INDIAN BANK- LOAN/OD AGAINST DEPOSITS

Salient Features: For any bankable purpose.

Eligibility: Term Deposit Holder of our Bank.

Quantum of Loan: 90% of accrued value of deposit.

Margin: 10% on accrued value of deposit.

Repayment Period: * Flexible.
* Maximum upto date of maturity of deposit.

Prepayment charges:Interest Rate: 2% over the applicable rate for the Term Deposit pledged.

Security:Pledge of Term Deposit.

* BPLR = 12.00 %

This information about the loan is gathered from the bank's web site.

INDIAN BANK- VEHICLE LOAN

Salient Features:

For purchase of New Two Wheeler or New / Used Four Wheeler(Used four wheeler should not be more than 3 years and should be certified by reputed automobile engineer / valuer)

Eligibility:

* Salaried Class with minimum service of three years.
* Businessmen, Professionals and Self-employed with minimum experience of three years.
* Pensioners with repayment capacity.
* Minimum Gross monthly income for purchase of Four wheeler should be Rs.20,000/-.

Quantum of Loan:

* 20 times of Gross Monthly Income Spouse Income can be included for calculating eligible amount if he / she has steady income.
* Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.
* For Businessmen, Professionals & self-employed, based on their average income earned in the last 3 years and capacity / ability to repay the loan.
* Maximum Loan amount for purchase of Two Wheeler : Rs.50,000/-.
* Four Wheeler: Rs. 15,00,000/-"

Margin: * 10% for New Vehicle.
* 40% for used vehicle (Four wheeler).

Processing fee: 0.30% of loan with a minimum of Rs. 300/-

Repayment Period: Not exceeding 60 EMIs (No Holiday Period).

Security:

* Hypothecation of Vehicle to be purchased out of Loan.
* If the loan amount exceeds Rs. 7.50 lakhs, additional security equivalent to amount exceeding Rs. 7.50 lakhs to be provided in the form of Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security to be provided) / Mortgage of immovable property.

Documents to be submitted for processing the application:

1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Copy of Driving Licence.
11. Quotation for Vehicle to be purchased from the authorized dealer.

INDIAN BANK - PLOT LOAN

Salient Features:

For purchase of House Site on ownership basis; House site should be located in layout approved by Government authority approved by Government Authority.

Eligibility:

* Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
* Salaried Class with minimum service of three years.
* Businessmen, Professionals and Self-employed with minimum experience of three years.
* Pensioners with repayment capacity.

Quantum of Loan:

* 30 times of Gross Monthly Income; Maximum Loan amount : Rs. 10 lakhs.
* Spouse Income can be included for calculating eligible amount if he / she has steady income.
* Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.

Margin: 33% on Land cost.

Processing fee: 1.15 % on Loan amount.

Interest Rates: Please see the Interest Rate link on home page.

Repayment Period: Not exceeding 120 EMIs (No Holiday Period)

Prepayment charges:

* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.

Security:

* Equitable Mortgage of Property purchased out of loan proceeds.
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.

Documents to be submitted for processing the application:

1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Agreement of Sale.
11. Lay out approval.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost.)

Value added:

Group Insurance cover (IB Griha Jeevan):
* At the option of the applicant, Group Insurance Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
* The Applicant may opt for including the premium amount as part of Plot Loan.

This information is gathered from the bank's web site.

INDIAN BANK-RENTENCASH

Target Group:

Residential / Commercial building owners (individuals/ joint owners/ trusts/ societies/ corporates/ firms or any other entity*) who have / who propose to let their buildings to top notch Corporates / Public Sector Undertakings / State / Central Government Offices.

Purpose:

Any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical, or any bankable purpose.

Quantum of Loan:

Maximum of 84 months' rent or rental value for the unexpired period (advance received from the tenant to be deducted to arrive at the loan amount) subject to a maximum of 60 % of the market value of property.

Maximum Loan:

Rs.100 lakhs

Repayment:

* Maximum of 84 months in EMI
* No holiday period.
* Repayment to commence from the month immediately following the month of loan availment.

Rate of Interest w.e.f 01.07.2009:

13.50% floating

Margin:

40% on net rent receivables.

Service charges:

1.15% on loan amount.

Security:

# Future Rent receivable during the loan period
# EM of free hold Property which is leased for monthly rentals.- EM by the owner only – EM by P.A. holder not permitted except where owners are impersonal entities.
# In places like Mumbai a negative lien in favour of the bank with necessary advice to the concerned society, as per the prevalent practice/procedure, where negative lien is applicable.
# Leasehold property on perpetual lease.
# Leasehold properties where the lessor is Govt./reputed body

Overdue Instalments :

If any installment becomes overdue a penalty of 2% p.a. on the overdue amount will be levied. If three EMIs are overdue the entire loan balance shall be recalled.

Important guidelines and other terms and conditions:

1. Property should be free-hold. Agricultural properties not considered for this purpose.
2. Properties in socially vulnerable pockets / properties which are difficult to access in case of need to liquidate etc., not acceptable.
3. The borrower should agree to honour the monthly repayment commitments, in case, for any reason, rent is not being paid/remitted by tenant to the bank.
4. Tenancy act provisions will be taken into account. In case of properties under rent control the loan assessment will be based on the rent control value only
5. Up to date tax dues on account of Municipal / Local authorities taxes, water taxes, sewerage, developmental tax etc., should have been paid by the property owner and relative receipts to be submitted along with the documents. No dispute shall persist on account of governmental dues. Till the pendency of loan, the periodical taxes on account of Municipalities, Corporations, etc., should be paid and the relevant receipts should be submitted by the borrower on time.
6. During the pendency of loan, if the borrower wants to sell the property, the loan should be adjusted out of the sale proceeds and release of documents shall be made only after adjustment of loan.
7. Tripartite agreements between the tenant/property owner and the Bank to be entered into or Power of Attorney from the property owner to collect the rent directly from the tenants.
8. Acceptance from the tenants to directly pay the rent to the Bank.

*Trusts, Societies, Corporates, etc., should have proper authority to borrow / charge the assets as authorized by their bye-laws / trust deeds etc.,

Property must be located in Urban / Metropolitan areas.

Indian Bank-NRI Home Loan

Salient Features:

For purchase or construction of a house / flat / repair / renovate or alter an existing house / flat.

Eligibility:

Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
* NRIs gainfully employed with a residual contract period / service of atleast 3 years.
* NRI professionals with regular monthly income.

Quantum of Loan:

* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.

Margin:

* Loan for construction / purchase of a new house / flat: For Loans upto Rs. 20 lakhs : 20% & for loans above Rs. 20 lakhs : 25%.
* Loan for purchase of old house / flat: 30% (for all loan amounts)

Processing fee:

* 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
* 0.32 % on Loan amount (at the time of acceptance of sanction).

Interest Rates:

Please see the Interest Rate link on home page.

Repayment Period:

* Loans for purchase / construction of House / Flat : 15 years (including holiday period) for floating rate loans.
* (NRI Home Loans are offered on Floating Rates only.)
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.

Prepayment charges:

* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.

Security:

* Equitable Mortgage of Property purchased / constructed out of loan proceeds.
* Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located.

Documents to be submitted for processing the application:

1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
10. Agreement of Sale / Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).

Value added:

* Group Insurance cover (IB Griha Jeevan):
* At the option of the applicant, Group Insurance Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
* The Applicant may opt for including the premium amount as part of Home Loan Project Cost.

Insurance:

* Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.

Information courtesy: Indian Bank web site.

INDIAN BANK

Home Loan

Salient Features:

For purchase or to construct a house / flat / renovate / repair or alter an existing house / flat.

