Corporation Bank Business (Professional) Loans In India

On the name of the loan scheme "Corp Professional", the Corporation Bank offers Professional loans to the Professionals for acquiring Office premises for self occupation and Furniture and Fixtures required for the office premises purchased under the Scheme. The professionals might be practicing from any of the under mentioned areas:

Registered Medical Practitioners
Practicing Advocates
Chartered Accountants
Company Secretaries
Consulting Engineers and Architects

The professional must be individually / jointly or as a partnership firm, having an established practice with a minimum experience of three years, in the age group of 25 to 55 years. The applicant should be an Income Tax Assessee with a minimum annual gross income of Rs1.50 lakhs.

Quantum of the Loan

Up to Rs.20 lakhs in Metro, Rs.12 lakhs in Urban/Port-town, Rs.8 lakhs in Semi-urban and Rs.3 lakhs in Rural places. The maximum loan amount determined based on financial viability and income/ repayment capacity of the professional.

Margin on Loan

15% of purchase consideration [the agreement value inclusive of stamp duty/ registration] in case of purchase of ready built premises [age not more than 5 years]
25 % in case the premise is more than 5 years old.
40 % for furniture and fixtures.

For other details such as Rate Of Interest, Security, Guarantee, Repayment, Processing Charges of the professional loans offered by the corporation Bank, click on the link:
http://www.corpbank.com/asp/0100text.asp?presentID=58&headID=53