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Corporation Bank Personal Loan

Apply Corporation Bank Personal Loan

Processing Fee

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Max Tenure

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Best Rate

13.75%

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Corporation Bank Personal Loans

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.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Corporation Bank Personal Loans

Corporation Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Corporation Bank.

Apply Corporation Bank Personal Loan

Advantages of Corporation Bank

  • Low interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement

Documentation Required for Corporation Bank Personal Loans

Important documents to be submitted while applying for personal loans with Corporation Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Corporation Bank Personal Loans

Catering to the needs of various sections of people, tailor-made Corporation Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Features of Corporation Bank Personal Loan

Key Highlights

Eligibility CriteriaSalaried/Self-Employed
AgeAbove 21 years
Loan TenureUp to 60 months
Loan AmountUp to 3,50,000
Interest Rate13.75%

Motive:

The aim of the Corporation Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.

No Collateral Required:

As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Corporation Bank personal loan. However, suitable co-applicant/ third-party guarantee is acceptable.

Loan Amount:

You can get loan up to INR 3,50,000. For pensioners, 10 months’ net pension

Loan Tenure:

Up to 5 years

Prepayment Charges:

No prepayment charges are levied on Corporation Bank personal loan.

Convenient Borrowing:

You can apply online or visit nearby Corporation Bank branches.

Eligibility Criteria:

To avail the personal loans from Corporation Bank, you need to have the following eligibility criteria.

  • You should be 21 years old or above
  • Steady income
  • Salary slip of last 3 months
  • Proper Address Proof and Identity proof
  • Pensioners and employees drawing through bank

Interest Rate and Other Charges on Corporation Bank Personal Loans

  • The interest rate is 13.75%, but it is subject to change from time to time.
  • Processing fee is 1.50% of the loan amount.

EMI Payment Methods

Your Corporation Bank personal loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Corporation Bank, 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.

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.

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.

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.

Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

No Security is Needed

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing fee for Corporation Bank personal loan is 1.50% of the loan amount. Processing fees have to be paid upfront.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does Corporation Bank Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

Corporation Bank offers personal loans at the cheapest rates of interest, with no security or collateral

Corporation Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an Corporation Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

9.How can I apply for the Corporation Bank personal loan?

You can either apply online or visit the nearest Corporation Bank loan centre for a personal loan.

10. Will there be any charges for prepayment towards my Corporation Bank personal loan?

There are no prepayment charges on Corporation Bank personal loan.

Corporation Bank Personal Loans Summary

Corporation Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Corporation Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Corporation Bank personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (33 Reviews)
18 Jan 2018

VERY GOOD

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