Corporation Bank is planning to provide housing and vehicle loans at 10.25% for certain slabs, which is bank’s base lending rate. This monsoon bumper offer is effective from June 1, 2013 to September 30. As per the new offer, the bank will offer housing loans up to Rs 50 lakh at a floating rate of 10.25%, while loans above Rs 50 lakh at 10.50%.
Public sector lender will not charge any processing charges or pre-payment penalty. The interest on vehicle loans of up to Rs 5 lakh would be 10.45% and for loans above Rs 5 lakh and below Rs 10 lakh, 10.40%. Vehicle loans above Rs 10 lakh would be offered at an interest rate of 10.25%. With this initiative bank aims to achieve a fresh business of about Rs 4,000 crore during the monsoon bumper offer period.
