Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Corporation Bank Personal Loan Eligibility

    Corporation Bank offers personal loans to those who have genuine expenses and do not have the finances to deal with. The loan could be used to finance a wedding, to take a vacation and for meeting medical emergencies. It provides personal loans to salaried class, pensioners and other individuals who have regular dealings with the banks. They are offered loan up to Rs.2 lakhs depending on the applicant personal loan eligibility, income and repayment capacity. A suitable co-applicant or a third party guarantee is to be provided.

    Corporation Bank Personal Loan Eligibility

    The basic eligibility for an individual to avail a Corporation Bank personal loan are as follows:

    Profile: Applicant must be a resident and a salaried individual whose salary is routed through the bank or a pensioner drawing pension through the bank or other than salaried class who have regular dealings with the branch.

    Age: Applicant must be at least 21 years old but not more than 58 years of age.

    Income: The salaried individual must have regular income.

    Factors affecting Corporation Bank Personal Loan Eligibility

    Banks give loans to those who are capable of repaying it and who do not default on making the payments. Some other factors that affect an applicant’s eligibility are:

    • Residence: Applicants living in metro cities get personal loans easily. Those who have their own home are given the first preference because they won’t have an additional financial burden of paying the rent and will have a higher disposable income.
    • Income: The level of income indicates how much EMI one can afford to pay. This affects the total loan amount that will be sanctioned to you. If your income is higher, you can get a personal loan for a higher amount.
    • Age:If you are too young, the chances of you shifting jobs are higher and the banks do not prefer to offer loans to younger salaried individuals. The banks usually prefer to give loans to those who have stability in their work life.
    • Employment status:An applicant who has stayed in a company for a longer period will get higher preference. It shows stability in his income flow. The bank is assured that the applicant has constant cash flow to pay the EMIs.
    • Other loans taken: If the applicant already has other EMIs to pay, the Corporation Bank may not sanction the personal loan and burden the applicant with multiple EMIs unless he has a higher range of income.

    How CIBIL score affects your Corporation Bank Personal Loan Eligibility?

    When you apply for a personal loan at Corporation Bank, the bank’s first steps is to check your CIBIL score. If the applicants CIBIL score is above the ideal range, then the bank will look into his credit report to check his past loan and credit history, to check how the applicant has paid his credit in past and if he has defaulted in paying any credit or EMIs.

    The bank also looks for the information of settlement of loans if the applicant has settled any loan in the past due to any unforeseen and unavoidable situations, though it may look like a good deal for you at the moment, the banks look at it in a negative way as then they cannot be sure that you will repay the loan.

    The banks also look into the various type of credit you have taken over the years. If you have taken unsecured credit and no secured credit, the banks may be cautious towards you as then they will not know if you have any collateral and have built any asset to ensure that the loan is repaid.

    How to increase Corporation Bank Personal Loan Eligibility?

    You can do the following to increase Corporation Bank personal loan eligibility:

    • Maintain a good credit history:You can maintain a good credit history by paying all your EMIs on time, finding ways to increase your CIBIL score by having less credit and a balance of both secured and unsecured loan.
    • Get lower EMIs on existing loans:If your current EMIs are higher, refinance your existing loan for a lower interest rate or extend the tenure of the existing loan. This reduces the EMIs and ensures that you do not miss any payments.
    • Prepayment: If you have lesser EMIs left on any loan, then prepay them and close the loan. This increases your disposable income and also the credit limit while applying for a new loan.
    • Have both secured and unsecured loans: Having a mix of both the secured and unsecured loans is favourably looked at by the banks. You need to build equal credit and asset. Secured loans increases your eligibility as the bank will know that you have built some asset and therefore can find ways to pay back the loan.
    • Don’t apply for too many loans at a time: If you are in need of a loan, then don’t apply at all the banks at one time. All the banks will run a credit check together and it will get recorded in your credit report. This also affects your credit score.
    • Don’t have too many credit cards:Though you may not have used up all the credit on the cards, it will however considerably lowers your overall credit limit.

    FAQs on Corporation Bank Personal Loan Eligibility

    Q.What are the age limits required for a salaried individual to take a Corporation Bank personal loan?

    A. Applicant must be at least 21 years old but not more than 58 years of age.

    Q.What is the minimum income requirement for a salaried applicant?

    A. The individual must have regular income.

    Q. Who are eligible to avail personal loan by Corporation Bank?

    A. Resident and a salaried individuals whose salary is routed through Corporation Bank. A pensioner drawing pension through Corporation Bank or other than salaried class who have regular dealings with the Corporation Bank branch.

