If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Corporation Bank Car Loan Eligibility Calculator is Rated as "Excellent!" by 19 Users

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    Corporation Bank Car Loan Eligibility Calculator

    Corporation Bank Car Loan Overview

    The “Corp Vehicle Scheme” from Corporation Bank is an excellent auto financing scheme available to customers for purchasing two-wheelers, three-wheelers, four-wheelers, heavy motor and water transport vehicles. The new vehicle that is being financed by Corporation Bank can be used for private, business or for commercial purposes. Customers can get higher loan amounts of up to Rs 1 crore for four-wheelers and up to Rs 5 crores for heavy vehicles at affordable floating interest rates. The sanctioned or approved loan amount depends on the price of the new vehicle which would include the cost of accessories, road tax, registration and insurance charges. Borrowers can take tenures up to 84 months and if they intend to pre-close their car loans, the bank does not charge any additional penalty fee.


    Corporation Bank Car Loan Eligibility

    Corporation Bank car loans can be obtained by any customer included in the list below -

    • Salaried employees, self-employed businessmen or professionals, Non-resident Indians (NRIs), corporate firms and partnerships, trusts, Hindu Undivided Family (HUFs) and other institutions are eligible to apply for a Corporation Bank car loan.
    • Applicants need to show a minimum net annual income of Rs 1.20 lakhs to qualify for a four-wheeler loan from Corporation Bank.
    • Corporation Bank also mandates that the loan tenure does not cross the retirement age of a salaried borrower. For any other type of borrower, the repayment tenure should not exceed the age of 70.
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    Factors affecting Corporation Bank Car Loan Eligibility

    Here are a few common factors that might affect your eligibility while applying for a Corporation Bank car loan.

    CIBIL Score - This is a key factor which will help you get can a loan approval easily. Having a good credit score reflects your capability to repay debts, pay bills and manage your finances efficiently. Banks see this as a good pattern to easily lend loans. If a borrower shows inconsistency in payments and has overloaded himself with too many liabilities, banks might not consider him as a prospective customer, looking at his irregular payment patterns and low credit score. Always carry a good CIBIL score to ensure that you do not face any hassles when loans approvals are done.

    Employment History - Any applicant is expected to be employed in a steady manner with a regular source of income. An applicant’s past employment also plays a major part in improving the eligibility. Taking into consideration the type of profession applicants are involved in, banks expect them to have employment stability and the financial ability to repay a car loan.

    Age - The age of applicants always affect the eligibility criteria for a car loan. Corporation Bank mandates that the loan tenure should not exceed the retirement age of applicants. All repayments have to be done before the borrower retires. At the time of application, the customer is also required to meet a minimum age criteria to get the loan sanctioned.

    How do you increase your eligibility for a Corporation Bank Car Loan?

    • Salaried employees can make joint applications for a Corporation Bank car loan along with a close relative to improve the income eligibility criteria. The applicant and co-applicant should be in permanent employment with reputed organisations. To improve the income eligibility, applicants can also include their cash savings or depreciation, while making the application.
    • Corporate companies, trusts or firms applying for a Corporation Bank vehicle loan can improve their income eligibility criteria by adding partners, directors or trustees as co-applicants. The co-applicants are required to have a regular and independent income and will help increment the repayment capability additionally.
    • Another easy way to improve the eligibility criteria for a Corporation Bank vehicle loan is to repay all existing debts, before a new car loan is availed. The bank will quickly approve loans for applicants who have capably managed their debts and have not shown any irregularities with regards to payments.

    Corporation Bank Car Loan Eligibility Calculators

    A car loan eligibility calculator serves up as a useful guide in determining whether an applicant is eligible for a particular vehicle loan with a specific loan amount. Along with that calculators also help applicants understand the total cost of the loan with respect to EMI amounts and interest rates. Always check your eligibility for a car loan, before you make an application. This ensures that the bank does not consider this a criteria to reject a car loan. To check the eligibility criteria, customers need to just input a few details like loan tenure, loan amount, interest rate, monthly income, total number of monthly installments, etc. Car loan eligibility calculators let you know whether you are eligible, along with the loan amount you are eligible for and the related monthly installment amount you would be paying for a Corporation Bank car loan.

