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 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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    Corporation Bank Car Loan is Rated as "Excellent!" by 19 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 19 users

    Corporation Bank is a public sector banking company headquartered in Mangalore, India. At Corporation Bank, what motivates them is the passion to excel in banking by maintaining highest standards of service to their customers, backed by innovative products and services which makes them one of the leading Public Sector Banks in the country, catering to a wide range of customers - from individuals to corporate clients. Continue reading to view more details about this loan.


    You’re probably eligible for an Corporation Bank Car Loan if you are

    01
    02
    03
    04
    Corporation Bank Car Loan Minimum Age

    At least 21 years old

    Corporation Bank Car Loan Maximum Age

    Less than 70 years old

    Corporation Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Corporation Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Corporation Bank Car Loan amount eligibility is based on these factors

    01
    02
    03
    Corporation Bank Car Loan Minimum Salary

    Minimum income required
    Rs.1,20,000 per annum

    Corporation Bank Car Loan Maximum Loan to Value

    Loan capped @
    60% of the ex-showroom price

    Corporation Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Corporation Bank Car Loan amount by these steps

    01
    02
    Corporation Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Corporation Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Corporation Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Corporation Bank Car Loan Interest RatesUpdated on 20 Aug 2017

    Corporation Bank Car Loan Details
    Interest Rate 9% to 9.50%
    Loan Tenure 1 year to 7 years
    Processing Fees Nil
    Pre-closure Charges Nil

    Corporation Bank Overview

    Corporation Bank is one of the premier public sector banks operating in India. An early bird banking institution originating from the coastal district of Udupi, Karnataka, Corp Bank made a modest beginning in 1906 with an initial capital of ? 5,000.00. Led by Khan Bahadur Haji Abdulla Haji Kasim Saheb Bahadur, a group of philanthropists started this bank with a motive to provide accessible banking services in Udupi, a strategically important trading center in coastal Karnataka. Since then, it has grown leaps and bounds spreading its banking wings to large parts of the country.

    Apply for Car Loan Online

    This banking and financial institution was nationalised in 1980 and was only the second public sector bank to enter the capital market in 1997. With a mammoth network of over 9,300 branches reinforced by over 18,000 strong employees, Corp bank has been been serving customers with humility. Headquartered in Mangalore, Karnataka, the bank is listed on major bourses, BSE and NSE.

    Savings accounts, deposits, loans,insurance, investments, forex, remittance and other financial services are provided, catering to needs of personal, corporate & NRI customers. Corp bank has been a pioneer in many banking initiatives such as gold banking, M - Commerce, online approvals for educational loans and has more recently, taking technology to rural masses through low cost banking.

    About Corporation Bank Car Loan

    Corporation bank car loan offerings are much sought after in the market. Low interest rates paired with minimal miscellaneous fees and charges make it a preferred loan. Individuals, Professionals/ Businessmen/ Salaried class & Others, NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies/Trusts/Institutions are eligible to procure a loan.

    The car loan amount offered covers the ex-showroom(on road) price and includes registration charges, road tax, insurance and accesories. Loans also cover second hand cars that are not older than 3 years from the date of registration. In some cases, the loan agreement will be on hypothecation and requirement of a guarantor is at discretion of the bank.

    Corp bank car loan interest rate is floating and linked to the base rate.The floating component of the interest rate is revised time to time. The present base rate(floating component) is 10.25 % and the fixed component is 0.40 %. Therefore the blanket car loan interest rate is 10.25 + 0.40 = 10.65 %.( updated as of 01.01.2015)

    The car loan scheme offers loan amount up to 1 crore per vehicle. To be monetarily eligible to apply for a car loan with Corp bank, an applicant needs to have a minimum annual income of Rs. 1.2 lakhs per annum.

    Perfect Car Loan Deals for you

    Why choose Corporation Bank Car Loan?

    When it comes to scouting for a car loan, many of us prefer to apply with a nationalised bank due to the low interest rates and terms that are humble. Akin to the other public sector banking counterparts, Corp bank car loans are a popular amongst all economic classes of the society.

    You must choose a Corp bank car loan due to its low base interest rates, reasonable processing fees and zero prepayment charges.The repayment period is also considerably high at 84 months.

