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Corporation Bank Car Loan

Apply Corporation Bank Car Loan

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Corporation Bank Car Loans

Most of us fancy owning a car that could be a symbol of pride. A car ultimately provides an ease of comfortable travel be it for a family vacation, commuting to office, hanging out with friends or a long road trip.

India has a robust automobile market that keeps on growing. People use different vehicles for different usages. From a period, where owning a car itself was difficult, we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from Corporation Bank can help you.

Introduction to Corporation Bank Car Loan

Individuals, businessmen, salaried and self-employed professionals, companies etc. can avail a car loan from Corporation bank. Being one of the leading banks in the country, you can get the best interest rates based on your credit profile. The borrower can pay back Corporation Bank through equated monthly instalments or EMI(s). Corporation Bank believes in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective.

Corporation Bank Car Loan Eligibility

The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.

Individuals who are salaried and self-employed professionals, companies, sole proprietorship, partnership firms, HUFs, companies, trusts, institutions etc.

If the borrower’s income is not sufficient, the income of the spouse or relative can be combined to get the loan.

Companies, firms, trusts can also get individuals as co-borrowers. Directors, partners, or trustees who are having regular income can be co-applicants.

Feature of Corporation Bank Car Loan

Purpose: To get funding for purchase of new and old cars. Old cars should not be older than 3 years from the date of registration.

Loan Amount: You can get up to INR 100 Lakhs for new vehicle on Corporation Bank car loan.

Tenure: The repayment period is up to 84 months.

Margin: 15% for new vehicles for loan amount up to 1 Crore and 20% for loans above 1 Crore and 40% for pre-owned vehicles

Security: The vehicle is considered as the collateral and in case of defaults, the car will be hypothecated.

Corporation Bank Car Loan Interest Rates and Other Charges

The interest rate on Corporation Bank car loan starts from 10% onwards.

Processing fees: 1% of the loan amount is charged as processing fee with applicable taxes subject to a minimum of INR 1000.

Late Payment Charges: 3% per month

Foreclosure Charges: NIL

Cheque Bounce Charges: INR 500 + ST

Documents required for Corporation Bank Car Loan

The following are the documents required for Corporation Bank car loan

  • Age proof
  • ID proof
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List
  • Aadhar card copy
  • Salary slips
  • Income tax returns for self-employed

The following documents are further required in case of pre-owned cars loans

  • Signature verification proof
  • Car Valuation report
  • RC copy in case of refinance
  • Insurance copy

Corporation Bank Car Loan Eligibility Check

The lenders make a hard enquiry on your credit report when you apply for the car loan directly at Corporation Bank. A hard enquiry can affect your credit score. It can be badly affected if the loan is rejected. To avoid this, you can login to CreditMantri website and check if you are eligible for a car loan. This can help prevent your credit score from getting affected.

How to apply for a car loan with Corporation Bank

It is simple and easy to apply for a car loan with Corporation bank. You can visit the nearby branch to apply for the car loan or apply online. Once you have applied online, you can contact the dealer to get the prices. Once your application is approved, the amount will be disbursed to the car dealer. You can also track your car loan application online and check the status.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Corporation Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and Corporation Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Corporation Bank Car Loan – FAQ

1. What is the maximum tenure for Corporation Bank car loan?

The maximum loan tenure is up to 84 months for new cars.

2. What is maximum loan amount for Corporation Bank car loan?

The borrower can get up to INR 100 Lakhs as car loan.

3. What type of cars do Corporation Bank provide car loans for?

Corporation Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail an Corporation Bank car loan?

Corporation Bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Corporation Bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Corporation Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.

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