Corporation bank car loan india

Public sector Corporation Bank has entered into an agreement with Mangalore Refinery and Petrochemicals Limited (MRPL), an ONGC company, to provide a bouquet of financial services to MRPL customers across their fuel outlets.

According to an MoU signed today, Mangalore-based Corporation Bank can now set up ATMs at MRPL retail outlets across Karnataka and other southern states and provide banking facilities to customers on the move.

This would enable the bank to service a large number of customers without having to bring them into the bank premises, a bank press release said.

Earlier, the Centre had approved MRPL's plan to set up 500 retail outlets across the country. After the launch of high quality fuel (HiQ) outlet in Maddur on the Bangalore-Mysore Highway, HiQ outlets in Hubli and Mangalore will be commissioned in the current financial year.

More outlets will follow in different parts of Karnataka, Tamil Nadu and Andhra Pradesh in this phase, said Sanjay Grover, general manager (Retail Sales) of MRPL.

The next phase of operations will see HiQ outlets coming up in Goa, Maharashtra and Gujarat as well, apart from expansion of the network in the four southern states.

Corporation Bank has informed the stock exchange that normal functioning of the bank's branches might be affected on January 25 in view of the strike call given by the United Forum of Bank Unions (UFBU).

The UFBU has given a strike call throughout the country in support of their demands.

The bank, in a release, said a section of the bank's employees might take part in the proposed strike on January 25 if the strike materialises. "In view of this, it is likely that the normal functioning of the bank's branches may be affected," the bank said.

Corporation Bank informed the Bombay Stock Exchange on Tuesday that its total business had crossed Rs 83,000 crore in the ongoing financial year, growing at 22 per cent on year.

The bank's total deposit grew 24% to over 490 bln rupees and total credit grew 20 per cent to over Rs 34,000 crore. It's main retail loan business are: home loan, car loan, mutual funds, fixed deposits and many more such programmes.

The bank plans to open 100 domestic branches in calendar 2008, said. "In 2008 we are looking at another 100 (branches). I have already licenses (from Reserve Bank of India) for these 100," Chairman and Managing Director B Sambamurthy said on Wednesday. In calendar 2007, the bank has opened 71 new branches taking the total number to 949.

Faced with stiff competition from new generation private sector institutions, the public sector banks are increasingly looking towards specialists to man different positions right from the bottom of the pyramid.

The traditional recruitment method of filling the clerical positions through a common test for all graduates (generalists in banker's terminology) is unable to cater to the operational needs of many a bank, according to top officials.

"As per our feedback from different banks, it is clear that there are many deficiencies in the generalist staff such as poor understanding of a balance sheet, inefficient front-office management and non-friendly approach to customer service," a top official of Indian Institute of Banking and Finance (IIBF), Mumbai told Business Line over phone from Mumbai.

"We have been recruiting people with professional qualifications for better operational efficiency and customer satisfaction. The need of the hour is domain expertise," Mr B. Sambamurthy, Chairman and Managing Director, Corporation Bank, said.

If you are looking to buy a car you should begin with these tips.

1. You should purchase your new car at or around Christmas time because with everybody buying their Christmas presents, not many of them are looking to buy a new car, and it forces dealerships to up their sales strategies.

Salesmen are more willing to haggle down to your prices to close the deal.

2. Purchasing a car online is becoming a great way to get a new car. Just wait for good rebates and incentives online and shop around.

Print out your information from the best quotes and bring it to the dealer that you are most willing to work with.

Bringing in lower quotes from another company might be your best bet in getting a good deal.

3. You can also get a good deal from July to October because that is the time of year when dealerships are trying to get rid of their inventory to make way for the new models.

4. You should compare car loan rates if you are hoping to find new car prices, dealer incentives, and the best rebate offers.

This site is the first place that you should go for great advice on buying a car. It's even more informative than the Kelley Blue book. This program for buying new cars can literally save you thousands of dollars.

5. A good place to start when going into a dealership is to bring a copy of your credit score with you.

It can lower your interest rates on your car loan. Your car dealer should not know more about you than you do.

6. You can avoid a common scam that dealerships pull. You will often hear that your financing fell through and that you have to respond by paying more money on your loan.

Don't believe it. It's another reason for you to get a copy of your credit score.

7. Another common scam by dealership salesmen is for them to tell you that they have found you a lower rate, but that they want you to re-sign your loan papers.

