Corp Personal Scheme offered by Corporation Bank is useful for taking care of any genuine personal expenses that you may have. Under this loan scheme, you can apply for a loan amount of Rs.10,000 to Rs.3.5 lakh at an interest rate of 10.75% to 12.25% p.a. for a repayment period of up to 60 months.
Effective 1 April 2020, Corporation Bank has merged with Union Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Union Bank Personal Loan Interest Rates.
Documents required to apply for a personal loan at Corporation bank
|Processing Fee||1.50% (Minimum of Rs.500)|
|Loan Tenure||Up to 60 months|
Ranging from Rs.10,000 to Rs.3.5 lakh
|Salary/Income||As per the lender’s terms and conditions|
|Lowest EMI per Lakh||Rs.2,270|
*The floating rate of interest is linked to the MCLR and subject to yearly reset.
Corporation Bank Personal loan interest rates are not the same for all borrowers. It varies depending on certain factors which are listed below:
In addition to the above-mentioned factors, your income and repayment capability may also affect your personal loan interest rate.
It helps to understand how your personal loan repayment works. Loans are repaid in the form of equated monthly installments (EMIs). To help you understand how the interest is charged and how much the loan costs you on a monthly basis, here are two examples with amortization tables. The table gives you a breakdown of the principal loan amount, interest, EMI, and outstanding due for each month.
1. Miss. Karishma has a monthly income of Rs.25,000 and takes a loan of Rs.1 lakh at an interest rate of 10.75% p.a. for a loan tenure of 1 year. Listed below is the amortization table for her loan repayment.
For Salary of Rs.25,000 Per Month
|Loan Amount||Rs.1 lakh|
|Interest rate||10.75% p.a.|
|Loan tenure||1 year|
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
Principal loan amount - Rs.1,00,000
Monthly personal loan EMI - Rs.8,827
Total interest due - Rs.5,918
Processing fee - Rs.1,500
Total amount payable - Rs.1,07,418
2. Miss. Cecilia has a monthly income of Rs.50,000 and takes a loan of Rs.3.5 lakh at an interest rate of 12.25% p.a. for a loan tenure of 3 years. Listed below is the amortisation table for her loan repayment.
For Salary of Rs.50,000 Per Month
|Loan Amount||Rs.3.5 lakh|
|Loan tenure||3 years|
|Month||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
Principal loan amount - Rs.3,50,000
Monthly personal loan EMI - Rs.11,667
Total interest due - Rs.70,006
Processing fee - Rs.5,250
Total amount payable - Rs.4,25,256
Yes, you will have to provide a suitable third-party or co-applicant guarantee.
For any queries about your Corp personal loan, you can call the toll-free number - 1800 425 3555. For any queries regarding your personal loan, you can email to email@example.com.
Yes, the official website of corporation bank has an online personal loan EMI calculator to determine the monthly and total cost of your personal loan.
For any complaints, call 011-24600216 and to get in touch with the customer care centre of the bank, call 1800 110 180/1964.
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