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Corporation Bank offers loans to their customers to purchase new cars or used cars. A loan amount of up to Rs.1 crore can availed by eligible customers. The loan also comes with various features for the benefit of the borrower. The repayment tenure ranges between 3 years to 7 years based on the type of vehicle purchased. Customers can also avail up to 85% of the vehicle cost as loan amount.
About Corporation Bank Car Loan Eligibility
It is important to understand the eligibility criteria for a car loan from Corporation Bank to make sure that there is no rejection. Rejection of your loan application could have adverse effects on your future loan applications. The car loan from Corporation Bank is called ‘Corp Vehicle Scheme’. It comes with the following features:
The basic documents required to be submitted along with the application are:
Apart from the above basic documents, the bank may require the following documents based on the applicants’ employment status:
For Salaried Individuals:
For Self-Employed Individuals/Sole Proprietorships:
For Self-employed Professionals:
Many factors affect the eligibility of a car loan.
Credit score – The applicant’s credit score is taken into consideration very strongly by the bank. This is an indication of the applicant’s financial standing. Higher the credit score, higher the chances of approvals. A higher credit score can also fetch you better interest rate and higher amount on your loans.
Age of the applicant – The general age eligibility for a car loan is 18 years and the maximum age eligibility is only up to 70 years. A younger applicant has more earning years left and hence wouldn’t face difficulties in repaying the loan. Hence, the younger the applicant, longer the earning years left. This assures the Banks against the loans turning bad.
Salary of the applicant – All banks have a threshold income eligibility limit. This limit indicates the repayment capability of the applicant and hence banks give greater importance to this factor. Applicants can include their spouse’s income or any other family member’s income to increase their eligibility.
Existing Loans – Banks check for any other loans or liabilities bearing on the applicant. This helps the banks to calculate the debt-to-income ratio, which is a major point in the loan process. Pre-existing loans mean decreased cash flow which may cause trouble in repaying this car loan. Hence, pre-existing loans are a deciding factor in your loan application.
Customers can follow these simple precautions while planning their financials to helps them to secure a desirable car loan. As much as it is important to secure a car loan, it is also important to get a loan that has favourable interest rates and repayment terms.
Repay existing debts: Make sure that you repay all your loans or debts on time. This automatically increases your eligibility for a car loan. A healthy repayment history and a good debt-to-income ratio helps applicants in securing a car loan with attractive interest rates and other conditions.
Add Co-applicants – If you have another earning member in the family, add them as co-applicants. This can be any family member like spouse, father, mother, siblings. Higher income assures the bank of prompt loan repayment resulting in quicker loan approvals.
Improve your credit score – Check your credit score. If it is not great, take immediate steps to improve it. Improving your credit score is a big step and can go a long way with the bank. Have a clean repayment history on all your debts, credit cards and any other liabilities. Maintain a healthy revolving credit with your credit card to increase your credit score. Make timely payments on all the dues. If possible, close any debts or loans, which will give a higher approval rate for your future loans.
1. What is the interest rate offered on car loans by Corporation Bank?
Corporation Bank offers an interest rate of 8.85% to 10.00% p.a. on their car loans. This interest rate is case specific and is determined by various factors like the applicant’s salary, age, loan amount, etc.
2. Is it possible to negotiate the rate of interest with the bank?
Yes, it is always possible to negotiate the terms and conditions of your loan with the bank. They are open to it. Depending on your eligibility criteria you can talk to the bank for a better interest rate or waiver of processing fees etc.
3. How can I improve my credit score?
Having a healthy credit score is important to secure any kind of loan and it is simple to improve your credit score. Have a clean repayment history on all your debts, credit cards and any other liabilities. Maintain a healthy revolving credit with your credit card to increase your credit score. Make timely payments on all the dues and if possible pre-close existing loans
4. What are EMIs?
Equated Monthly Instalments is the regular instalment amount you pay back to the bank towards your loan. EMIs offer an affordable financial solution to buy a car by breaking down the repayments in smaller amounts and spread across a certain tenure
5. What are the reasons my loan application might get rejected?
The banks may reject your car loan application for any one of the following reasons:
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