need of collateral security in form of lending property as a part of the service.

Mr B.S. Bhasin, Chief General Manager, SME, SBI, said that the bank will offer loans at 0.5 percent lower than the current interest rate slab of 10.5-12 per cent. The bank will also provide ‘Roaming Current Account’ facility to dealers, providing access to accounts from any part of the country.

SBI will also extend multi-city cheque facility and internet banking to dealers at very nominal prices, along with 24x7 cash management products through the bank’s ATM network, on any day at any time.