Eligibility:

* Maximum permissible age at the time of applying is 50 years & at the end of repayment period is 60 years.
* Salaried Class with minimum service of three years.
* Businessmen, Professionals and Self-employed with minimum experience of three years.
* Pensioners with repayment capacity.

Quantum of Loan:

* 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
* Spouse Income can be included for calculating eligible amount if he / she has steady income.
* (Take home Income should be more than 40% of gross income after deduction of EMI for the proposed loan, apart from other deductions.)

Margin:

Loan for construction / purchase of a new house / flat:
* For Loans upto Rs. 20 lakhs : 20% & for loans above Rs. 20 lakhs : 25%
* Loan for purchase of old house / flat: 30% (for all loan amounts)

Repayment Period:

* Loans for purchase / construction of House / Flat : 20 years (including holiday period) for floating rate loans and 10 years (including holiday period) for fixed rate loans.
* Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat.

Security:

* Equitable Mortgage of Property purchased / constructed out of loan proceeds
* {Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located }

Processing fee:

* 0.25 % on Loan amount (Non refundable) (to be remitted at the time of submission of application)
* 0.32 % on Loan amount (at the time of acceptance of sanction)

Prepayment charges:

* No pre-closure charges, if loan is closed out of own funds.
* 2% on Balance outstanding or applicable Drawing Limit whichever is higher, if loan is closed by way of take over by another Bank / Financial Institution.

Documents to be submitted for processing the application:

1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
10. Agreement of Sale / Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost)

Value added:

Group Insurance cover (IB Griha Jeevan):
* At the option of the applicant, Group Insurance Life Cover is arranged (at present through L I C) at concessional premium (to be borne by the Applicant).
* The Applicant may opt for including the premium amount as part of Home Loan Project Cost.

Insurance:

Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.

Interest Rates:

Please see the Interest Rate link on home page.

This information is read from the bank's web site and posted for the use of consumers.

DENA BANK- RENT SCHEME

Dena Rent Scheme (Finance against Rent receivables)

Good news for Landlords

Now, landlords can make their property earn more money by availing Dena Rent Scheme against their rent receivable.

You are eligible if:

· You are a landlord- an individual, corporate, trust or anybody who has given their property on rent to banks, FIs, PSUs or reputed companies.

Loan Amount:

· Minimum- Rs. 1 lakh

· Upto- Rs. 200 lakhs

Margin: 25%

Rate of Interest:

Please Check out the Interest Rates Section to find latest Interest Rates applicable

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

Security:

Equitable mortgage of property.

Process Fees: 0.50%

Repayment: Up to 60 months

This loan information is read and published from the bank's web site.

Dena Bank - Senior Citizen Pensioners’ Loan Scheme

Life begins after retirement

You are eligible if:

· You are a pensioner of the State Govt., Central Govt. or PSU.

· You are an ex-staff member with a pension account.

· Loan recovery period is not extending beyond 75 years of age.

· Your take home pension is not less than 60% of your monthly pension after deduction of the loan installment.

Loan Amount:

Up to 6 months pension or rs.50,000/-, whichever is less.

Margin:

NIL

Rate of Interest:

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

Security:

NIL

Process Fees:

NIL

Repayment:

Up to 24 EMIs

Guarantee:

Simple! Spouse or nominee appointed for the pension account or any other family member or third party acceptable to the bank can guarantee the account.

This useful information is taken from the bank's web site.

Photo Courtesy: Dena Bank

பாரத Matrimony

DENA BANK-MORTGAGE LOAN SCHEME

Make your idle property work for you

If you have free hold, un-encumbered, non-agricultural property, residential or commercial- you can fulfill all your needs with Dena Mortgage Loan. Be it to finance a marriage, higher education, a foreign trip or medical treatment.

You are eligible if:

You are 21 years of age.

· You are a salaried individual, professional, self-employed, agriculturist.

· You are an income tax assessee for at least 2 years.

· Your net monthly income is at least Rs. 12,000/-. Income of spouse (co-applicant) can be clubbed for enhanced eligibility.

Loan Amount:

· Minimum- Rs. 2 lakhs

· Upto- Rs. 100 lakhs

Margin:

50%

Rate of Interest:

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

INTEREST CHARGED ON DAILY REDUCING BALANCE

Security:

Equitable mortgage of the property.

Process Fees:

1% of the sanctioned limit

Repayment:

Up to 120 EMIs.

The loan information is gathered from the bank's web site.

Photo Courtesy: Dena Bank.

DENA BANK- TRADE FINANCE SCHEME

You are eligible if:

· You are a commodity trader, stockist or dealer registered under sales tax.

· You are a permanent resident of the city.

Loan Amount:

· Minimum- Rs. 2.50 lakhs

· Upto- Rs. 25 lakhs

· Upto 20 % of your projected turnover.

In case of disruption of the working capital cycle, 40 % of collateral security can be included to calculate Drawing Power.

Nature of Loan:

Cash Credit (hypothecation)

Margin:

25% stock, 50% of book debts.

Rate of Interest:

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

Security:

*
Hypothecation of stock and book debts.
*
Equitable mortgage of immovable property or any other liquid assets with market value of 100% sanctioned limit as collateral.

Process Fees:

1% of the sanctioned loan amount.

Repayment:

Revolving limit to be operated as per DP/ Sanctioned Limit.

This information of loan is gathered from the bank's web site.

Photo courtesy: Dena Bank.

DENA BANK CONSUMER DURABLE LOAN

Dena Consumer Durable Loan

Move up in life with Dena Consumer Durable Loan

Now , it's so easy to improve your lifestyles. And turn your home into a smart, modern one with all the conveniences you can imagine. Be it a Laptop, Washing Machine, Microwave, Fridge, TV, DVD Player, Music System, AC, Modern Furniture, Cooking Range, PC, Fitness Equipment or even a Mobile Handset. Just take a Dena Consumer Durable Loan and move up in life.

You are eligible if:

You have sufficient repayment capacity. Also, your spouse's income can be clubbed to enhance your eligibility.

Loan Amount: Up to Rs. 1 lakh

Margin: 20%

Rate of Interest

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

INTEREST CHARGED ON DAILY REDUCING BALANCE
NO PREPAYMENT CHARGES

Repayment: Up to 36 EMIs.

Mode of Disbursement:Payment will be released to the dealer against proforma invoice.

Security:Hypothecation of consumer durables purchased.

Process Fees

* Up to Rs. 25,000/- - Rs.250/-
* Above Rs. 25,000/- - Rs.500/-

This useful information is read and produced from the bank's web site, for the use of customers of the bank.

Photo Courtesy: Dena Bank

DENA BANK- AUTO FINANCE SCHEME

Dena Auto Finance Scheme

Take the smooth road to own your Dream Machine

Get on the right track with Dena Auto Loan and drive home your home machine.

YOU ARE ELIGIBLE IF:

You have a gross income of more than Rs. 75,000 p.a. For a two wheeler and a gross income of more than Rs. 1.50 lakhs p.a. for a car.

LOAN AMOUNT

Up to Rs. 50,000/- for purchase of a new two wheeler.

· Up to Rs. 8 lakhs for purchase of a new car.

MARGIN

20%

RATE OF INTEREST

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

SECURITY

Hypothecation of the vehicle purchased.

MODE OF DISBURSEMENT

Loan disbursed directly to the authorized dealer.

PROCESS FEES

· Two wheeler- Rs. 250/-

· Four wheelers- Rs. 500/-

REPAYMENT

Up to 60 EMIs.

This information is gathered from the bank's web site.

