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  • Corporation Bank Personal Loan Eligibility

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  • 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 Personal Loan Eligibility Criteria

    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 12.85% p.a. To borrow a loan from Corporation Bank, the borrower should meet the below-mentioned eligibility criteria:

    • Individuals who are permanently employed with central or state governments, public sector undertakings, public limited companies, colleges, schools, universities, and research institutions can borrow a loan from the lender.
    • Pensioners can also borrow personal loans from Corporation Bank.
    • Applicants, however, are required to draw their salary or pension through a branch of Corporation Bank.
    • Individuals who don’t earn a salary can apply for a personal loan if they have an existing relationship with the lender.

    Factors Affecting Corporation Bank Personal Loan Eligibility

    • Employment Status: Corporation Bank only offers personal loans to private-sector employees, public-sector employees, individuals who are employed in government undertakings, and pensioners. Those who have regular interactions with the bank can also apply for a personal loan from Corporation Bank.
    • Income: An individual’s income is an important factor that is taken into consideration when deciding one’s personal loan eligibility. Those who earn a higher income will be eligible to borrow more, while those who earn less will not be able to borrow much.
    • Relationship with the Lender: Corporation Bank only offers personal loans to individuals who have a relationship with them. Applicants who are salaried or earn a pension are required to draw their salary/pension through a Corporation Bank branch. You may not be eligible to borrow a personal loan from Corporation Bank unless you have a relationship with the lender.
    • CIBIL Score: Lenders also check an applicant’s CIBIL score before their personal loan application is approved. Your CIBIL score indicates your repayment ability and creditworthiness. Thus, if you have a score of over 700, you will be eligible to borrow a high loan amount at a good rate of interest. On the other hand, if you have a low credit score, your personal loan application may be rejected by the lender or you may be charged a high rate of interest for the loan.
    • Outstanding Liabilities: Those who have outstanding debts may not be able to borrow much from the lender due to their decreased repayment capacity. On the other hand, if you don’t have any outstanding liabilities, you will be able to borrow a higher loan amount from the lender.

    How to Improve Your Chances of Getting a Corporation Bank Personal Loan?

    • Improve Your Credit Score: To improve your eligibility, you should attempt to improve your credit score. A credit score of over 700 is ideal if you wish to borrow a personal loan at a competitive rate of interest. Also, if you are looking to borrow a loan, ensure that you don’t apply to multiple personal loan providers simultaneously since this could reduce your credit score, which could adversely affect your eligibility.
    • Borrow a Reasonable Loan Amount: You should work out your repayment capacity before you apply for a personal loan. Most lenders check the applicant’s repayment capacity before approving their personal loan application. If you apply for a sum that is too high, your personal loan application could be rejected by the lender.
    • Clear Your Debts: As discussed earlier, having multiple outstanding debts could impact your repayment capacity. Thus, to increase your chances of getting a personal loan at a good rate of interest, you should consider clearing off your outstanding debts.

    Corporation Bank Personal Loan Details

    Interest Rate? 12.85% p.a. onwards
    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

    FAQs

    1. Does the lender charge any pre-payment charges if a personal loan borrower wishes to pre-close their loan amount before the completion of the loan tenure?
    2. No, the lender does not levy any pre-payment charge.

    3. Do I have to submit any collateral or security to be eligible to borrow a personal loan from Corporation Bank?
    4. 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.

    5. Are there any restrictions on how the loan amount can be used by the borrower?
    6. No, you can borrow a personal loan from Corporation Bank to meet any personal credit requirement that may have come up.

    7. Can I apply for a personal loan from Corporation Bank through the lender’s official website?
    8. 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.

    9. Is there any margin applicable for personal loans?
    10. 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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