According to Mr. Narendra Singh, Executive Director, Corporation Bank launched three products — Corp Shubha Vivah (loan scheme to meet expenses related to marriage), Corp Ghar Shobha (loan scheme for house renovation or extension or furnishing) and Corp SB Smile (flexi savings deposit scheme for micro traders).
Corp Shubha Vivah meets the entire expenses related to marriage. The loan can be repaid in five to seven years and is priced at an interest rate of 12 per cent (4.25 per cent above the base rate).
Individuals in the age group of 25-65 years are eligible for this loan. Under the scheme, individuals can opt for minimum of Rs 1 lakh and a maximum of Rs 10 lakh.
He said that Corp Ghar Shobha offers a complete housing solution to meet the cost of repairs, renovation, extension, improvement or furnishing of flat or house. It even takes care of consumer durables and a maximum loan of Rs 10 lakh can be availed at metro centres under this scheme. The product is priced at 10 per cent interest rate.
Mr Singh said that a micro trader, such as a street vendor or hawker, can opt for ‘Corp SB Smile' with an initial deposit of Rs 200. When the balance touches Rs 6,000 the system would automatically transfer in units of Rs 1,000 to fixed deposits leaving a minimum balance of Rs 5,000 in the SB account, he said.
Speaking on the occasion, Mr Asit Pal, Executive Director of the bank, said that the new products being launched are designed keeping in mind the specific needs of target segments.
‘Corp Shubha Vivah' is an attempt to mitigate the financial burden faced by parents at the time of marriage of their children and repay the loan over a period of time, he added.
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