The public sector bank, Corporation Bank, has planned to sanction loans worth Rs. 7000 crore in its retail segment, as part of its festive season offering. With this move, the bank aims to grow its retail segment loans book.
Talking about the bank's aggressive move to expand retail business, the General Manager (Delhi Circle) of the bank, Ms. S.M. Swathi said, "The bank aims for total disbursement of Rs 7,000 crore pan-India, including Rs 1,000 crore in Delhi and NCR region, this festive season."
She further added that the bank is expected to achieve 40% to 48% growth in its retail segment, including home and car loans products, in the current year. On this, she said, "We have already achieved 24 per cent of growth in retail and expect to achieve 40-48 per cent this year."
The Mangalore based bank, is offering home loans at base rate and has waived off processing fee charges on these loans, for those who apply for home loans at "Home Loans Expo" at Gurgaon.
To accelerate growth in its SME segment, the bank has introduced innovative products such as the festival bonanza meant exclusively for SME customers, which is offering them loans with a rebate in interest rates of 50 basis points. Plus, the bank has also opened exclusive SME loan centers in 14 cities spread throughout the country.