Corporation Bank offers personal loans to individuals employed with government companies, public sector firms, private sector companies, and educational institutions. The lender also offers personal loans to pensioners. To avail a loan from the lender, the applicant’s salary/pension should be routed through the lender’s branch. Individuals who do not belong to the salaried class can apply to Corporation Bank for a personal loan, provided that they have a relationship with the bank.
Corporation Bank allows prospective personal loan borrowers to borrow between Rs.10,000 and Rs.3,50,000. The lender charges an interest rate starting from 10.75% to 12.25% p.a. To borrow a loan from Corporation Bank, the borrower should meet the below-mentioned eligibility criteria:
|Interest Rate||10.75% to 12.25% p.a.|
|Loan Amount||Rs.10,000 to Rs.3,50,000|
|Loan Tenure||Up to 60 months|
|Processing Fee||1.5% of the loan amount, subject to a minimum of Rs.500|
No, the lender does not levy any pre-payment charge.
Personal loan borrowers are not required to submit any security or collateral to the lender to avail a personal loan. However, you may be required to submit a guarantee from your co-applicant or a third party to be eligible to borrow a personal loan from Corporation Bank.
No, you can borrow a personal loan from Corporation Bank to meet any personal credit requirement that may have come up.
No, the lender currently does not offer an online application facility. You can, however, walk into the nearest Corporation Bank branch and directly apply for a personal loan. Ensure that you carry the required documents with you when you visit the lender’s branch to apply for a personal loan.
No, there is no margin that is applicable. The lender gives 100% financing to personal loan applicants, subject to their eligibility criteria.
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