• Corporation Bank Professional Loan Scheme

    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 premise along with furnishing.

    Where is the purpose of Corp Professional Scheme from Corporation Bank?

    The Corp Professional Scheme Loan 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?

    1. Professionals can apply for this loan either individually or jointly as a partnership.
    2. The business needs to have at least 3 years minim practice.
    3. Applicant needs to be within the age group of 25-65 years
    4. The applicant should have an annual income of Rs. 1, 50, 000 and should be an Income Tax assesse.
    5. Applicant Should not have any statutory dues.
    6. 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 Which is dependent on the location and the centre

    What is the rate of interest on Corp Professional Scheme from Corporation Bank?

    The Corp Professional Scheme has a floating rate of interest. The interest rate is linked to the MCLR and is reset on an annual basis.

    What are the terms for Corp Professional Scheme from Corporation Bank?

    1. 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.
    2. The equitable mortgage of the premises should be fully secured the to loan.
    3. The fixtures and furniture will be under hypothecation of the bank
    4. Processing fee will be 0.75% of loan amount, subject to a minimum of Rs.5,000
    5. 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, Submit along with 2 passport sized photographs and other document required by the bank. And contact your nearest branch.

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