Corp Bank launches loan mela

Corporation Bank announced the launch of a limited period festival bonanza for various loan schemes of the bank from September 1, 2012. The bonanza is offered for home loans, vehicle loans, NRI home loans, Doctor Plus (Finance for Medical Professionals) and Vyapar schemes for business persons. The floating rate of interest on the housing loan for all tenor and for up to `50 lakh is offered at 10.50% per annum, for amounts up to Rs 1 crore it is `10.75% and for amount above Rs1 crore 11%.

On loans for the purchase of vehicles, the rate of interest for a period of five years is 11.25% and for a period of seven years 11.75%.

Under the Doctor Plus scheme, doctors can obtain finance for setting up of clinics/hospitals/pathology labs and purchase of electro medical equipment. The rate of interest for which is offered at 12.10%.

The Corp Vyapar scheme, which is for traders engaged in buying/selling goods either on retail or wholesale business are eligible for the loans. The rate of interest for amounts up to Rs 20 lakh is offered at 12.50% and for amounts over Rs 20 lakh at 13.50%.

Under the Corp Home Premium scheme, NRIs holding Indian passport or Persons of Indian Origin (PIOs) holding foreign passport, can use a ‘Green Channel’ to avail loans for purchase of ready built house/flat, construction of house in pre-owned land, purchase of land and construction of house there-on and for takeover of housing loans from other banks/institutions, originally sanctioned for the above purposes. While the rate of interest for all tenor and for amount up to Rs 50 lakh is offered at 10.50%, it is 10.75% for amount up to Rs 1 crore and at 11% if the amount exceeds Rs 1 crore.