Corporation Bank expects to disburse about Rs 1,850 crore to the retail segment, including home and auto segments, in the Mumbai Circle as part of its three month festival offer.
“We hope to grow our home loan portfolio by Rs 1,290 crore and vehicle loan by Rs 500 crore. Further, we hope to disburse about Rs 30 crore to traders and about Rs 20 crore to doctors by November,” said B.B. Tejappa, Circle General Manager (Mumbai), Corporation Bank.
Within the Mumbai circle, Goa, is at the top when it comes to vehicle loans, while Pune takes the spot in the home loans segment. For Corporation Bank, about Rs 75,000 crore of business comes from the Mumbai circle, which comprises Mumbai, Thane, Pune and Goa.
“We have declared FY2013 as the retail banking year. Hence, we are focussing more on the retail segment,” said Tejappa.
The public sector bank has introduced retail loan schemes for the festival season by reducing interest rates by 0.25 to one per cent.
The processing fees and pre-payment penalty for loans on housing, vehicles and trade/business have been waived.