DENA BANK- PERSONAL LOAN

Dena Suvidha (Personal Loan) Scheme

LIVE YOUR DREAMS

Dena Suvidha is the ideal way to fulfill personal needs of your family. Be it to finance a marriage or family function. To travel or celebrates a festival. For medical treatment or educational purposes. Or simply a vacation. Even an unforeseen event. Dena Suvidha (Personal) Loan is always there for all your needs.

YOU ARE ELIGIBLE IF:

You are a permanent employee between 24 to 55 years having worked for at least 2 years in a Govt. or PSU/ reputed organization.

· You have a gross monthly income of at least Rs. 5,000/-. Income of any other earning member ( co-applicants) can be clubbed for enhanced eligibility.

· You can have a salary disbursement arrangement with us or provide an undertaking form your employer.

LOAN AMOUNT

· Minimum- Rs. 15,000/-

· Up to- Rs. 1 lakh or 9 times the net monthly income whichever is less.

MARGIN

NIL


RATE OF INTEREST

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

PROCESS FEES

1% of loan amount

REPAYMENT

Up to 36 EMIs

MODE OF DISBURSEMENT

By credit to your Savings Bank account.

This information is taken from the bank's web site.

DENA BANK- EDUCATIONAL LOAN

Dena Vidya Laxmi Educational Loan Scheme

The Topper for your children’s Higher Education

Ensure a bright future for your children. Provide them with the best of higher education in India or abroad. Avail Dena Vidya Laxmi Educational Loan.

You are eligible if:

You are an Indian national and have secured admission to a professional or technical course in an Indian or Foreign university.

· Simply walk in with the marksheet of the qualifying exam. and proof of admission.

Course Eligibility

Study in India:

Graduation courses, Post-Graduation courses, Masters & PhD, Professional courses.

Study Abroad:

Graduation for professional/ technical courses offered by reputed universities; Post Graduation (MCA, MBA, MS)

Loan Amount:

Up to Rs.10 lakhs for studies in India.

· Up to- Rs. 20 lakhs for studies abroad.

Loan takes care of :

*
Fee payable to colleges/ schools/ hostels
*
Examination/ Library/ Laboratory fees.
*
Purchase of books, equipment, instruments and uniforms.
*
Passage fare for travel abroad.
*
Purchase of computers needed to complete the course.
*
Any other expense to complete the course like study tours, project work, thesis etc.

Margin

· Upto Rs. 4 lakhs- NIL for study in India and abroad.

· Above Rs. 4 lakhs- 5% for study in India and 15% for study abroad.

Rate of Interest

Please Check out the Interest Rates Section to find latest Interest Rates applicable


1% INTEREST CONCESSION IF INTEREST SERVICED DURING THE STUDY PERIOD.

SIMPLE INTEREST CHARGED DURING MORATORIUM PERIOD.

Process Fees

NIL

Repayment

Moratorium- Course period + 1 year or 6 months after getting a job, whichever is earlier.

Repayment period- 5-7 years after start of repayment.

This information is gathered from the bank's web site.

DENA BANK- HOUSING FINANCE SCHEME

Dena Niwas Housing Finance Scheme

The doorway to your Dream Home

A Loan for different needs

You can avail of Dena Niwas Home Loan to purchase a plot, construct a house, buy a ready built house or buy one under construction. The loan even helps you build an extension to your existing house or purchase a house that is up to 25 years old. Besides you can take this loan for repairs and upgradation, which includes the cost of fixtures, POP works, retiling, fittings etc.

It even gives you the option to shift an existing home loan with any other Bank or Financial Institution.

You are eligible if:

· You are a major individual, resident or non-resident, having a regular source of income.

· Your age on the maturity of the loan is less than retirement age if you are a salaried employee & below 65 years, if you have a business.

· The total deductions do not exceed 60% of your gross income, including the loan installment of the proposed loan.

· Spouses/Co-applicants income can be clubbed for enhanced eligibility.

Loan Amount

· Up to Rs.100 lakhs for the purchase of a house.

· Up to Rs.5 lakhs for renovation/upgradation.

Margin

15%

Rate of Interest

Please Check out the Interest Rates Section to find latest Interest Rates applicable.

~ INTEREST CHARGED ON DAILY REDUCING BALANCE

~ NO PREPAYMENT CHARGES

~ FREE DEBIT CARD WITH INSURANCE COVER OF RS. 1 LAC IN CASE OF ACCIDENTAL DEATH

~ LOAN LIMIT OF RS. 100 LACS.

~ PURCHASE OF HOUSE UPTO 25 YEARS OLD ALLOWED

~ FLOATING RATE LINKED TO BPLR & NOT ANY INDEX/ REFERENCE RATE

Repayment

* Upto 20 years-for the purchase of a new flat/house/construction/extension.
* Upto 10 years- for repairs, renovation and upgradation.

Security

Simple equitable mortgage of the house/flat/apartment on which the loan is availed.

Process Fees

0.50 % of the sanctioned loan amount.

CORPORATION BANK -MAHILA LOAN -FOR BUYING GOLD

Corp Mahila Gold - For buying Gold

This new scheme viz. "CORP MAHILA GOLD" is to finance working & non-working women for acquisition of gold bars / gold ornaments.

The Scheme details are as follows:

1. Loan Amount

Minimum Rs.10,000/- and Maximum Rs.2,50,000/- . In the case of salaried women, 12 times net take home pay, if salary is routed through the branch. If not routed, 6 times of net take home pay subject to the ceiling .

2. Eligibility

Resident Indian (Working/non-working women) of age group 18 to 58 years.

3. Rate of Interest ( with effect from 04.05.2009)

* Fully secured: 12.25 % p.a.
* Unsecured / partly secured: 13.00% p.a.

4. Margin

15% i.e. The bank will finance 85% of the cost of the gold / gold ornaments.

5. Repayment

In Equated Monthly Installments [EMIs] not exceeding 60 months.

Installment amount not to exceed 50% of the take home pay or the monthly assessed income.

6. Security

No security will be insisted for loans upto Rs.50000/-, for working women, where the salary is routed though our Bank or an undertaking letter is furnished from the employer to deduct and remit monthly EMI's to the Branch.

For non-working women: No security will be insisted for loans upto Rs.50,000/- if the loan is availed jointly with a co-obligant (who is husband/ brother/ father) drawing salary through our branch and gives an undertaking letter to deduct the monthly installments from his salary,

Loans beyond Rs.50,000/- to both working and non-working women of the above category shall be fully secured for the loan amount over and above Rs.50000/- by way of securities like NSCs/ LIC policies [surrender values]/ Govt. Bonds/ KVP's/ Term Deposit of our Bank in the name of applicant/ co-obligant.

In all other cases the loan shall be fully secured (i.e., 100% of the loan amount) by way of securities, like. NSCs/ LIC policies [ surrender values]/ Govt. Bonds/ KVP's/ Term Deposit of our Bank in the name of applicant/ co-obligant.

Note

If no tangible securities as mentioned above are available, EMG of land & building of the requisite value shall be obtained by maintaining 50 % margin .

7. Service Charges

1.00% of the loan amount.

8. Mode of Disbursement

Direct payment to the jeweller of choice of the applicant by DD /PO

CORPORATION BANK- COMPUTER LOAN

Corp Byte - Computer Loan

Corp Byte

1. Eligibility

Students (Indian Nationals) of Colleges/ University / Educational Institutions pursuing their professional courses in India, provided the Institution/College undertakes to recover the monthly loan instalments.

2. Purpose

To finance purchase of Personal Computers/Laptops / Notebooks / Palmtops / PDAs / Tablet PCs etc., including other peripheral accessories like pointers / printers / scanners / digital stylus / external AC converters / UPS etc., essential for pursuing studies.

