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Monday, September 10, 2012

Corporation Bank offers concessions on loans

Corporation Bank is offering concessions on various loan schemes offered by it for the festival season. Processing fees for loans to buy homes or vehicles and trade/business have been waived.

Under this, floating rate of interest for home loans of up to Rs 50 lakh is 10.5 per cent p.a., for up to Rs 1 crore it is 10.75 per cent and for amount above this 11 per cent.

Interest rate on loans for buying vehicles is 11.25 per cent for five-year tenure and 11.75 per cent for seven years.

Under the Corp Doctor Plus (finance for medical professionals) scheme, doctors can obtain finance for setting up of clinics/hospitals/path labs or purchase of electro medical equipment. Any registered medical practitioner, dentist, physiotherapist or firm managed by doctors can apply for the loan at 12.1 per cent rate of interest.

Under the Corp Vyapar scheme, traders/businessmen engaged in buying and selling of goods/commodities either on retail or wholesale business are eligible for the loans. Rate of interest for up to Rs 20 lakh is offered at 12.5 per cent, and above this amount, the offered rate is 13.5 per cent.

Corp Home Premium, a housing loan scheme for NRIs, the rate of interest for amount up to Rs 50 lakh offered is 10.5 per cent p.a., 10.75 per cent for amount up to Rs 1 crore, and above this 11 per cent.

It’s Combo Offer — taking both Corp Home and Corp Vehicle loan together provides additional concession in the rate of interest on vehicle loans by 0.25 per cent.

Corporation Bank is also providing loans on gold ornaments and has identified 41 branches in various districts.


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