Press Release

Everest Bank Launches Home Equity Loan Scheme

June 4, 2004

Everest Bank has come out with yet another product under its retail lending segment and have launched its “EBL Home Equity Loan Scheme”, which will allow the existing home loan customers to avail a line of credit against the equity they have built in their houses. As per this new scheme the existing home loan customers of the Bank who have been regularly paying their installment, whose disposable income has increased and where the market value of the house has appreciated shall be eligible for additional loan under this scheme. This will give flexibility to the customers to access the low interest loans against the extension of the mortgage of the existing house. The loan can be utilized by the customers for any purpose like home improvement, education, purchase of a new car and for meeting various other expenses.

EBL has been adding new products under its retail lending for the benefit of individual borrowers as well as for business community. With the launching of this scheme, EBL now has seventh products to offer under retail lending. The scheme has been launched after proper review and success of its earlier schemes.