Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Corporation Bank Personal Loan Interest Rates is Rated as "Excellent!" by 21 Users

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    Corporation Bank Personal Loan Interest Rates

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    Overview of Corporation Bank Personal Loan

    Corporation bank offers personal loans to meet any genuine personal expense an individual could have. These personal loans can be availed at extremely competitive interest rates, enabling a borrower to repay the loan without undue burden. Corporation Bank follows a simple and hassle free procedure when it comes to sanctioning personal loans, paying close attention to the needs of a customer, which have made it a popular choice among personal loans in the country.

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    Corporation Bank Personal Loan Interest Rates

    Corporation Bank charges different interest rates based on factors like borrower background and whether a borrower has an account with the bank. Interest rates on personal loans are closely related to the base rate charged by Corporation Bank, which at present is 10% per annum (effective June 2015). Interest rates on personal loans for the year 2015 are fixed at 13.75% per annum for pensioners and borrowers with a salary account with Corporation Bank. The interest rate for others is 14.75% per annum. Flexible EMI payment options ensure that a borrower is not financially overburdened by interest rates and is in a position to repay the amount at the end of its tenure.

    Corporation Bank Personal Loan Interest Rates 2017

    Particulars Salaried Self-Employed
    Interest rate For Corporation Bank salary account holders with undertaking letter: 12.75% p.a. For salaried class not holding account at Corporation Bank, or holding account but undertaking letter not available: 13.75% p.a. For pensioners: 12.75% p.a. 13.75% p.a.
    Loan Amount If salary is routed through CorpBank: Up to 9 months’ net salary. If salary is routed through CorpBank and undertaking letter is available: Up to 12 months’ net salary.
    Minimum amount of Rs.10,000 and maximum of Rs.3.50 lakh.
    Loan upto 25% of the gross annual income.
    Minimum loan amount: Rs.10,000.
    Maximum loan amount: Rs.3.50 lakh.
    Loan Tenure Maximum: 60 months Maximum: 60 months
    Lowest EMI Rs.227 p.m. for Corporation Bank salary account holders with undertaking letter and pensioners.
    Rs.232 for salaried class not holding account at Corporation Bank, or holding account but undertaking letter not available.
    (Calculated for the minimum loan amount at the longest tenure allowed at the lowest interest rate available)
    Rs.232 (calculated for the minimum loan amount at the longest tenure allowed at the lowest interest rate available)
    Processing Fee 1.50% of the loan amount subject to a minimum of Rs.500 1.50% of the loan amount subject to a minimum of Rs.500
    Age NA NA
    Prepayment/Foreclosure Charges No charge No charge

    How to calculate EMI on your Corporation Bank Personal Loan

    Calculating the EMI on a loan is a crucial aspect as it helps plan the repayment process, allowing an individual to plan his/her resources accordingly. Calculating the EMI on your Corporation Bank personal loan is an easy task today, thanks to Bankbazaar. One could log onto the BankBazaar website and enter details of their loan in the EMI calculator, which then processes the information and provides the EMI values in a simple and easy to understand format.

    A systematic breakdown of the entire loan repayment process is provided by an amortization table, indicating the variation between principal and interest during a particular tenure. The principal amount reduces after each EMI payment and it is this reduced principal which is used to calculate interest for the next term.

    Example: Corporation Bank grants a personal loan worth Rs 1 lakh to Miss Priya at an interest rate of 13.75% per annum. The tenure of this loan is 5 years, with the EMI coming up to Rs 2,314 per month. The table below highlights the loan repayment timeline which Miss Priya would need to consult in order to clear the loan.

    YearPrincipal paid (Rs)Interest paid (Rs)Balance amount (Rs)
    Year 114,93512,83285,065
    Year 217,12310,64467,943
    Year 319,6318,13648,312
    Year 422,5075,25925,805
    Year 525,8051,9620

    Factors affecting your Corporation Bank Personal Loan Interest Rates

    There are multiple factors which can affect the interest rates you pay for a Corporation Bank personal loan, some of which are mentioned below.

    • Loan tenure – The tenure of a personal loan has an impact on interest rates and loans for a short tenure could attract a higher interest rate compared to loans for longer tenures.
    • Repayment capacity –The repayment capacity of an individual could change the interest rates charged by Corporation Bank, as the bank might not charge a steep interest rate to someone who does not have the means to repay such high interests.
    • Relationship with Corporation Bank – Individuals having a good banking relationship with Corporation Bank might be in a position to lower their interest rates, thanks to their banking history. It is possible for banks to reduce interest rates for valued customers who have displayed great commitment to their payments in the past.
    • Employment details – Interest rates vary depending on the profession of a borrower. Salaried borrowers are charged a lower interest rate as they have a stable source of income and there is little risk of them defaulting on payments. Self-employed borrowers might not always have a steady source of income and might have to pay a higher interest rate as the bank could view them as risky prospects.
    • AgeCorporation Bank charges a lower interest rate to pensioners, keeping in mind their limited source of income. It is possible for banks to charge higher interest rates in cases where a borrower is young (<25 years).