3. Quantum of Finance

Maximum Loan Amount : Rs. 1 lakh (Rupees one lakh )

4. Margin

Nil

5. Security

Hypothecation of the assets financed

6. Rate of Interest

12.50% p.a.with effect from 04.05.2009

7. Processing charges

NIL

8. Repayment Holiday

NIL

9. Repayment

The loan to be repaid on monthly basis, beginning from the month subsequent to the month of loan release and scheduled in a manner that would coincide with the student’s residual period of study at the Educational Institution / College / University, so that the loan account stands closed when the student completes his/her studies at the Educational Institution/College/University.

CORPORATION BANK- IPO SCHEME

CORP IPO

1. Purpose

To provide finance to general public to subscribe to IPO/Public Issues /Rights /ESOP of reputed Corporate / Corporates approved by the Bank from time to time.

2. Eligibility :

Individuals (such as salaried persons, professionals, businessmen, pensioners etc.) either individually in their own names or jointly with others, with sufficient income to service the loan.

3. Nature of facility

Demand Loan

4. Loan amount

Minimum Rs.0.20 lakh and Maximum Rs.10.00 lakh

5. Margin

50% of the value of shares subscribed (issue price + price)

6. Rate of Interest

12.25% with effect from 04.05.2009

7. Penal Interest

@ 2% over and above the applicable interest rate on the overdue portion or at rates as prescribed from time to time.

8. Repayment Holiday

NIL

9. Repayment period

(a) In the event of refund of application money
The loan account has to be closed immediately.

(b) In the event of allotment of share
Total loan amount along with interest shall be repayable in maximum 36
Equated Monthly Installments [EMI]

10. Security

Pledge of shares allotted

11. Service charges

0.50% of the loan amount subject to a minimum of Rs.500/-

12. Guarantee

Suitable third party guarantee

CORPORATION BANK - CASH DEMAT -SHARE LOAN

Corp Cash Demat

For liquidity against shares in electronic form

1. Eligibility

Individuals who have been properly introduced to the Bank
If the shares are in joint names, the loan account should be in joint names.

2. Purpose

To provide liquidity to investors against shares
To meet contingencies and personal needs or for subscribing to the Rights / New Issues of shares/Debentures/Bonds or for purchases in the secondary market.

3. Loan Amount

Minimum Rs. 50,000/- ; Maximum Rs. 20.00 lakh
[ A declaration from the borrower indicating aggregate of loans against shares availed by him/her from our Bank / Financial Institutions should be obtained]

4. Margin

Minimum 50% of the market value of shares pledged

5. Rate of Interest

Floating rate of interest 14.00% p.a. ( upto 18 months) w.e.f. 04.05.2009

6. Security

Pledge of fully paid up Equity Shares of approved companies, which are mandated for compulsory trading in Demat form loan.

7. Guarantee

Suitable third party guarantee of an IT assessee.

8. Collaterals

Collateral security shall be obtained only where considered necessary, at the discretion of the sanctioning authority

9. Repayment

Repayable within 18 months in EMIs

10. Service Charges

0.50% of the limit sanctioned, subject to a minimum of Rs. 500/- and maximum of Rs. 5000/-

CORPORATION BANK-MORTGAGE-LOAN AGAINST PROPERTY

Corp Mortgage

1. Eligibility

Individuals in the age group of 18 - 60 years owning residential / commercial property [ land and/or building] and who are Income Tax Assessees.

In addition to Individuals, Proprietorship concerns, Partnership Firms & Companies may be considered for financing under the scheme, provided they are IT assessees. NRIs also may be financed under the scheme.

Salaried Persons with minimum net monthly income of Rs.20,000/- & others with minimum net annual income of Rs.2,50,000/- are eligible for loan under the scheme.

The income of close relative may be added, if he/she is a co-applicant. Where the property is in the name of a close relative, with/without income, he/she must join as co-applicant.

2. Purpose

To meet personal/domestic expenses & business requirements.

3. Nature of Facility

Loan shall be extended only as a running account in the form of Overdraft limit repayable on demand subjecct to annual review/renewal.

4. Loan Amount

Minimum loan under the scheme shall be Rs.2 lakhs per application

Maximum loan under the scheme shall be Rs.5 lakhs for Rural & Rs.10 lakhs for Semi Urban, & Rs.25 lakhs for Urban, Metro, & Port Town places.

The annual EMI (in respect of all loans including the proposed loan) shall not exceed 50% of Annual Net Income.

5. Margin

50% of the market value of the Property Mortgaged [As per the latest valuation report, not older than 6 month's, from the Approved Valuer of the Bank.]

6. Rate of Interest

For all tenors 14% p.a. with effect from 04.05.2009

7. Security

Equitable Mortgage of immovable property.

Note : In case the applicant or his/her spouse has availed housing loan with the Bank, continuing security of property already mortgaged shall be obtained by maintaining not less than 25% margin on the value of the house property for the outstanding balance in the Housing Loan and 50% towards proposed Corp Mortgage Loan.

8. Guarantee

Not Mandatory

9. Repayment

Loan shall be in the form of running account repayble on demand.

10. Service Charges

1.00% of the loan amount sanctioned .

CORPORATION BANK-CORP RENTAL

Corp Rental - Encash your future rent receivables from commercial properties

1.Introduction

The Scheme envisages financing the owner of the commercial properties against future rent receivables for the unexpired period of lease specified in the lease agreement.

2. Eligibility

Eligible applicants for financing under the Scheme would be Individuals/ Partnership Firms/ Corporates/ Trusts/ HUFs, owning commercial buildings let out to reputed organizations, where the unexpired period of lease is generally more than three years.

NOTE: Age of the commercial building leased/ let out shall not be more than 15 years.

3. Purpose

The loan may be availed for any productive purpose such as taking up new projects, business or towards contingencies or to meet domestic/ personal/ any other commitments.

4. Quantum of Loan

The minimum loan amount is Rs.5 lakhs .No upper ceiling [ subject to prudential exposure limits fixed by the Bank ].

Only fixed loans are to be considered under the Scheme

5. Assessment of Eligible Loan Amount & Margin

The quantum of loan should be restricted to the extent of 70% of rent receivable net of TDS, Taxes and Rent Deposit with 30% margin during the unexpired period of the lease [upto a maximum of 120 months only].

6. Security

Charge over rent receivables and equitable mortgage of building property whose rent is charged to the bank.

7. Third Party Guarantee

In the case of loans to partnerships, Trusts and Private Ltd.Companies, personal guarantee of partners, Trustees and promoter directors, respectively, should be obtained without fail. No separate third party guarantee need be insisted upon in such cases.

In all cases other than Corporates, suitable third party guarantee should invariably be obtained.

8. Rate of Interest: 13.25% with effect from 04.05.2009

9. Repayment

Loan shall be repaid in Equated Monthly Installments within the unexpired period of lease or 120 months (maximum) whichever is less.

10. Processing Charges

A one time up-front fee of 1% of the loan amount.

CORPORATION BANK-MEDITECH-FOR HOSPITAL EQUIPMENTS

Corp Meditech - to purchase Medical Equipment

1. Eligibility

Any Registered Medical Practitioner in the age group of 23 to 65 years either singly or jointly with spouse/other close relatives, with a minimum experience of one year for doctor/s.

Two or more registered medical practitioners jointly with spouse/close relatives, or a firm where at least 50% partners are doctors OR a company owned by at least 50% by doctors.

Professionals managing Medical Diagnostic Centers & Testing Labs

Hospitals which are being run/managed by Companies/Trusts/Institutions, where the ownership is at least up to 50% with doctors.

2. Purpose

To finance brand new Electro Medical & other sophisticated equipments including OT equipments, Air conditioners, ambulance, Generators, Refrigerators, Personal Computers and accessories with related software and UPS etc.

