Corp bank to hold auto, home loan utsav on November 1

Briefing media persons here on Tuesday, Zonal office Deputy General Manager M G Bhandarkar informed that the bank will be offering concessions in interest rates in order to promote its loan products. The applicable rate of interest for home loans will be 8 per cent for the first year, 9.5 per cent during the 2nd and 3rd year. Thereafter, interest rate will change according to the market conditions, he added.

For vehicle loans, the applicable rate of interest will be 8 per cent for the 1st year and thereafter, as per the prevailing rates as per market conditions. Further, the Bank will offer 50 per cent concession in processing charges. These concessions will be offered to only such persons who attend the Utsav and register themselves on that day, he explained. On the day of the event, he said, the Bank will give in-principle loan sanction letters to the prospective clients who produce the basic documents including income proof and address proof. The regular sanction will be accorded on submission of prescribed loan application and documents, he added.

As on September 30, 2009, Corporation Bank had distributed home loans aggregating Rs 4,196 crore and vehicle loans aggregating Rs 875 crore. Udupi Zone had distributed home loans aggregating Rs 373 crore and vehicle loans aggregating Rs 108 crore. The Auto and Home loan Utsav held at Mangalore, recently, was a tremendous success, Bhandarkar said adding that the Bank had received 294 loan applications in the utsav.

For further details, customers can contact mobile numbers: 9845998990 / 9841144434 / 9945246892, he said. General Manager Udupi Gopal Krishna Mayya, Senior Manager (Marketing Division) Venugopal, Credit Division Manager D Sridhar Rao, Marketing Division Marketing Assistant R K Ballal and others were present.