Mangalore : Corporation Bank launches Grand Festival Bonanza for Various Loans Schemes of the Bank from September 01, 2012 for a limited period. The Bonanza is offered for Home Loans, Vehicle Loans, NRI Home Loans, Doctor Plus (Finance for Medical Professionals) and Vyapar Schemes (Loan for Trade & Business).

The “Grand Festival Bonanza” was launched by Shri Ajai Kumar, Chairman & Managing Director of the Bank at a Press Meet organized by the Bank in Mangalore on August 29, 2012 in the presence of Shri Ashwani Kumar and Shri Amar Lal Daultani, Executive Directors of the Bank. Shri K Ramamurthy, General Manager, Executives and Employees of the Bank were present on the occasion.

Speaking on a press meet  Ajai Kumar said, the Grand Festival Bonanza is specially launched for the benefit of the customers for the forthcoming festival season. The various offers under Grand Festival Bonanza.

Corp Home (Housing Loan) – Loans for construction of house/flat or purchase of ready built house/flat or take-over of housing loans from other Banks/institutions. The Floating Rate of interest for all tenor and for amount upto Rs. 50 lakhs is offered at 10.50% p.a., for amount upto Rs. 1 crore is offered at 10.75% and for amount above Rs. 1 crore is offered at 11.00%.  The processing charges are fully waived.

Corp Vehicle (Vehicle Loan) – Loans for purchase of vehicles. The rate of interest for a period of five years is offered at 11.25% and for period of seven years is offered at 11.75%. The processing charges are fully waived.

Corp Doctor Plus (Finance for Medical Professionals). Under the scheme, Doctors can obtain finance for setting up of Clinics / Hospitals / Pathology Labs and Purchase of Electro Medical Equipments. Any registered medical practitioner, dentist, physiotherapist or firm managed by Doctors can apply for the loan. The rate of interest is offered at 12.10%.

Corp Vyapar (Loan For Trade & Business). Under the scheme, Traders/Businessmen engaged in buying and selling of goods/commodities either on retail or wholesale business are eligible for the loans. The rate of interest for amount upto Rs. 20 lakh is offered at 12.50% and for amount above Rs. 20 lakhs is offered at 13.50%.

Corp Home Premium – NRI (Housing Loans for Non-Resident Indians {NRIs}). Under the scheme NRIs holding Indian Passport or Persons of Indian Origin (PIOs) holding foreign passport, singly or jointly with close relative who can be either NRI or PIO or a Resident Indian, conforming to normal borrower standards with independent and regular source of income and residing abroad for a minimum period of one year are eligible for this new scheme. The loan can be availed for purchase of ready built house/flat, for construction of house in pre-owned land, for purchase of land and construction of house thereon and for takeover of housing loans from other Banks/institutions, originally sanctioned for the above purposes. NRIs will be given special treatment “Green Channel” facility for priority sanction. The Rate of interest for all tenor and for amount upto Rs. 50 lakhs is offered at 10.50% p.a., for amount upto Rs. 1 crore is offered at 10.75% and for amount above Rs. 1 crore is offered at 11.00%.  The processing charges are fully waived.

The Bank also provides an exciting “Combo Offer” for taking both Corp Home and Corp Vehicle Loan together by an additional concession in the Rate of Interest on Vehicle Loan only by 0.25%.