Usually, that is a downright lie. Once they pull up your financing information, they have the upper hand if you don't know the details about your credit information.

8. Don't bring in a car for trade in if you still owe money on it.

The dealership rarely pays the rest of the loan on time which will result in you having to pay a great deal of late fees to the bank.

If you do decide to bring a car in that you owe money on, get it in writing from the dealership that they will pay the balance on the car within 10 days.

9. Sometimes a dealership may not have all of your options and must order the car directly from the dealership.

If this happens they will often ask you to pay 25000-50000 for a deposit on the car.

Try not to pay more than 25000 Rs and be sure to pay with a credit card because sometimes the dealership will tell you that there was a price increase on the vehicle and will want more money.

If you pay with a credit card you have room to dispute the amount being taken from you. If you pay by check, you can just consider the money gone.

10. You should never buy a car when you are in desperate need for one because a dealer will see that and take advantage.

Having an instant car loan is no longer a big deal with the arrival of internet savvy companies, where all paperwork is now being done electronically. There are so many companies and online lenders offering car loans to prospective buyers. It is for you to find your place where you fit according to your credit record, and select a company which offers you the best terms and a Compare car loan rate.

It really does not matter whether you have a good credit or bad credit or you are a first time borrower. Instant car loan is available for one and all. The difference is evident only in the different rates of interest applicable for different credit scores. Individuals with good credit scores above 680 can get low rates of interest and can demand convenient terms and conditions with flexible durations. On the other hand, individuals with low rankings have to pay high rates of interest.

Availing a car is no more remained flaunt of a particular class and status holder. It emerges as today's necessity of individuals' convenience through this conveyance. Some people without thinking much buy the cars they liked most and which cost them under dogs. However, there are some those who just fall a short of the required sum of money to buy the cars of their choices. To come up with flying colours, cash loans for car have proved to have supported financially to the individuals' in car demands.

To this cause, there are many lenders available in the money market. Owing to easy money making on offering Cash Loans for Car, a great influx of lenders has started joining in the financial market these days. Some of the time, some borrowers get struck to choosing the right lender due to presence of many lenders for the same cause. Different lenders with their respective policies and plans regarding the cash loans for car make borrowers a bit puzzled.

Evading from such situation, internet helps in finding right lender. Now, question arises here of the internet working. Since creating their own sites, lenders have started dispensing the cash loans for car online too. Borrowers just in a click get attached to innumerable creditors. For better selection, they select some of the lenders from the sites and go through their terms and conditions.

A cheap car loan rate is something that you should watch out for when you are shopping for a car. Purchasing a car can have a significant impact on your finances, so do not just impulsively rush to the dealer and sign a deal, before you think it through. You need to sit down and consider your financial situation, you need to figure out if you can actually afford a car that you like or compromise for another one that is friendlier on your pocket. You will then have to consider getting car loans, as most of us need to take out a loan in order to purchase a car.

Corporation Bank offering you best car loan rates this festival season. so just compare the rates and grab your loan today.

If you have bad credit history, you need not worry about buying a car, as many online lenders offer competitive rates for people with a poor credit profile. You may have to get a loan from a sub-prime lender, but consider it as a chance to set your credit records straight by making payments on time.

Corporation Bank has reported a net profit of Rs 161.3 crore for the quarter ended September an increase of 27% over the net prfoit of Rs 127 crore in the corresponding quarter last year.

The growth in profits comes on the back of a 17.5% jump in net interest income which rose to Rs 354.86 crore from Rs 301.7 crore last year. An 18.7% rise in total business to Rs 78,408 crore has helped the bank increase its total income 34% to Rs 1246.9 crore.

The Total Deposits of the Bank increased from Rs 38,017.40 crore as on 30th September 2006 to Rs 45,742.51 crore, recording a growth of 20.32%. The year-on-year growth in Advances was 16.64% from Rs.28,004.62 crore to Rs.32,665.67 crore as on 30th September.

In a novel approach aimed at beating the intense competition in the banking industry as well as a growing attrition rate, the Mangalore headquartered Corporation Bank has done away with the long established tradition of recruiting only graduates to the posts of bank clerks.

The thinking is that with powerful transaction engines like Core Banking Solutions firmly in place and with no tallying or any complex accounting practices really necessary, there is no need for graduates to man clerical posts at the counters. The mantra is for clerks not so much with banking skills, but with high grades in customer care and etiquette.