    Note: Interest rates charged by Corporation Bank are at their sole discretion and subject to change.

    How CIBIL score affects Corporation Bank Personal Loan Interest Rate

    Corporation Bank relies on the CIBIL score of an applicant to gauge his/her loan repayment capacity and credit history. A good CIBIL score is an indication of good credit history, enhancing the chances of an applicant getting a personal loan approved at favourable interest rates. Applicants with low CIBIL scores might be viewed as risky propositions and Corporation Bank could choose to increase their interest rate accordingly.

    Key things to know about Corporation Bank Personal Loan Interest Rates

    • Interest rates for Corporation Bank personal loans are linked to the Base Rate and are likely to change with changes in base rate.
    • Applicants are required to provide a collateral/guarantor in order to obtain a personal loan and it is possible to get favourable interest rates on account of this collateral.
    • Any change in the repo rate could impact the interest rate charged by Corporation Bank.
    • Floating interest rates can change with changes in the base lending rate.

    Corporation Bank Personal Loan Interest Rates Reviews

    • 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? 0
      , 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? 0
      , 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? 2
      , bangalore
      Reviewed on Nov 05, 2015
    • Corporation Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan with the Corporation bank and the rate of interest was around 14%. I have taken around 2 lakh Rupees as capital and I am paying around 7000 Rupees as EMI for 3 years of time. I got the loan within 2 weeks of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 02, 2015
    • Corporation Bank Personal Loan
      "Got it easily "
      0.5 5.0/5 "Blown Away!"
      Very recently I have taken my personal loan from CORPORATION BANK. My sister in law is working as the bank manager there so I took this very easily from them. Based on the salary account they offered personal loan to me. I do not find any difficulties with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 21, 2015
    • Corporation Bank Personal Loan
      "Roaming For A Loan...."
      0.5 1.0/5 "Really Bad"
      Before 1.5 years I started asking for a personal loan in corporation bank. I have never received a proper response from them. Every time the manager says that he is busy with some paper works and ignores me. It will be better if they can finalize and inform me whether it is possible for them to offer me a loan, it may save my time.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 23, 2015
    • Corporation Bank Personal Loan
      "Excellent!!!"
      0.5 5.0/5 "Blown Away!"
      From Corporation Bank I have taken a personal loan. I have salary account with them. They have collected all my documents and once I signed all the papers, they have sanctioned my loan in a weeks time. The manager was very responsible. With minimum precessing fee and charges they have sanctioned my loan. It was really good with them.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 16, 2015
    • Corporation Bank Personal Loan
      "Excellent service.."
      0.5 5.0/5 "Blown Away!"
      CORPORATION Bank offered me a Personal loan. I am very much satisfied with this bank. They offered approximately 13.5% rate of interest its quiet less when I compare to other banks. Bank was user friendly and the process was very fast they disbursed loan amount within 2 days.
      Was this review helpful? 1
      , ranchi
      Reviewed on Sep 15, 2015
    • Corporation Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My salary account is with CORPORATION Bank, so they offered Personal loan with 15% rate of interest. When I compare to other bank its good and I completed this loan almost 3years, Processing fees and charges are normal. Responsiveness wise I am not satisfied with them.
      Was this review helpful? 1
      , mangalore
      Reviewed on Aug 26, 2015
    • Corporation Bank Personal Loan
      "Good Service "
      0.5 5.0/5 "Blown Away!"
      My personal was taken from Corporation Bank very recently with the rate of interest 14%. Ms. Manjula, is the bank executive who assisted me to avail this loan from them. The tenure period is three years and also got an foreclosing option in it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 19, 2015
    • Corporation Bank Personal Loan
      "Government Bank "
      0.5 4.0/5 "Great!"
      Being a government administration the service provided by Corporation Bank was really good.They are very supportive to the customer but the interest rate offered was really high which was around 10.65%.The documentation process was quite normal and I havenâ??t faced any issue.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 04, 2015
    • Corporation Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Within 1 week my personal loan was disbursed by corperation bank.The process was very easy with the lowest interest rate comparing with other banks. Processing fee charged was Rs.3000. Normal documents were required for the process.I have already recommended the bank because of their quick process.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jun 22, 2015
    • Corporation Bank Personal Loan
      "Good service"
      0.5 2.5/5 "Just OK"
      I got one personal loan from corporation bank with around 14% of interest rate based on my salary account. It was very easy for me to transfer the amount on monthly basis from my account. I used this personal loan for my education purpose which has been referred through my own institution . Overall good
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 15, 2014
    • Corporation Bank Personal Loan
      "Quite transparent"
      0.5 5.0/5 "Blown Away!"
      I have planned to close the personal loan with Corporation Bank as they have planned to shift my office to a new place, it would be quite difficult for me to commute to the new place. So far so good, every month the EMI would be debited from my account automatically through standing instructions. There is no hidden cost being added to the EMI its quite transparent.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 26, 2014
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