As a customary festive offer practice, Mangalore based public lender, Corporation Bank has announced reduction in its retail loans for a three month period. In addition to it, the bank has also waived off the processing fees previously levied on these loans.
The bank has revised the rates in all three major retail loan segments - Home, Car, and Education. As per new scheme, car loans upto 5 years would be available at 11.25% while loans for upto 7 years would be available at 11.75%. Previously the bank charged 12% and 12.50% respectively
Rates on Corp Home Housing loans upto Rs. 50 lakh would be 10.50% (10.75%); while loans for upto Rs. 1 crore at 10.75% (11%) and for loans above Rs. 1 crore bank would charge 11% (11.25%).
The scheme will be active with effect from September 1 2012.
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