The three new products were launched by Chief Executive Officer, Zilla Panchayat, Dakshina Kannada Dist P Shivashankar. Corporation Bank’s Executive Director Asit Pal presided over the function.
The Bank said Corp Shubha Vivah is designed to take care of a person’s social needs and meet expenses related to a marriage in the family. It will meet the entire expenses related to marriage such as hall booking, food and catering, purchase of jewellery and clothes etc. The rate of interest is 12 per cent and the loan can be repaid in five to seven years.
Loans from Corp Ghar Shobha, apart from financing the renovation expenses of a house, can be used for buying consumer durables like refrigerator, television, washing machine, laptops etc. A maximum loan amount of Rs 10 lakh can be availed at metro centres at rate of interest of 10 per cent. The loan is repayable in the form of EMI (equal monthly instalments) in a maximum period of 10 years.
Corp SB Smile is a specially designed Flexi Savings Deposit with sweep facility for micro traders. With an initial deposit of Rs 200 a person can open an account under this scheme. When the balance in the Corp SB Smile account touches Rs 6,000 the system would automatically transfer in units of Rs 1,000 to the fixed deposit leaving a minimum balance of Rs 5,000 in the savings bank account.