    Car Loan Reviews

    • Corporation Bank Car Loan
      "Great Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from Corporation Bank, documentation part is very easy and good. Based on my savings account , they had given very good offer for my car loan. Interest rate is 8.5%, It is low when compared with other banks, also they has disbursed my loan within 3 days.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 22, 2017
    • Corporation Bank Car Loan
      "Good facility from public sector bank"
      0.5 4.5/5 "Excellent!"
      Being the government organization I got good response from Corporation bank for the car loan when I approached them directly.Within 10 days the loan disbursed. After completing the loan NOC papers were sent on time. Door stop facility was given by the bank executive I just visited the bank only for the final process.
      Was this review helpful? 0
      , delhi
      Reviewed on Jul 01, 2016
    • Corporation Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      The lending rate for the Corporation bank was around 10.25%, also the loan amount got disbursed within eight days of time because of due to personal issues from my end only. Documentation procedures are simple with them and the processing charges were nil with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 28, 2016
    • Corporation Bank Car Loan
      "Very fast and smooth process"
      0.5 5.0/5 "Blown Away!"
      It was a pleasant surprise at Corporation bank for my car loan. I thought it would be a long process when I applied. But when I approached them, the process was completed in couple of hours. It was very easy paper work as well. I got a interest rate of 9.25% (floating) where my principal in reduced on a monthly basis. The processing charges was of 3500. Overall an excellent offer and experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2016
    • Corporation Bank Car Loan
      "smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from corporation bank. The overall process was very fine and smooth. Interest rate was nominal and it was around 10%. It was within a week I got my loan. I really got a very good support from the bank executives and this made the process easier.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 19, 2016
    • Corporation Bank Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I had a earlier experience with Corporation bank for a car loan. The process was good. I got the loan within one week. I am satisfied with the services of the bank. They were quite responsive too. The rate of interest was 10.4%. The processing charge was waived off.
      Was this review helpful? 0
      , karur
      Reviewed on Feb 16, 2016
    • Corporation Bank Car Loan
      "Pretty fast process..."
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Corporation bank. Since its Government sector but they did not every thing quickly. I got my loan amount within 3 working days. They were really good in process and we can get car loan easily, if we have a proper documents. Best thing is, charges are lesser.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 05, 2016
    • Corporation Bank Car Loan
      "Marginal rates"
      0.5 5.0/5 "Blown Away!"
      Corporation bank is very customer friendly towards the customer in the car loan application.The response provided was quite late. The interest rate applied was marginal rate and the charges applied were very nominal in this car loan.I will recommend about the service to others.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Nov 12, 2015
    • Corporation Bank Car Loan
      "Good bank employees "
      0.5 5.0/5 "Blown Away!"
      With in three days I got my car loan from CORPORATION bank. The bank branch manager was very good to me. I have taken it for the tenure of seven years which is for the loan amount 2.25 lakhs. Mr. Anil kumar prabu, is the manager but he transferred now.
      Was this review helpful? 0
      , kannur
      Reviewed on Nov 05, 2015
    • Corporation Bank Car Loan
      "Rate is less for me.."
      0.5 2.5/5 "Just OK"
      My account is in Corporation bank so I got flat rate of interest and that is very less otherwise it will be very difficult to avail a car loan. Customer service and response is amazing. For me the rate is 8% but to others it will be very high in Corporation bank. Service charge is not there.
      Was this review helpful? 1
      , jodhpur
      Reviewed on Nov 05, 2015
    • Corporation Bank Car Loan
      "Government banks are good..."
      0.5 3.0/5 "Satisfactory"
      Nationalized banks will be good for car loan as they have part payment option. Corporation bank has charged me around 3thousand and that was not told to me. According to me the deducted thing was hidden charge. Customer support is good and the interest rate is less so I took the loan.
      Was this review helpful? 0
      , faridabad
      Reviewed on Oct 23, 2015
    • Corporation Bank Car Loan
      "Best one"
      0.5 5.0/5 "Blown Away!"
      My showroom dealer has recommended me about CORPORATION bank for the car loan. Because they have tie up with this bank so recommended me to me. I have submitted the documents to the dealer itself. Rate of interest is 11% for my car loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 17, 2015
    • Corporation Bank Car Loan
      "Very excellent.."
      0.5 5.0/5 "Blown Away!"
      Have opted a car loan for the amount of 4.5lkhs and tenure is 60months. File charge is about 1200. From the time I submitted the file to the Corporation bank, within 2 to 3 days the loan got approved where they submitted the DD to the car dealer. No kind of hiccups and they done the process in a short time. Rate of interest was 10.4%.
      Was this review helpful? 1
      , meerut
      Reviewed on Aug 25, 2015
    • Corporation Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I have the car loan with the corporation bank and I got it as the offers which is best. The rate of interest is less than 9% and am happy with them. There is zero processing charges with them. Within 3 days of time I have got the loan and the services are nice.
      Was this review helpful? 0
      , shimoga
      Reviewed on Aug 25, 2015
    • Corporation Bank Car Loan
      "Good process"
      0.5 4.5/5 "Excellent!"
      Corporation bank car loan process was fine. I had applied for the loan by visiting the branch. After applying for the loan I had got the approval letter. Its an ongoing loan, I am left with 1.5 years. My dad was holding an account with the same bank based on which, they had offered this loan. No discounts was given . Overall it was good, its transparent no additional charges being charged its a Nationalized bank and I place my trust in this bank.
      Was this review helpful? 0
      , goa
      Reviewed on Jul 30, 2015
    • Corporation Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      As the dealer had a contract with Corporation bank, I did get the car loan from them. Interest rate is 10.85% with 1200 as processing charges. Overall I liked the services and everything was quite satisfactory as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 24, 2014
    • Corporation Bank Car Loan
      "Great"
      0.5 4.0/5 "Great!"
      I have taken a car loan from Corporation bank this month. I had a discussion with the bank multiple times and we were negotiating the rate of interest couple of times. They called me multiple times and they convinced me giving the suitable rate of interest. I met the manager of the bank personally and they did reduce the interest rate upto 10.65%. There was a slight delay in processing due to some holidays in between however they managed to disburse my loan within 15 to 17 days of time.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 20, 2014
    • Corporation Bank Car Loan
      "Excellent customer service!!!!!!!!"
      0.5 5.0/5 "Blown Away!"
      I do have one car loan from corporation bank.Response was very good. I submitted only few documents even then they disbursed my loan within the time frame. The interest rates are 10.45% least compared with other banks. They have been charged 750 as processing fees . I never called their customer care since I am having the branch nest to my home
      Was this review helpful? 0
      , pune
      Reviewed on Oct 11, 2014
    • Corporation Bank Car Loan
      "Excellent job"
      0.5 4.0/5 "Great!"
      I availed car loan from corporation bank and my experience towards the bank was quite good. I opted Corporation bank as it offered a loan at very low interest rate and as well as personally i know the bank manager. The processing of application was very faster, within 48 hours of time my loan got sanctioned. EMI charges are comparable with all other banks.
      Was this review helpful? 12
      , bangalore
      Reviewed on May 28, 2014
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