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Thursday, 15th December 2005 (5486 views)

A three-day gold and diamond jewellery festival with a loan facility is to take place in Andhra Pradesh starting on December 17th.

The Swarnabharana Festival, which is organised by the Andhra Bank of Vijayawada, will feature all the latest designs from merchants from throughout the country.

Andhra Bank will be permitting consumers to take out a loan from between Rs 20,000 to Rs 2 lakhs, which they can use to instantly purchase some of the glittering merchandise.

Loans exceeding Rs 50,000 will only be given to consumers able to present documents like National Savings Certificates, although all loans will require proof of identity including photos and bank statements.

The interest rate will be 10.5 per cent and borrowers will have to repay it over a period of between 24 to 60 months.

All those purchasing gold items will be able to take them home with them on the day.

 

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