In the case of setting up of clinics, purchase of furnitures & fixtures, furnishing, Air conditioning, Electrification may also be financed.

3. Loan amount

Up to Rs.2.50 crore. [ Loans above Rs.25 lakhs are assessed based on on DSCR]

4. Margin

Margin to be maintained at 15% of the cost of equipments/assets to be financed.

5. Rate of Interest

12.00% p.a. with effect from 04.05.2009

6. Security

Loans upto to Rs.10 lakh are to be secured by hypothecation of machinery/equipments/assets, financed by the bank & a suitable third party guarantee.

Loans for above Rs.10 lakh are to be invariably secured by collateral security of immovable property OR other approved securities like Bank deposit/NSC/LIC policy, etc. valued at least 50% of the loan amount in addition to the hypothecatiOn of assets financed.

7. Guarantee

Not Mandatory. However, based on their risk perception, Sanctioning Authorities may, on case to case basis, stipulate suitable third party guarantee.

8. Repayment

Maximum 60 months in EMIs [including initial moratorium of upto 3 months]. Upto 84 months considered depending on useful life of asset.

9. Service Charges

0.50% of the loan amount sanctioned subject to a minimum of Rs.1000/-

CORPORATION BANK-PROFESSIONAL

Corp Professional - for acquiring Office premises by professionals

1. Purpose

To finance acquisition of office premises for self occupation and Furniture and Fixtures required for the office premises purchased under the Scheme.

2. Eligibility

Registered Medical Practitioners, practising Advocates, Chartered Accountants, Company Secretaries, consulting Engineers and Architects, etc., individually/jointly or as a partnership firm, having an established practice with a minimum experience of three years, in the age group of 25 to 55 years. The applicant should be an Income Tax Assessee with a minimum annual gross income of Rs.1.50 lakhs.

3. Quantum

Upto Rs.50 lakhs in Metro, Rs.25 lakhs in Urban/Port-town, Rs.10 lakhs in Semi-urban and Rs.5 lakhs in Rural places. The maximum loan amount determined based on financial viability and income/ repayment capacity of the professional.

4. Margin

15% of purchase consideration [the agreement value inclusive of stamp duty/ registration] in case of purchase of ready built premises [age not more than 5 years]

25 % in case the premise is more than 5 years old.

40 % for furniture and fixtures.

5. Rate of Interest

12.00% p.a. w.e.f. 01.04.2009

6. Security

The loan should be fully secured by the Equitable Mortgage of the Office Premises. Hypothecation of the furniture & fixtures financed under the scheme.

7. Guarantee

Third party guarantee is not mandatory.

8. Repayment

The entire loan amount is repayable in Equated Monthly Instalments within 84 months, with an initial moratorium upto 12 months.

9. Processing Charges

0.75% of loan amount subject to a minimum of Rs.5,000/-.

CORPORATION BANK CONSUMER-FOR CONSUMER ITEMS

Changing Lifestyles - Corp Consumer

Taking cognizance of the needs of your changing lifestyles, Corporation Bank has created a simple loan scheme to make your day to day living more comfortable. In today's age of competition, the choices are many. With Corp Consumer, you can instantly bring home the consumer durables of your choice - from TV, refrigerator, CD/DVD player, mobile phone and washing machines to Personal Computers and furniture. Avail Corp Consumer loan and enjoy a better life.


1. Eligibility : Individuals with minimum gross income of Rs. 50,000/- p.a.
Salaried persons should be confirmed in service.

2. Purpose : To finance purchase of consumer durables such as Refrigerator, Cooking range, Food Processor, Grinder, Television, Electronic Audio System, Washing Machine, ACs, Microwave oven, Lap Top/ PCs including accessories, Mobile Phone, Multi Media Kits, UPS, Digital Camera, Generators, Hand Video Camera and furniture.

3. Loan Amount : Maximum Rs.1 lakh.

4. Margin : Minimum 15 % of the invoice value

5. Rate of Interest : 13.00% w.e.f. 03.02.2009

6. Security : Hypothecation of the item(s) purchased from Bank's finance.

7. Guarantee : Suitable third party guarantee.

C-Home borrowers no guarantee but continuity letter of EMG.

8. Repayment : Maximum 36 months in EMIs [ Up to 60 months at Manager's discretion ].

EMI not to exceed 50% of Take Home Pay.

Post dated cheques for all cases except where there is an undertaking to route through salary/ installments by employer.

9. Service Charges : Rs. 500/- irrespective of the loan amount.

Corporation Bank-Personal Loan

Corp Personal

For all your personal financial needs

1. Eligibility

Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions, Pensioners drawing pension through our Bank and individuals with income other than salary/pension

2. Purpose

To meet any genuine personal expenses relating to family functions, education, travel, marriage, medical etc.

3. Loan Amount

i) For salaried persons the maximum loan amount shall be 12 times the take-home pay, where an undertaking letter has been obtained from the employer -

[a] to route the salary through our Bank till the loan is closed in full

or

[b] to deduct and remit the loan instalments to the Bank every month until closure of the loan in full.

ii) For salaried persons whose salary is routed through our Bank, but where no undertaking letter from employer is not available, the maximum loan amount shall be restricted to 6 times the take-home pay.

iii) In case of pensioners drawing pension through our Bank, the maximum loan amount shall be restricted to 6 months' pension.

iv) In case of individuals with income other than salary/pension, the maximum amount of the loan shall be 25% of the gross annual income.

4. Rate of Interest

15.25% p.a. w.e.f 11.08.2008

5. Security

Nil

6. Guarantee

Suitable Third Party guarantee to be obtained in all cases.

7. Repayment

Within a maximum period of 60 months in Equated Monthly instalments. Total deductions [including the deduction towards the proposed Loan ] not to exceed 50% of the take-home pay.

8. Service Charges

1.50% of the loan amount subject to a minimum of Rs.500/-

Corp Vidya - Education Loan

Eligibility Criteria:

Student Eligibility

v Student should be an Indian National.

v Should have completed previous qualifying examination.

v Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based Selection process.

v Person already in gainful employment are not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved institute.

Courses Eligible:

a. Studies in India

v Graduation Courses : BA, B.Com, B.Sc., etc

v Post Graduation Courses : Masters & Phd.

v Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

v Courses like ICWA, CA, CFA etc

v Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc

v Regular Degree/Diploma courses like Aeronautical pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the Course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.

v Courses offered in India by reputed foreign universities

v Evening courses of approved institutes.

v Nursing/Teachers training courses for periods of one year & above from recognized colleges/institutes leading to Diploma/Degree.

v Other Courses leading to diploma/degree etc. conducted by Colleges/universities approved by UGC/Govt /AICTE /AIBMS/ ICMR etc

v Courses offered by National Institutes and other reputed private institutions.

v Vocational Training and skill development study courses will not be covered under the model educational loan scheme, as the scheme is framed to provide Bank loans for higher studies

Courses Eligible

b. Studies abroad

Graduation : For job oriented professional/ technical courses offered by reputed universities
Post Graduation : MCA, MBA, MS etc
Courses conducted by CIMA - London, CPA in USA etc

c.Other conditions:

v The courses eligible for financial assistance under the scheme should be conducted by the colleges/ universities/ institutions which are either recognized by the government /affiliated to a university/deemed university or conducted by autonomous institutions like IIT, IIM etc or approved by AICTE /accredited to Department of Electronics, Government of India, courses offered by reputed universities/institutions abroad.

v Correspondence courses / computer part time /certificate courses are not eligible for finance under the scheme.