    If you’re someone who trusts public sector banks and believes in their offerings, Corporation bank car loans will not disappoint. The processing time can be protracted owing to rigorous checks and verification, but then the wait is worth as it helps you save money.

    Features of Corporation Bank Car Loan

    Income qualification is low

    Corp bank welcomes car loan applications from salaried and self employed individuals.Business concerns like partnership firms, companies, HUF’s, institutions and trusts are also eligible to apply. The minimum annual income is just Rs. 1,20,000 per annum, which makes loans from this bank, one of the most valuable and customer friendly.

    Flexibility of Co Application

    You can apply for a car loan along with co applicants to supplement repayment of loan. This adds weightage to the Corporation bank car loan application in terms of incomes of all applicants being considered to determine eligibility.

    If your annual income is low, you have the advantage of bringing a co applicant who would equally be liable, thereby giving bank more leverage to approve the loan.

    Upper cap on loan amount is high

    Corp bank finances up to 1 crore of the car price that includes registration charges, insurance and road taxes(ex showroom price). In addition, accessories are also financed under the loan scheme.

    Low interest rates

    The car loan interest rate is one of the lowest in the market. The interest percentage is linked to the base rate, which is fluctuating. The actual interest rate is 10.25(base rate) +0.40 for cars under 50 lakhs and +0.90 for cars costing above.

    So if your car’s ex showroom price including accessories is less than 50 lakhs, the interest charged is just 10.65 %. With a moderate repayment tenure, you’re likely to pay less interest charges when compared to other banks in the car loan market.

    Repayment Period

    Corp bank car loans give you ample time to pay the loan. The repayment tenure can be up to 84 months for both new and used car loans. That is a whopping 7 years. If you’re staring at a vast repayment period to balance expenses and family budget, this loan scheme helps.

    Loan Security

    Corp bank may ask for a guarantor to secure the loan amount at the time of processing the application. A guarantor is a person who guarantees loan repayment on behalf of the applicant, if he/she is unable to repay the loan in future.

    The car is hypothecated to the bank until all EMI’s are paid and the loan account is closed.

    “Zero” pre closure charges

    No pre closure charges levied. You are free to pay off the outstanding balance anytime and close the car loan account. So when you’ve surplus money, go ahead and pay off the loan to save money on interest.

    Service Charges

    Corp bank bills charges towards processing the car loan application. Details of this fee can be obtained from the bank representatives. You can also look out for promotions where service charges can be waived. Contact the bank for more information on this aspect of the car loan.

    Corporation Bank Car Loan Interest Rates

    The bank uses the MCLR (Marginal Cost Based Lending Rates) to index applicable car loan rates.

    Corporation Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.55%
    Rate of interest (up to Rs.50 lacs) 10.20% (MCLR + 0.65%)
    Rate of interest (More than Rs.50 lacs) 10.70% (MCLR + 1.15%)

    Note: The interest rate is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.

    Corporation Bank Car Loan Eligibility

    Nationalised banks go in depth at the time of verifying and processing car loan application. Corp bank has its own processing mechanism for car loans. Paperwork and documentation can be elongated. But then, if you’re on top of the criteria, the bank will not shy away from making a car loan offer at the earliest.

    Your application will be expected to meet the required criterion before being approved for a car loan. The bank may, on the basis on the eligibility, make a loan offer on lower terms.

    • Entry age of 21 years(minimum) up to 70 years.
    • Legitimate income in the form of salary or self employment.
    • Minimum annual income of at least ? 1,20,000.
    • Individuals, proprietors, partnership firms, agriculturists, trusts, societies, other legal entities like HUF, directors/employees of corporates are eligible to apply.
    • Good credit scores and no defaults in the past.

    Financial liabilities such as existing loans, credit card dues will have a say at the time of processing the loan application. Ensure you declare all forms of income and debts when you apply. Good credit score will better your chances of qualifying for a car loan with Corp bank.

    How to calculate EMI for Corporation Bank Car Loans?

    Corporation Bank Car Loan EMI Calculator helps you conveniently calculate Car Loan EMI’s and project future costs incurred on the loan which includes interest charges payable.

    Let us quickly tell you on how you can make use of this tool to get the best output.

