Lucknow, Oct 16(UNI) To commemorate the festive season, Kotak Mahindra Group (Kotak) on Wednesday announced the launch of 'Kona Kona Khwaab Loan Utsav' in Uttar Pradesh with attractive rates and offers across their whole range of products in the consumer, agri and tractor loan segments.

Kotak Mahindra Bank, Senior Executive Vice President & Head – Consumer Assets Ambuj Chandna said, 'The group is betting big on half a billion Indian women (Naari Shakti)who are the real decision-makers of their homes and household purchases.

'Though women comprise 50 per cent of India’s population, but at present contribute to less than 20 per cent of the formal GDP and make up less than 25 per cent of the workforce. With preferential interest rates for women borrowers, in addition to special offers for all customers, this bumper consumer loans festival is aimed at meeting demand for credit as retail consumption picks up during the festive period.'



Mr Chandna, told reporters here on Wednesday that the bank was focussed in the business of lending money prudently across geographies and customer segments.

"With sufficient liquidity in the system, the need of the hour is to reach out to consumers across the length and breadth of our country with easier access to credit to stimulate demand. Various research studies have shown that women are better at managing money – better savers and better borrowers. At Kotak, we strongly believe in the power of Naari Shakti, the backbone of the Indian economyand by backing women and improving their access to financial services, we believe Kona Kona Khwaab Loan Utsav will give a big boost to consumer demand and the economy.'



Kona Kona Khwaab Loan Utsav offers competitive rates, attractive offers and quick approvals on a range of consumer and agriloans, including car and two-wheeler loans, home loans, personal loans, consumer durable loans, agribusiness loans, tractor loans, gold loans, loans for small businesses, commercial vehicle loans and construction equipment loans.

Meanwhile, Mr Chandna said UP is the most priority state for the bank where the growth rate is around 32 per cent annual when the bank is growing by 18 per cent on average in the country.



The total deposits in UP was around Rs 9000 crores while advances was around Rs 4930 crores in the past fiscal.



Kotak Mahindra bank has 76 branches in the state with nine opening in the last fiscal. In Lucknow alone the bank has 12 branches.

UNI MB SB 1438