This is a loan product brought to you by Corporation Bank, specifically designed to provide finance in order to purchase and office premises or construct an office premises along with furnishing.
Where is the purpose of Corp Professional Scheme from Corporation Bank?
The Corp Professional Scheme Loan amount is meant for the purchase or construction of office premises, along with furnishing these premises.
What is the eligibility criteria for Corp Professional Scheme from Corporation Bank?
In order to be able to apply for this loan, the applicant needs to be match these criteria
Professionals can apply for this loan either individually or jointly as a partnership.
The business needs to have at least 3 years minim practice.
Applicant needs to be within the age group of 25-65 years
The applicant should have an annual income of Rs. 1, 50, 000 and should be an Income Tax assesse.
Should not have any statutory dues.
Spouse can be a joint applicant if they have a separate income
What are the types of financing available?
This loan will be considered in the form of a Term Loan
What is the maximum amount of loan I can avail?
The maximum loan amount is Rs. 100 lakhs dependant on the location and the centre
What is the rate of interest on Corp Professional Scheme from Corporation Bank?
The Corp Professional Loan Scheme interest rate is a floating rate based, the base rate of interest will be 9.65% per annum effective from 8th October 2015. The rate for this loan scheme is the Base Rate + 2.25% making the interest rate 11.9%.
What are the terms for Corp Professional Scheme from Corporation Bank?
As a part of the loan terms a margin of 40% is charged by the bank on furnishings and a 35% charges on purchase or construction of the premises.
The equitable mortgage of the premises should be fully securing the to loan.
The fixtures and furniture will be under hypothecation of the bank
0.75% of loan amount, subject to a minimum of Rs.5000/- will be charged as processing fees.
The tenure of the loan is a maximum of 10 years which includes a 12 months repayment holiday
How do I apply for this loan?
Fill in the application form which is available on the website of the bank, along with 2 passport sized photographs and attached all other document required by the bank. And contact your nearest branch.