Corporation Bank

About Corporation Bank

Today, it has established a rich legacy, which is evident in its pan-Indian presence.

Corporation Bank financial services extends across 8000 functional units comprising 2200 branches, 1800+ ATMs, and 3000 branchless banking units as of January 2015. The bank has a commendable financial performance to its credit till date, and it has successfully partaken in national building by empowering the rural and urban population alike. Nationalized in 1980, Corporation Bank prides itself in being the forerunner when it came to evolving and adapting to the reforms of the financial sector. It also became the Second Public Sector Bank in the country in 1997 to enter capital market. In fact, Corporation Bank banking services has several firsts to its credit – Cash Management Services, Gold Banking, m-Commerce, Online approvals for Educational Loans, 100% CBS Compliance, and more recently, it has also played a pioneering role in taking the technology to the rural population in remotest villages through low-cost branchless banking- Business Correspondent model. These steps symbolize the bank’s infallible dedication to its customers to provide convenience banking. The bank is motivated by its passion to maintain the highest standards of service to its customers, backed by innovative products and services. it is due to the sincere endeavours put in at every step that Corporation Bank is today one of the leading Public Sector Banks in India, catering to a wide spectrum of customers, from individuals to corporate clients.

Vision and Mission

The vision of Corporation Bank is to emerge as a model for inclusive growth and innovative banking services. Its corporate mission is to expand the reach in order to meet the financial needs of people and to offer a wide range of banking services along with innovative products. It aims to adopt the latest technology to ensure a superior banking experience. The Bank also stresses on the creation of a rewarding environment for all stakeholders. It also emphasizes strongly on transparent and ethical practices, and seeks to be a model organization for the same.

Corporation Bank Loans:

1. Corporation Bank Home Loan: Corporation Bank Home Loan eligibility lays down that individual between 18 and 65 years of age, with an independent and regular source of income, can apply for the loan. The maximum loan amount varies, depending on the location of the property, i.e. whether it is in any of the metro centres, port towns and urban centres, semi urban centres, or rural centres. For example, the maximum loan amount for metro centres is Rs. 500 lakh, while that for site is Rs. 100 lakh. On the other hand, for rural centres, the maximum loan amount is Rs. 25 lakh, and that for site is Rs. 10 lakh. However, where loan is availed for purchase of site and construction of house thereon, the cost of site/land will not exceed 60% of the project cost. The Home Loan from Corporation Bank is repayable in maximum of 30 years including moratorium of maximum 18 months. The repayment period will depend on the age of the applicant, and the age and type of property. It will not exceed the retirement age for salaried class and 70 years of age for non-salaried borrowers. 

1. Corporation Bank Personal Loan: Personal Loan from Corporation Bank may be availed to meet genuine personal expenses. Under this category, permanent employees of Central/State Government offices, profit-making Public Sector Undertakings, Public Limited Companies, Schools, Colleges, Universities, Research Institutions, Pensioners drawing pension through the Bank and individuals with income other than salary/pension are eligible to apply for this loan. Corporation Bank Personal Loan eligibility allows permanent employees of reputed Private Companies/Firms, employees whose salary is routed through the branch, or pensioners drawing pension through the branch, to also apply for this loan. The minimum loan amount is Rs. 0.10 lakh, while the maximum amount is Rs. Rs. 2.50 lakh. For borrowers with income source other than salary/pension, the quantum of loan is up to 25% of the gross annual income. The repayment period for salaried class is 36 months, and that for the non-salaried class is 60 months. 

1. Corporation Bank Business Loan : The Corp Vyapar Scheme serves the purpose of providing short term working capital facilities. Any individual/sole proprietorship/partnership firm/HUF/Joint Stock Company or any other entity engaged in trading/business activity either on retail or wholesale basis for a period of 1 year prior to seeking sanction of loan meets the eligibility criteria. Corporation Bank Business Loan advantage is that it is also offered to units engaged in manufacturing/processing/SSI units/Commission agents/Contractors, provided stock is available/held by them for hypothecation. The minimum loan amount is Rs. 2 lakh, while the maximum amount is Rs. 500 lakh in metro cities. In port towns and urban centres, it is Rs. 200 lakh, in semi-urban centres, Rs. 100 lakh, while in rural centres, it is Rs. 30 lakh. 

Corporation Bank Loan against Property : The purpose of this loan is to meet personal expenses like marriage, medical expenses, business requirements, etc. Individuals belonging to the age bracket of 18-65 years owning residential/commercial property/industrial property, land and/or building can apply for this loan. Under the scheme of the Bank, close relatives may join as co applicant(s) to supplement repayment capacity. However, a maximum of only 2 co-applicants are permissible. Corporation Bank loan details state that the term loan is repayable within the repayment period of 7 to 10 years. The repayment period shall not exceed the retirement age of the applicant in case of salaried class and 70 years of age for non-salaried borrowers.