Expenses considered for loan

v Fee payable to college/school/hostel

v Examination/Library/Laboratory fee

v Purchase of books/equipments/instruments/ Uniforms

v Caution deposit*

v Travel expenses/ passage money for studies abroad

v Purchase of computers - essential for completion of the course

v Insurance premium for student borrower

v Any other expense required to complete the course - like study tours, project work, thesis etc.

* building fund/refundable deposit supported by Institution bills/ receipts stands deleted

Quantum of Finance

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:

Studies in India - Maximum upto Rs.10 lakhs
Studies in Abroad - Maximum upto Rs.20 lakhs

Margin

Upto Rs.4 lakhs - Nil
Above Rs.4 lakhs - Studies in India 5%
Studies abroad 15%

- Scholarships / assistantship to be included in margin
- Margin may be brought-in on year-to-year basis as and when disbursement are made on a pro-rata basis

Security

Upto Rs.4 lakhs : Co-obligation of parent/s. No other collateral Security

Above Rs.4 lakhs and upto Rs.7.50 lakhs : Co-obligation of parents together with collateral security in the form of suitable third party guarantee.

Above Rs.7.5 lacs : Co-obligation of parents together with tangible collateral security along with the assignment of future income of the student for payment of installments

Note:

v The loan documents should be executed by both the student and the parent/guardian as joint-borrower

v The security can be in the form of land/building/ Govt. securities/Public Sector Bonds/Units of UTI, NSC, KVP, life policy, gold, shares/mutual fund units/ debentures, bank deposit in the name of student/ parent/ guardian or any other third party with suitable margin.

v Wherever the land/building is already mortgaged, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount with prescribed margin of 35%

v In case the loan is given for purchase of computer, the computer has to be hypothecated to the Bank.


Rate of interest

With effect from 03rd February, 2009:

Upto Rs.4.00 Lakh: Applicable for fresh loans sanctioned/initially disbursed on or after 03.02.2009 - 12.50%

Above Rs. 4 Lakh & Upto Rs.7.50 Lakh: Applicable for fresh loans sanctioned/initially disbursed on or after 03.02.2009 - 13.50%

Above Rs.7.50 Lakh: a] Secured: New Loans disbursed on or after 03.02.2009-12.00%

b] Unsecured: New Loans disbursed on or after 03.02.2009-13.50%

Interest concession of 0.50% is to be extended for education loans availed by Girls students for pursuing studies in India as well as Abroad for fresh loans sanctioned/initially disbursed on or after 04.03.2009.

v Simple interest to be charged during the Repayment holiday/Moratorium period

v 1% interest concession may be provided for loanees if the interest is serviced as and when debited.

Appraisal / Sanction / Disbursement

v The loan to be sanctioned as per delegation of powers preferably by the Branch nearest to the place of domicile of parents

Repayment:

Repayment holiday/Moratorium : Course period + 1 year, or 6 months after getting the job, whichever is earlier

The loan has to be repaid within a maximum period of 10 years after completion of repayment holiday period.

Insurance:

The student borrower may be covered under the Banks insurance scheme Corp Suraksha.

Processing Charges:

No processing/upfront charges shall be collected on educational loan for studies in India. For studies abroad, processing charges @ 1% of total loan limit sanctioned may be collected for fresh loan. These charges are scheme specific & inclusive of applicable Service Tax.

" Wherever immovable property is offered as security, property valuation charges, legal opinion charges and insurance premium of immovable property will have to be borne by the applicant."

Other Conditions:

a. Multiple loans

In case of receipt of application for more than one loan for student borrower from a family, the family as a unit has to be taken into account for considering the loan and security taken in relation to the total loan limit sanctioned, subject to margin and repaying capacity of the parent/student.

b. Take over of loans from other Banks

Student should avail education loan from any one Bank/branch.Take over of education loan availed with other bank is not permitted.

Co-obligant

The co-obligant should be parent[s]/guardian of the student borrower. In case of married person, co-obligant can be either spouse or the parent[s]/parent-in-law

Disposal of application

Loan applications have to be disposed off within a period of 7 days of receipt of application complete in all respects

Corp Mobile -Vehicle Loan

The Bank's Vehicle Finance Scheme

'CorpMobile' gives you greater value, flexibility, convenience and affordability. Perhaps you have been postponing your needs to have a two wheeler/four wheeler for quite a long time. The CorpMobile loan scheme has been designed for people like you, who would like to move up in life without paying through the nose for it. CorpMobile offers you the easiest motor cycle/Car loans with absolutely no hassles. Isn't it time to get a motor cycle/car of your own?

1. Eligibility

Individuals [Professionals/Businessmen/ Salaried class and others] NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies, Trusts/ Institutions are eligible.

For two wheelers & three wheelers:

Applicants with minimum net annual income of Rs.0.50 lakh

For four wheelers:

Applicants with minimum net annual income of Rs.1.20 lakh

Income Proof:

Salary slip, IT Return, Balance sheet etc.

2. Purpose

For purchase of 2/3/4 wheelers/heavy road/waer transport vehicles/ for personal /transport/business/commercial purpose.

Loans for purchase of vehicles upto three years old from the date of first purchase of the four wheeler vehicle only may be considered.

3. Quantum of Loan (Maximum)

For 2 wheelers : Rs.1 lakh per vehicle

For 3 wheelers : Rs.2.00 lakh per vehicle

For 4 wheelers and heavy vehicles/water transport vehicles : Maximum Rs. 75 lakh per vehicle

4. Margin

15% of cost f the vehicle (cost of the vehicle is inclusive of Accessories/Registration/Road tax/Insurance charges) for new vehicles

25% of market value certified by the competent valuer, for second hand vehicle which have not completed 3 years from the date of first registration.

5. Rate of Interest

Applicable for fresh loans sanctioned/initially disbursed on or after 04.03.2009

Tenor upto 3 years 11.00%
Tenor above 3 years & upto 5 years 11.25%
Tenor above 5 years & upto 7 years 11.50%

6. Security

Hypothecation of the vehicle along with noting of Bank's lien in the Registration Certificate and Insurance Policy.

7. Guarantee

Not Mandatory. However, third party guarantee or any collateral securities may be stipulated, on case to case basis, by the Sanctioning Authority at his/her discretion and based on risk perception.

8. Repayment

In case of Individuals other than salaries class, the annual EMI in respect of installments/notional interest of existing & proposed loan together shall not exceed 50% of the net annual income.

In case of salaried class EMI in respect of installments/notional interest of existing & proposed loan together shall not exceed 50% of take home salary.

9. Service Charges

Two wheeler & three wheeler
0.50% of the loan amount sanctioned with a minimum of Rs.500/-.
Four wheeler
1.00% of the loan amount sanctioned with a minimum of Rs.1000/

COROPORATION BANK-HOME PLUS

In line with Government's relief package, the Bank has introduced Special Package Housing loan scheme “ Corp Home Plus”

Salient features of the Scheme are as under: :

a) The Scheme is under operation from 17.12.2008 to 30.06.2009.
b) The Scheme is applicable only for fresh loans sanctioned/disbursed on or after 17.12.2008.
c) Only loans, where first disbursement is made between the period from 17.12.2008 to 30.06.2009 are eligible.
d) Scheme is not applicable in case of housing loans taken over from other Banks/ other Financial Institutions, etc.,/ in the case of conversion of existing loans.
e) Maximum loan under the Scheme shall be Rs.20 lakhs.
f) Maximum repayment period under the Scheme shall be 20 years.

Margin: :

For loans upto & inclusive of Rs.5 lakhs . : 10%
For loans above Rs.5 lakhs & upto & inclusive of Rs.20 lakhs : 15%

Processing Charges :
Processing Charges are not to be levied.