    • Before we start, you should know the car loan amount, interest rate(%) and processing fee(%) to get the EMI value.
    • To begin with, use the sliders to freeze the “Loan Amount” and “Tenure” of the car loan. A summary is displayed at the end of it.
    • In the following set of fields after the sliders, type the interest rate and processing fee, both in percentage and click “Calculate”.

    The car loan EMI details along with other breakups are displayed.

    Corporation Bank Car Loan FAQs

    1. How do I check the approval status for a car loan application with Corp Bank?

      If you applied online, via bank’s portal, you will be provided with an application tracking number. You can call the customer support to know the status. If the application was submitted to a particular branch, the representatives there will be able to assist you further to obtain status.

    2. I would like to apply for a car loan with Corp bank. How do I get the application form?

      You can apply on the bank’s web portal. This application is directly sent to the centralised loan processing center.

    3. If you prefer applying offline, visit the nearest banking branch. You can obtain and submit the application to the front desk representatives.

    4. I would like to get a copy of my car loan statement online. How do I do that?

      Create a net banking account to access your car loan information online. If you do not have access, contact the base branch or the customer support.

    5. Are there charges if I decide to pre close my Corp bank car loan account ?

      Corporation bank does not charge for closing the car loan account before the end date. You are free to pay off the outstanding loan amount anytime.

    6. How do I contact Customer care for more details on Corporation Bank Car Loan?

      If you have any queries about the terms of car loans or need updated information before applying, our friendly customer Care helpdesk will be happy to answer all your queries at 91 44 6651800

    7. Can Corporation Bank customers check the status of their car loan applications online?

      Yes, Corporation Bank does offer the option of checking the car loan application status using net banking services.

    8. Where can customers procure the Corporation Bank car loan application form?

      The Corporation Bank car loan application form is available at any branch or on the bank’s website.

    9. Can Corporation Bank car loan customers make joint applications?

      Yes, joint applications for car loans can be done with a close relative or spouse. Joint applications can be made to have flexible repayment options.

    10. What is the processing fee levied by Corporation Bank under the Corp Vehicle loan scheme?

      The processing fees levied by Corporation Bank for car loans is 1% of the loan amount or a minimum of Rs. 1000.

    11. Does the customer’s credit score have an impact while determining the eligibility criteria for Corporation Bank car loans?

      Yes, Corporation Bank will approve car loans based on the CIBIL score and the repayment history of the customer.

    12. What are the mandatory documents that have to be furnished by car loan applicants as income proof to Corporation Bank?

      The income documents varies depending on the category of the applicant -

      • Salaried employees - Pay slips for the last three months/ IT Returns for the last three years.
      • Self-employed businessmen/professionals - Balance sheets for the last three years / Income Statements/ IT Returns
      • Agriculturists - Income Certificate from an authorised institution.
    13. Can individuals make online applications for Corporation Bank car loans?

      Yes, online application can be made by individuals on the Corporation Bank website. While applying online, the following details have to be furnished by customers - name, age, employment category, address, mobile number, PAN number, email address, gross monthly income, existing liabilities, scheme type, the preferred branch and any other source of income. A Corporation Bank branch official will contact the customer for further processing of the car loan.

    14. What is the maximum loan amount approved by Corporation Bank for borrowers?

      The maximum loan amount sanctioned by Corporation Bank for four-wheeler loan borrowers is Rs. 1, 00, 00,000 per vehicle.

    15. Do Corporation Bank car loan customers have to bring in a loan margin?

      A loan margin of 15% is required for four-wheeler loans up to an amount of Rs. 1 crore and 20% for loan amounts above Rs. 1 crore.

    16. Can the Corp Vehicle loan scheme be used to finance two-wheelers?

      Yes, the Corp Vehicle loan scheme can be used to finance two-wheelers, three-wheelers, four-wheelers, heavy vehicles and water transport vehicles purchased by borrowers for commercial or personal purposes.

    17. Who is eligible to avail a Corp Vehicle loan from Corporation Bank?

      Salaried individuals, professionals, business firms, NRIs, partnership firms, sole proprietorships companies, institutions, trusts and HUFs are eligible to procure a Corporation Bank car loan.

    18. Is it mandatory for co-borrowers to show an income when they apply for a Corporation Bank car loan?

      Yes, co-borrowers have to be in steady employment to meet the income eligibility criteria.

