The Hindu Business Line : Corpn Bank, Honda Siel in pact

MANGALORE: Corporation Bank has signed a memorandum of agreement with Honda Siel Power Products Ltd to provide easy loans for purchasing Honda power generators.

With this agreement, loans up to Rs 50,000 will be available to individuals, including traders, having net annual income of Rs 1 lakh per annum, with 15 per cent margin money and interest rate of 13 per cent per annum for loans up to 36 months, for purchasing Honda Siel Power products under Corp Consumer Scheme.

Under Corp Meditech Scheme, any registered medical practitioner can procure loan up to Rs 50,000 with 10 per cent margin money and interest rate of 9.5 per cent up to three years' repayment period.

The General Manager of Corporation Bank, Mr M.D. Mallya, and the President and Chief Executive Officer of HSPPL, Mr K. Shimada, signed an MoU in this regard in Mangalore on Wednesday. Mr Cherian Varghese, Chairman and Managing Director of Corporation Bank, and Mr B.R. Bhat, Deputy General Manager of the bank, were present.

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