Request received - loud & clear!
Returning you to where you were...
Corporation Bank offers the Corp Vehicle Scheme to finance brand new as well as second-hand cars at interest rates between 8.85% p.a. to 10% p.a. You can borrow up to Rs.1 crore for a maximum period of 7 years under this scheme. The bank does not levy any pre-closure or prepayment charges and charges a nominal processing fee equal to 1% of the loan amount.
Features | New car loan/Used car loan |
---|---|
Interest Rate |
|
Maximum loan amount |
Rs.1 crore |
Loan tenure |
Up to 7 years |
Processing fees |
1% of the loan amount* |
EMI per lakh |
Rs.2,100 (for 9.5% p.a. interest rate for a 5-year tenure) |
*No processing charges in 2019 from 1 June 2019 up to 30 September 2019 under the Monsoon offer.
Pre-closure charges |
Nil |
Prepayment charges |
Nil |
Documentation charges |
0.1% of the limit |
Given below are a few of the many factors that decide the interest rate levied on your car loan by Corporation Bank:
For new car loans, the loan amount you choose can include registration charges, road tax, accessories, body-building charges, insurance costs, etc.
Second-hand cars less than 3 years old can be financed under Corporation Bank’s Corp Vehicle Scheme.
Yes, the bank has given a 15% margin for loan amounts below Rs.1 crore, a 20% margin for loan amounts above Rs.1 crore, and a 40% margin for second-hand car loans.
The car being financed will act as security under the Corp Vehicle Scheme. Hypothecation of the car is necessary.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Gain an edge by connecting with us via email. We promise never to spam you.
Request received - loud & clear!
Returning you to where you were...
Psst... We'll ensure you're the very first to know the moment rates change.
We'll email you immediately! You snooze, you lose.