Money & Banking

Festival offer: Corp Bank cuts interest rate on home, vehicle loans

Our Bureau | Updated on October 06, 2011

Corporation Bank has launched ‘Grand Festival Offer’ on home loans, vehicle loans and personal loans. The offer will be for three months from October 1 to December 31.

A bank release said here on Thursday that there will be reduction in interest rate between 35 basis points and 100 basis points for different tenors of housing loans under floating and fixed rate options. Under the offer, there will be 50 per cent waiver of processing charges on all housing loans.

Added to this, there will be 60 per cent waiver of processing charges under the ‘Ghar Shobha’ scheme. This scheme is offered for repair, renovation, extension, improvement, and furnishing of house or flat.

The release said that there will be reduction in interest rate by 25 basis points on all vehicle loans with tenor up to three years. The rate of interest will be reduced from 12.25 per cent to 12 per cent under this offer.

For personal loans, where the salary of the customer is routed through the bank, there will be reduction of interest rate by 175 basis points. The interest will be reduced from 14.75 per cent to 13 per cent under the ‘Grand Festival Offer’, it added.

Published on September 29, 2011

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