Pre Payment Penalty :
Pre Payment Penalty is not to be charged.

Rate of Interest :

Loan upto & inclusive of Rs.5 lakhs, upto 20 years. 8.5%

Loan above Rs.5 lakhs & upto & inclusive of 9.25%
Rs.20 lakhs, upto 20 years

a) The rate of interest is fixed for first five years. However, during the period covered under the Scheme, if the Bank reduces rate of interest for Home Loans below the above rates, the benefit of the same will be passed on to the loans under this Scheme.

b) The rate of interest is subject to reset after 5 years ,at the discretion of the Bank.

c) The borrower will have an option to choose between Fixed OR Floating rate, after
five years, as may be offered by the Bank at that time.

d) No conversion charges shall be levied for conversion of account after 5 years.

1. Loan for Repair/Renovation/Extension shall not be considered under the scheme.
2. Loan under the scheme shall be only for acquiring the First House

Insurance Cover( Life) :

a) Loans under the Scheme shall , compulsorily be covered under our existing Corp
Jeevan Griha Raksha Insurance Scheme. Insurance premium shall be borne
by the Bank.

Please note that comprehensive insurance of the mortgaged House/Flat shall continue to be as per the extant guidelines at the borrowers’ cost.

Except for the salient features mentioned herein above, all other terms and conditions of our existing Housing Loan Scheme (Corp Home) shall be applicable for the loans sanctioned under this special package Scheme.

CORPORATION BANK-HOUSING LOAN

1. Eligibility
v Residents/NRIs holding Indian Passports conforming to normal borrower standards with independent & regular source of income

v Applicant/s should be in the age group of 18-50 years

v Where property is held in joint names, all the joint holders should join as co-applicants to the loan.

v Any one of the close relative may join as co-applicant in case applicant's income is not sufficient to service the loan.

v Spouse, father, mother, brother, son, daughter only are close relatives.

v Where property is owned by applicant's parents/spouse who do not have independent/regular income, they should join as co-applicant only irrespective of their age.

v If the applicant/co-applicant is in service, he should have 2 years of confirmed service.


2. Purpose

v For construction of house/flat, purchase of ready built house /flat.
v For repairs/renovation/extension/improvement of existing house/flat.
v For take-over of housing loans from other banks/institutions.

3. Loan Amount

Area Loan Amount Loan for site

Metro & Port Town Centers Rs.100 lacs Rs.30 lacs
Urban Centres Rs.50 lacs Rs.15 lacs
Semi Urban & Rural Centres Rs.25 lacs Rs.10 lacs

For Repair /Renovation/Extension/Improvement Rs.5 lacs

4. Margin & Repayment Period

Age of the house/flat Margin Repayment

Up to 10 years 20% 25 years

Above 10 years & upto 20 years 20% 20 years

Above 20 years & upto 30 years 25% 15 years

Repair/Renovation/Extension 20% 5 years

Repayment period should not exceed retirement date for salaried persons and 65 years of age for other than salaried persons.

5.Security

Mortgage of house/flat purchased out of Bank Finance

6. Guarantee

v Third party guarantee at the discretion of the sanctioning authority.

v Wherever third party guarantee is not obtained, co-obligation of spouse is
mandatory.

v However, ZO may permit waiver of co-obligation of spouse.

7. Rate of Interest with effect from 3rd February, 2009

Corp Home (Floating Rate) Up to Rs. 30 lakh*

TENOR Loans Disbursed Fresh Loans Sanctioned/
upto 02.02.2009 Disbursed on or after 4/3/2009


Up to 5 years 9.75% 9.25%
Above 5 years & upto
15 years 10.00% 9.50%
Above 15 years & upto
20 years 10.50% 10.00%
Above 20 years 10.50% 10.50%


*The above rates are applicable to all new Corp Home Loans with the limit and upto Rs. 30 Lakh.

Corp Home (Floating Rate) Above Rs.30 lakh:
Tenor Loans disbursed upto Fresh Loans Sanctioned/
02.02.2009 Disbursed on or after 3/2/2009

Upto 5 years 10.50% 10.00%
Above 5 years & upto
15 years 10.75% 10.25%
Above 15 years & upto
20 years 11.00% 10.75%
Above 20 years 11.00% 11.00%



Corp Home (Fixed Rate):

Loan Amount Loans disbursed upto Fresh Loans Sanctioned/
02.02.2009 Disbursed on or after 3/2/2009

Loan upto Rs. 30 lakh 12.00% 11.50%
Loan above Rs.30 lakh 12.50% 12.00%

Corp Home (Plus) Loans: Loans Disbursed upto Fresh Loans sanctioned/
Limit (Maximum Tenor 2/2/2009 Disbursed on or after 3.2.2009
20 Years)

Upto & Inclusive of
Rs.5 lakh 8.50% 8.50%
Above Rs.5 Lakh and
upto & inclusive
of Rs.20 Lakh 9.25% 9.25%



Notes:
v Additional rate of interest of 0.50% for loan for acquiring second/subsequent house for loans availed on or after 01.04.2007. This is not applicable for repair/renovation/construction upto first floor.

v Maximum tenor under Fixed rate loans restricted to 20 years for salaried class and 15 years for other category of borrowers.

v Housing loans under Fixed Rate of Interest is offered upto 20 years only. The rate of interest will be reset at the discretion of the Bank once in 5 years.

8. EMI & Eligible Income

In case of salaried class, where gross income is upto Rs.2 lakhs, EMI, including the installments/notional interest in respect of existing and proposed loan together should not exceed 40% of net income
In case of salaried class, where gross income is above Rs.2 lakhs, EMI, including installments/notional interest in respect of existing and proposed loan together should not exceed 50% of net income.
In case of other than salaried class, EMI, including installments/notional interest in respect of existing and proposed loan together should not exceed 50% of net annual income


v Regular & verifiable income only shall be considered
v Salary, Pension, Business income, Agricultural income etc., are eligible.
v In case pf seasonal income, Quarterly/Half yearly/Yearly installments may be fixed.
v Depreciation/cash accruals may also be added to net income.
v Future rental/projected income shall not be considered.

9. Processing Charges

Upto Rs.5 lakhs 0.50% of loan subject to min. Rs.1,000/- & max. Rs.2,500/-

Above Rs.5 lakhs & upto Rs.15 lakhs 0.50% of loan subject to min. Rs.2,500/- & max. Rs.7,500/-

Above Rs.15 lakhs & upto Rs.20 lakhs 0.50% of loan subject to min. Rs.7,500/- & max. Rs.10,000/-

Above Rs.20 lakhs 0.50% of loan subject to min. Rs.10,000/- & max. Rs.50,000/-

10. Pre Payment Penalty

Floating Rate Option 0.50% of amount prepaid in excess of 10 EMIs/2 Quarterly/1 Half Yearly/1 Yearly installments during the year OR pre closure of loan account.

v (No Penalty for loans sanctioned prior to 01.02.2005 )

Fixed Rate Option v No Penalty for prepayment after completion of 5 years

v No penalty for prepayment for amount not exceeding 10 EMIs/2 Quarterly/1 Half yearly/1 Yearly installments.

v Penalty at 1% on the entire amount prepaid, otherwise.

11. Conversion Charges

v From Floating to Fixed : 1% of the outstanding balance, inclusive of upto date interest as on the date of conversion.
v From Fixed to Floating : Not allowed
v Re-Scheduling of loan to lower tenor to get the benefit of lower rate of interest is not allowed under floating rate of interest option.

