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There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Important documents to be submitted while applying for personal loans
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
Corporation Bank Limited is an Indian banking and financial services company headquartered in Mangalore. The bank has a network of 2,440 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country. Corporation Bank provides a wide range of banking products and financial services to retail and corporate customers.
Age limit: Minimum – 21, Maximum – 60
Maximum Loan Amount for Corporation Bank Personal Loan:
Corporation Bank provides loans to a maximum of Rs.3.5 Lakhs
In case of individuals with income other than salary/pension: Loan up to 25% of the gross annual income
Minimum Salary Requirement for Corporation Bank Personal Loan: Minimum net income required for Corporation Bank personal loan is Rs.25000 per month
Corporation Bank Personal Loan Tenure: Corporation Bank offers loans for a tenure with maximum of 60 months
Corporation Bank Personal Loan Interest Rate: The interest rate for Corporation Bank personal loan is 12.75% to 15%
Corporation Bank Personal Loan Charges
Loan processing charges: Up to 2.50% of the loan amount subject to a minimum of Rs.999/- plus taxes
Foreclosure charges: 1.50% of the loan amount subject to a minimum of Rs.500/-
Personal loan Application Process for Existing Customers
Existing customers can apply for a Corporation Bank Personal online or visit a nearby Corporation Bank branch for the application. You can also download the home loan application form from the Corporation Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for Corporation Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.
In case of any queries regarding Corporation Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through Corporation Bank Personal Loan Customer Care toll-free number 1800 425 3555
On the other hand, checking your credit score helps to rectify any negative points on your report as a bad credit score is grounds for loan rejection.
The Corporation Bank personal loan can be repaid in following three ways.
Standing Instruction (SI): If you are an existing account holder with Indian Overseas Bank(IOB), Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Corporation Bank account you specify.
Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Corporation Bank account at your nearest Corporation Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
Electronic Clearing Service (ECS): This mode can be used if you have a non-Corporation Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
To make life easy for customers and know exactly how much they need to pay every month customers can make use of the CreditMantri Personal 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 accordingly. CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to compare various personal loan offers and choose the loan best suited to your requirements. Using the Personal Loan EMI Calculator gives you a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
CreditMantri pre-screens your application and suggests the lender who suits your eligibility and is willing to lend to you. This increases the chances of approval rate and helps you get you the right loan and credit card much easier.
1. How do I increase my loan amount for Corporation Bank Personal Loan?
Corporation Bank allows top up on personal loan if you are eligible to the new loan amount and also having a good repayment history on the existing loan.
2. Is there any processing fee for Corporation Bank Personal Loan?
Yes, a processing fees of 1.50% of the loan amount subject to a minimum of Rs.500/-
3. What is the maximum loan limit for Corporation Bank Personal Loan?
The Maximum loan amount for Corporation Bank Personal Loan is Rs.3.5 lakhs
4. How to get Corporation Bank Personal Loan quickly?
Before applying for a personal loan, it is best to look into Corporation Bank Personal Loan eligibility check. All the information can be found in Corporation Bank website and CreditMantri website.
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