    19. What is the maximum loan tenure that can be chosen by Corporation Bank borrowers?

      As per the category of the applicant, the age of repayment varies for borrowers. Salaried employees and self-employed professionals have to repay the car loan within 84 months. The repayment period for a salaried applicant should not be beyond the retirement age. The repayment period for other types of borrowers cannot exceed 70 years, unless the co-borrower has an independent source of income to repay the loan.

    20. Does Corporation Bank extend a holiday or moratorium period for car loans that are approved?

      No, Corporation Bank does not offer a holiday or moratorium period for car loan borrowers.

    21. What is the rate of interest charged for a Corporation Bank car loan?

      The rate of interest charged is a floating interest rate depending on the current base rate of the bank. For loan amounts up to Rs. 50 lakhs, the interest rate is a total of the base rate plus 0.55% and for loan amounts above Rs. 50 lakhs, the interest rate is a total of the base rate plus 1.05%.

    22. Do Corporation Bank car loan borrowers have to give any security while procuring a car loan?

      The hypothecation of the new car that is being purchased by the borrower is the only security requirement from Corporation Bank.

    23. Do Corporation Bank borrowers have to submit any third party guarantee while taking a car loan?

      Yes, Corporation Bank requires a guarantor on a case-by case basis for new car loans.

    24. What types of costs are covered by the Corp Vehicle loan offered by Corporation Bank?

      The Corp Vehicle loan offered by Corporation Bank covers registration costs, accessories, insurance and other extra charges for new cars.

    25. Is insurance cover provided by Corporation Bank for car loan borrowers?

      No, Corporation Bank does not provide any kind of insurance cover for car loan borrowers.

    26. Does Corporation Bank offer pre-closure options for car loan customers?

      Corporation Bank car loan customers can easily pre-close their loan accounts without paying any prepayment penalty charges.

    27. Can new car loan customers make balance transfers from existing loan accounts to a new Corp Vehicle loan account?

      Yes, other bank auto loan borrowers can make convenient balance transfers to a new Corporation Bank car loan account.

    28. I would like to avail a top-up loan on my existing Corporation Bank car loan, whom should I approach?

      Corporation Bank car loan borrowers can contact any branch official for any details on the top-up loan facility.

    29. Does Corporation Bank conduct any type of verification while sanctioning a car loan?

      After the required documents have been got from the customer, Corporation Bank checks the eligibility, credit score and the necessary income requirements of the customer before sanctioning and disbursing the car loan.

    30. I would like to get refinancing for my private vehicle, whom should I approach?

      Corporation Bank customers can get in touch with any branch official for any details on the refinancing facility.

    31. Do Corporation Bank car loan borrowers have multiple methods to pay their monthly installments?

      Monthly installments for a Corporation Bank car loan can be repaid back through post-dated cheques, ECS and as direct debits from bank accounts.

    32. What are the documents that have to be submitted by applicants when they apply for a Corporation Bank car loan?

      • Address Proof/Age Proof - Voter’s ID/ SSC Certificate / Passport / Ration Card / PAN Card / Driving License
      • For loans above Rs. 25 lakhs - Net worth statements - Liabilities and Assets of the guarantor and the borrower, certified by a Chartered Accountant.
      • Two Passport Photographs of the Borrower, guarantor and co-borrower.
      • Pro-Forma Invoice from the car dealer
      • Body building cost of the vehicle - Quotation to be given
      • Bank account statements for the past six months
      • Non-Corporation Bank account holders have to compulsorily furnish the ECS mandate or post-dated cheques when the loan is sanctioned.
    33. What is the time taken by Corporation Bank to sanction a new car loan?

      The time taken to process and sanction a car loan by Corporation Bank varies based on the documentation and the verification or evaluation done by the bank.

    34. Based on what does Corporation Bank sanction car loans for new customers?

      Corporation Bank sanctions car loans based on the age, income, CIBIL score, eligibility criteria and the documents furnished by the customer.

    35. Does Corporation Bank provide customer care support for car loan borrowers?

      Yes, Corporation Bank car loan customers can contact the customer care helpdesk number at the head office at 0824 - 2427717 or use the city-wise numbers available on the website for any issues.

    36. What are the types of four-wheeler financed by the Corp Vehicle loan scheme?

      The Corp Vehicle loan scheme can be availed for financing all types of private cars, sedans, SUVs or luxury cars.

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