12. Loan for Site

v Where loan is availed for purchase of site & construction of house thereon, cost of site/land should not exceed 60% of project cost.
v In such cases, construction should commence within 12 months.
v Construction should be completed within 24 months.
v In case of default in construction of house, rate of interest to be charged to such loan is COBAR+0.50%+3%. (COBAR+Term Premium+ Spread)

13. Take Over of Loan

v Take over of housing loan availed with other banks/institutions/employer is permitted under the scheme.
v In principle clearance shall have to be obtained from Zonal Office.
v Repayment period should not exceed leftover repayment period of transferor bank & loan amount should not exceed 75% of market value.
v Age of the property should not exceed 10 years.

14. Second Loan for Enhancement

v Maximum of two loans may be permitted for purchase/construction/repair.
v Enhancement of loan may be permitted during pre EMI or post EMI period
v Loan for enhancement shall be treated as separate loan. However loan amount should be aggregated for computation of rate of interest.

15. For Repairs/Renovation/Extension

v Loan for repair/renovation/extension may be sanctioned.
v Second loan as for repair/renovation shall not be given within 12 months of availing first loan, if the age of the property is within 5 years.
v If the age of the property is more than 5 years, second loan may be permitted for repairs/renovation, within 12 months of availing first loan.
v Loan for repair/renovation shall be treated as an independent loan and shall not be aggregated for computation of interest rate.
v For loan upto Rs.1 lakh, EMG of house/flat may not be insisted upon. In such cases, the loan shall be fully secured by financial assets such as shares/debentures/units/LIC policies/deposits/NSCs, subject to maintaining prescribed margin against such securities.

16. Loan against Second Charge Pari Pasu Charge

v Loan against second charge/pari pasu charge may be considered on selective basis.
v In such cases, value of the property shall be not less than 150% of the total loans availed against such property.
v Such loans should be sanctioned by Zonal Office only.

17. Corp Flexi Loans

The Scheme is to facilitate the younger borrowers who are expecting income growth in the years to come, and would like to avail higher quantum of loan than the normal eligibility, may opt for housing loan under Corp Flexi option. Under the Scheme, installments will be flexible/progressive/step up, in tune with increase in income. (The Scheme is only for salaried class )

Option 1 v Loan amount will be 130% of the normal entitlement.
v First 5 years, EMI is based on present repayment capacity for normal loan entitlement (100%)
v Next 5 years, EMI will be normal for full loan (130%)
v Balance period, EMI will be for balance repayment period on the balance outstanding at the end of 10 year.

Option 2 v Loan amount will be based on present repayment capacity.
v First 5 years, EMI will be 70% of normal EMI
v Next 5 years, normal EMI.
v Balance period, EMI will be for balance repayment period on the balance outstanding at the end of 10 years.

Other condition v No relaxation is permitted from prescribed margin of 20%
v Certificate from employer regarding salary structure shall be obtained.

18. Disbursement
v Loan amount shall be directly remitted to the seller. No reimbursement of purchase price is permitted under the scheme.
v In case of flat/property under construction, loan shall be released in stages depending upon the progress of construction.

19. Insurance

v Property shall be covered under insurance under Reinstate value method.
v The cost of land, expenses incurred towards Stamp duty, registration - although forming part of the loan amount/value of the property - are to be excluded while arriving at the value of the property for insurance purpose.

20. Corp Griha Raksha

v Insurance of the borrower under Corp Griha Raksha may be considered at the option of the borrower. Premium amount may be added to loan amount.

21. Equated Monthly Installments for every Rs.1 lakh of loan for various repayment periods
Rate of 5 10 15 20 25
Interest years years years years years

8.5% 2052

9.0% 2076 1267 1014 900 839

9.25% 2088 1280 1029 916 857

9.5% 2100 1294 1044 932 874

9.75% 2112 1308 1060 949 891

10.0% 2125 1322 1075 965 909

10.25% 2137 1335 1090 982 926

10.5% 2150 1349 1105 998 944

10.75% 2162 1363 1121 1015 962

11.00 2174 1378 1137 1032 980

11.25 2187 1392 1152 1049 998

11.50 2199 1406 1168 1066 1017

11.75 2212 1420 1184 1084 1035

12.00 2225 1435 1200 1101 1053

12.25 2237 1449 1216 1119 1072

This information gathered from the banks web site.

CORPORATION BANK-MITRA

1. Eligibility

All the confirmed Employees/ Executives/ Officials of the LIC of India, LIC Housing Finance Ltd., LIC Mutual Funds and other insurance companies under public sector and their subsidiaries whose salary is routed through our Bank.

In the case of Agents of LIC - a minimum period of 5 years service and are receiving regular commission through the Bank.

The sanction of loan facility may be restricted upto the age of 65 years.

2. Purpose

To meet personal/ domestic expenses/ contingencies

3. Amt. of Finance

The maximum loan amount shall be

a) restricted to 12 months' gross emoluments in the form of Clean Demand Loan subject to EMI not exceeding 50% of takehome pay without quantitative restrictions.

b) restricted to 6 months gross emoluments in the form of clean Overdraft without quantitative restrictions.

Over Draft facility will be made available only to the employees of LIC of India, LIC Housing Finance Ltd., LIC Mutual Fund and New India Assurance Co Ltd.

In the case of Agents of LIC, the eligible Demand Loan / Overdraft limit is to be fixed at 60% of the average annual commission receipts during the immediate preceding 3 financial years with a maximum of Rs.1.50 lakh without any security and the balance with collaterals.

4. Nature of facility

Either as Demand Loan or Clean Overdraft limit

5. Rate of Interest

For Demand Loan /Overdraft - 13.75% w.e.f. 03.02.2009

6. Repayment

The Demand loan is repayable within a maximum period 60 months in Equated Monthly Installments. The Loan / OD to be repaid in full before the retirement of the employee subject to annual review

7. Securities

No securities insisted upon for the overdraft facilities to the Executives/Officials/Employees of LICI, LICHFL LICMFLand NIACL.

In the case of loans to the Agents of LIC exceeding Rs.1,50,000 the facility should be fully secured by collaterals like NSCs (with margin of 15% on face value) and/or LIC policies (with a margin of 10% on Surrender Value).

8. Guarantee

Third party guarantee is mandatory in the case of class-II, III and IV Employees of LIC and all insurance cos and Agents of LICI [ Guarantee of other employees of insurance cos. An employee/ agent can guarantee one loan]. A third party guarantee may also be obtained.

In case of loans sanctioned to LIC Agents, the loan shall be guaranteed by another LIC agent/LIC employee having reasonable level of income and networth.

9. Service Charge

NIL

CORPORATION BANK-IPO SCHEME

1. Purpose

To provide finance to general public to subscribe to IPO/Public Issues /Rights /ESOP of reputed Corporate / Corporates approved by the Bank from time to time.

2. Eligibility :

Individuals (such as salaried persons, professionals, businessmen, pensioners etc.) either individually in their own names or jointly with others, with sufficient income to service the loan.

3. Nature of facility
Demand Loan

4. Loan amount
Minimum Rs.0.20 lakh and Maximum Rs.10.00 lakh

5. Margin
50% of the value of shares subscribed (issue price + price)

6. Rate of Interest
12.25% with effect from 11.08.2008

7. Penal Interest
@ 2% over and above the applicable interest rate on the overdue portion or at rates as prescribed from time to time.

8. Repayment Holiday
NIL

9. Repayment period

(a) In the event of refund of application money
The loan account has to be closed immediately.

(b) In the event of allotment of share
Total loan amount along with interest shall be repayable in maximum 36
Equated Monthly Installments [EMI]

10. Security
Pledge of shares allotted

11. Service charges
0.50% of the loan amount subject to a minimum of Rs.500/-

12. Guarantee
Suitable third party guarantee

Please click here for list of implementing Branches identified under the Corp IPO scheme