The public sector lender, Corporation Bank, has set a target of disbursing loans worth Rs. 1850 crore to the retail customers during its three months long festive offer, in the Mumbai Circle. The retail segment loans include home and auto loans schemes.
On the matter, Mr. B.B. Tejappa, the Circle General Manager (Mumbai) of Corporation Bank said that the bank hopes to lend Rs. 1290 crore in its home loans portfolio, Rs. 500 crore in its auto loans portfolio, Rs. 30 crore as loans to traders and Rs. 20 crore as loans to doctors by the end of the festive offer in November.
He further added that the current fiscal year has been declared as the retail banking year by the bank and so it has increased its focus on the bank's retail businesses. In the festive season the bank is providing customers with interest rate rebates of 0.25 percent and waiver of charges like processing fees, pre payment penalty on home, auto and trader's loans.
It is reported that Corporation Bank gets about Rs. 75, 000 crore worth of business from its Mumbai Circle, which consists of Mumbai, Thane, Pune and Goa. Goa has earned the top spot in auto loans while Pune is at the second place in home loans segment.