The Bank's decision to employ even under-graduates to the posts of clerks in its branches around the country - a 10+2 qualification is now sufficient to sit for Corporation Bank's clerical cadre entrance examination - also reflects the changing attitude among those seeking to get a bank clerk's job. As a banker said "no more are youngsters looking to be life long bankers, or for a career in banking, what they want is a lucrative job."

Financial Performance Quarter ended June 07:

For quarter ended June 07, bank recorded 15% increase in Net Interest Income to reach Rs 372 cr, on the back of the Interest income of Rs 1120 cr and Interest expenditure of Rs 748 cr. Other income registered a decline by 28% to Rs.119 cr. Operating expenses increased by 9% to Rs 107 cr and operating profit declined by 9% YoY to Rs.276 cr. However, PAT increased by 33% to Rs.177 cr due to lower provisions. Advances grew by 18% YoY to Rs.30351 cr and deposits grew by 27% to Rs.27%. Net Interest Margin (NIM) declined slightly to 3.01%.

Year ended Mar 07:

For the year ended Mar'07, bank recorded 12% increase in Net interest income to Rs 1378 cr, backed by 31% increase in interest earned at Rs 3430 cr and 47% increase in interest expended at Rs 2052 cr. Other income increased by 11% to Rs 640 cr, forming 16% of total income. Operating expenses increased by 8% to Rs 803 cr and operating profit by 15% to Rs.1214 cr. PAT before extraordinary income increased by 15.6% in line with operating profit, to Rs.536 cr. Net Interest Margins declined to 3.07% from 3.45% last year, due to significant increase in cost of deposits by 70bps to 5% from 4.3% during last year.

Future Plans:

Bank has plans to improve yield on advances and scale up its home loan portfolio. Bank is also looking for acquiring a bank in western or northern parts of the country along with OIC alliance partners i.e Indian Bank and OBC. Bank has already announced that it will join alliance of GE Money India, LIC Housing Finance and LIC MF to create a new credit card company that would leverage the strengths of each company.

Thousands of auto loan customers in the region are feeling defrauded by banks, which have not passed on the benefits of fall in interest rates.

Customers say though the current market rate of interest have come down to below 10 per cent for auto loans, but ICICI, Corporation Bank, HDFC and HSBC are still charging 14 or 15 per cent rate of interest from those who has taken loans three or four years ago.

The bankers say since the RBI or the government has not issued any instruction, so they are not bound to pass on the interest rate benefits to the customers, who had taken loans earlier. Further, unlike housing loan market, the auto loans are mostly given on fixed interest rate basis.

Mr R.K. Bajaj, Chief Manager, SBI, admitted that a number of customers, especially from private banks, were approaching them to take over their loans due to higher interest rate and exorbitant charges in case of default. He said," The SBI has reduced interest loans on cars up to 9.25 per cent for 3 years without any hidden costs. Further, in case of unknowingly default in repayment the bank will charge just Rs 50 unlike up to Rs 500 charged by some of the banks."

WITH the Indian market flooded with car models, gone are the days when buyers were forced to buy an Ambassador, a Fiat or a Maruti. Also gone are the days of saving for years for your dream car. It's a buyers market with an increasing number of financiers offering you the "best deal" in car finance. But the finance schemes, advertisements and brochures only make you more confused. Don't know where to find that best deal for you? Here's a primer.

t pays to check the schemes of various financiers and do a little research before you take a loan. Here's where to go for auto financing - institutions and companies offering car finance include nationalised banks like State Bank of India, Allahabad Bank, Bank of Baroda, Bank of Maharashtra, Corporation Bank and Punjab National Bank.

India's Corporation Bank reported a 4 per cent growth in fourth quarter net profit at Rs 47.28 crore compared with Rs 45.39 crore in the year-ago period. The rise in full-year profits of Rs 415.99 crore was sharper at 35 per cent over Rs 308.10 crore in 2001-02.

According to The Telegraph, Chairman and managing director K. Cherian Varghese said the bank's business stood at Rs 33,753 crore, up 13 per cent. The cost of deposits fell to 6.7 per cent in March 2003 from 7.6 per cent in the previous year.

Net advances increased 9.48 per cent to Rs 12029 crore. The volume of retail loans jumped from Rs 1550 crore on December 31, 2002, to Rs 2355 crore on March 31, 2003.