    Q. What is the tenure offered for personal loan offered by Corporation Bank?

    A. Corporation Bank offers personal loan for a tenure of 3 years.

    Personal Loan Reviews

    • Corporation Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with CORPORATION BANK , application process documentation was easy. I got the loan amount with in few days. The rate of interest is very nominal compare to other and tenure period is sufficient . They charge processing fee and it is also nominal .
      Was this review helpful? 8
      , ghaziabad
      Reviewed on Dec 28, 2018
    • Corporation Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have personal loan with Corporation bank, There Rate of interest is nominal with the bank, and even processing fee they charge was nominal and the loan amount they have given me was sufficient for me, overall service is good, they have not charged any hidden charges.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 28, 2018
    • Corporation Bank Personal Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from CORPORATION BANK. Am not satisfied with the rate of interest which is high. There is processing fees for the loan which is high of Rs 25000. I make the payments through Ecs every month .They did quick documentation and received the loan.
      Was this review helpful? 2
      , pune
      Reviewed on Oct 06, 2018
    • Corporation Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      My personal loan experience was not up to the mark with Corporation bank, the loan amount was for Rs 1 lakh with 13.5% interest rate which is quite high. I am not satisfied with the customer service of this bank, their response was delayed and i pay my through ECS.
      Was this review helpful? 2
      , karad
      Reviewed on Jul 05, 2018
    • Corporation Bank Personal Loan
      "Worst service"
      0.5 1.0/5 "Really Bad"
      I take personal loan in 2016, I cleared the loan in 2017november,after clearance of previous loan i wanted to take new personal loan,the manager also told me that we will give a new loan to you,I am ready with all the documents required for the loan,and submitted to bank, from november2017 still I go to bank thrice a week,but they didn't respond me.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Jun 29, 2018
    • Corporation Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with them where after applying i had got the loan in 24 hours and the loan amount which they had provided had been satisfactory. The interest rate with them had been good as well. There has not been any kind of issues faced with the banking services of them so far.
      Was this review helpful? 1
      , ranipettai
      Reviewed on Jun 25, 2018
    • Corporation Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from CORPORATION BANK, and that loan lasts for 3 years. I am totally satisfied with the amount what they have provided to me, and it is easy to pay back even. I pay my due monthly from my salary account as auto pay, i found easy to repay them and it helped me too.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 02, 2018
    • Corporation Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Corporation bank.The loan amount is two lakhs,rate of interest is 13% Th total tenure is for 1.5yaers.I have submitted documents and they had processed immediately The EMI amount is paid through an ECS payment.The EMI amount is 3600.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 04, 2018
    • Corporation Bank Personal Loan
      "Quick Loan"
      0.5 5.0/5 "Blown Away!"
      When in need of some finance, again Corporation Bank helped me in great deal. The whole Loan got approved within 2 hours. The repayment of it is also pretty easy to make. They have provided me one of the best Interest Rate available. The overall experience with them has been great.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 29, 2017
    • Corporation Bank Personal Loan
      "Good. Can be more clear in the payments"
      0.5 4.0/5 "Great!"
      The process to get the personal loan from Corporation bank was good. I being a salary account holder of this bank. They have provided the loan of ten months of my basic salary. Though I have made my payment every month on the said due date the bank says that I have 28 late payments.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 23, 2017
    • Corporation Bank Personal Loan
      "Satisafctory"
      0.5 4.0/5 "Great!"
      My personal loan was taken with COPERATIVE bank 2 years back. The loan amount was 3 lakhs and the interest rate was 12% which was very high than other banks. The EMI period was 5 years . They have provided door step service for collecting documents. My overall experience was satisfactory.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 10, 2017
    • Corporation Bank Personal Loan
      "Better Process"
      0.5 4.0/5 "Great!"
      Since I hold savings account with corporation bank, I had taken the personal loan for three times. All the times the bank sanctioned the loan without any hassles. Interest rate is 14% and every time they would collect the documents for the loan process. They would complete the process in a month time.
      Was this review helpful? 0
      , vellore
      Reviewed on Jun 19, 2017
    • Corporation Bank Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      From Corporation Bank I have taken a personal loan. I have salary account with them  I am very much satisfied with this bank. They offered approximately 13.5% rate of interest its quiet minimal when I compare to other banks. Bank was user friendly and the process was very fast they disbursed loan amount soon.In 2015 dec I have opted this loan of 2.5 laks and the EMI was 9800.
      Was this review helpful? 1
      , ramanagaram
      Reviewed on Mar 29, 2017
    • Corporation Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with corporation bank related to the personal loan process and the rate of interest was around 13.5%. I have taken around 80 thousand Rupees as capital and I am paying around 4000 Rupees as EMI for a years time later I pre closed it later and they charged minimal amount for pre closure
      Was this review helpful? 1
      , ramanagaram
      Reviewed on Mar 29, 2017
    • Corporation Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with corporation bank related to the business loan process.Which was offered by our honorable prime minister of India,which was really helpful, I have taken this loan on January and i have closed it in April, Customer service is good with the corporation bank.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 05, 2017
    • Corporation Bank Personal Loan
      "The best on ROI and charges"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with Corporation bank simultaneously when I applied with HDB financial. Though the process took some time for the loan, but I ended up paying a much lesser fee when compared to the HDB institution. I only paid a total fee around 2400. The rate of interest was also around 11%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 17, 2016
    • Corporation Bank Personal Loan
      "Good service "
      0.5 4.0/5 "Great!"
      The service provided was very good with corporation bank related to the personal loan process.They take around 1weeks to 10days of time to process the loan.The documents required are very huge but the sets and information are given in initial stage basically.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Apr 07, 2016
    • Corporation Bank Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      With the corporation bank I do have the personal loan. Interest rate is around 12% to 14% with them and the loan amount got disbursed to my account by the same day itself. Customer service is good with the corporation bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 05, 2016
    • Corporation Bank Personal Loan
      "High interest rate"
      0.5 4.0/5 "Great!"
      Corporation personal loan rate of interest is very high. I have taken a personal loan from them . I had taken 2 lakhs. Its an ongoing loan . No additional charges being charged. They have only charged some processing fee . I am checking my statement online and the amount is debited from my salary account
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 17, 2015
    • Corporation Bank Personal Loan
      "Not bad..."
      0.5 2.0/5 "Expected more"
      Documentary part was huge in Corporation bank. They offered me 13% interest. Loan process was very slow when I compare to HDFC Bank and AXIS Bank. Corporation bank took around a month. They should speed up their process in terms of personal loan.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 05, 2015
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