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 loans can be obtained by any customer included in the list below -
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.
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.
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