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.