• Corporation Bank Personal Loan Interest Rates

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    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

    • Identity proof like Aadhaar card, PAN card, Passport, Voter’s ID, etc.
    • Address proof in the form of Aadhaar card, PAN card, Passport, Voter’s ID, or utility bills.
    • Income proof in the form of bank statements and salary slips.
    • Proof of employment.
    • Undertaking from the salary disbursing authority
    In addition to the above-mentioned documents, you will have to submit a duly filled application form and other certificates or proofs that the bank may need to check your loan eligibility.
    Particulars Salaried
    Interest Rate
    • a] Where both, the salary is routed & undertaking letter is available b] Pensioners drawing pension through the Branch c] CIBIL > 700 – 10.75% p.a.
    • a] Where both, the salary is routed & undertaking letter is available b] Pensioners drawing pension through the Branch c] CIBIL < 700 – 11.25% p.a.
    • For others - 12.25% p.a.
    Processing Fee 1.50% (Minimum of Rs.500)
    Loan Tenure Up to 60 months
    Loan Amount Ranging from Rs.10,000 to Rs.3.5 lakh
    • If salary is routed through the bank branch - Loan amount of up to 9 months the net salary
    • If the salary is routed and the undertaking letter is available - Loan amount of up to 12 months the net salary
    • Pensioners drawing pension through the bank branch - Loan amount of up to 10 months the net pension
    • Individuals with income other than pension or salary - Loan amount of up to 25% the gross annual income
    Salary/Income As per the lender’s terms and conditions
    Employment Status
    • Employees of the central or state government offices, Public Limited Companies (PLCs), Public Sector Undertakings (PSUs), universities, colleges, schools, and research institutions
    • Pensioners drawing pension through Corporation Bank
    • Employees of reputable private firms or companies
    • Employees whose salary is routed through the bank branch
    • Other than salaried class, individuals who have regular dealings with the bank branch
    • Individuals with income that is other than pension or salary
    Lowest EMI per Lakh Rs.2,270
    Pre-Payment Charges Nil

    *The floating rate of interest is linked to the MCLR and subject to yearly reset.

    Factors affecting Corporation Bank Personal Loan Interest Rate

    Corporation Bank Personal loan interest rates are not the same for all borrowers. It varies depending on certain factors which are listed below:

    • Nature of job or occupation: Depending on whether you draw pension or salary through the bank branch, the interest rate will differ for your personal loan. Corporation Bank offers personal loans at varying interest rates to applicants based on whether their salary is routed through the bank and if the undertaking letter is available. If the applicant doesn’t draw salary or pension through the bank the interest rate charged could be higher.
    • Quantum of loan: The amount of loan offered by the bank to its customers varies depending on their employment status. Likewise, the interest rate varies with the loan amount. Use the online personal loan EMI calculator to choose a loan amount and loan tenure that is affordable to you so that you can repay the loan without defaulting.
    • Credit score: Most banks check your credit score when approving a personal loan because the score indicates your creditworthiness. Lenders, generally, consider applicants with poor credit scores to be high (lending) risk individuals. Hence such loan applications are rejected.
    • Loan tenure: Long loan tenure usually means a lower interest rate while a short loan tenure means a higher interest rate. Although the interest rate charged is lower for a long loan tenure, the interest paid over time is higher.
    • Existing customers: Corporation Bank offers comparatively lower interest rate personal loans to existing customers who route their salaries or pensions through the bank branch.

    In addition to the above-mentioned factors, your income and repayment capability may also affect your personal loan interest rate.

    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.

    Illustration

    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
    Processing Fee 1.50%
    Interest rate 10.75% p.a.
    Loan tenure 1 year
    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    2020 Rs.1,00,000 Rs.5,918 Rs.1,05,918 Rs.0
    Feb Rs.8,002 Rs.825 Rs.8,827 Rs.84,068
    Mar Rs.8,073 Rs.753 Rs.8,826 Rs.75,994
    Apr Rs.8,146 Rs.681 Rs.8,827 Rs.67,848
    May Rs.8,219 Rs.608 Rs.8,827 Rs.59,630
    Jun Rs.8,292 Rs.534 Rs.8,826 Rs.51,337
    July Rs.8,367 Rs.460 Rs.8,827 Rs.42,971
    Aug Rs.8,442 Rs.385 Rs.8,827 Rs.34,529
    Sep Rs.8,517 Rs.309 Rs.8,826 Rs.26,012
    Oct Rs.8,593 Rs.233 Rs.8,826 Rs.17,419
    Nov Rs.8,670 Rs.156 Rs.8,826 Rs.8,748
    Dec Rs.8,748 Rs.78 Rs.8,826 Rs.0

    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
    Processing Fee 1.50%
    Interest rate 12.25%
    Loan tenure 3 years
    Month Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    2020 Rs.1,02,772 Rs.37,232 Rs.1,40,004 Rs.2,47,230
    Feb Rs.8,177 Rs.3,490 Rs.11,667 Rs.3,33,730
    Mar Rs.8,260 Rs.3,407 Rs.11,667 Rs.3,25,469
    Apr Rs.8,344 Rs.3,323 Rs.11,667 Rs.3,17,125
    May Rs.8,430 Rs.3,237 Rs.11,667 Rs.3,08,696
    Jun Rs.8,516 Rs.3,151 Rs.11,667 Rs.3,00,180
    July Rs.8,603 Rs.3,064 Rs.11,667 Rs.2,91,578
    Aug Rs.8,690 Rs.2,977 Rs.11,667 Rs.2,82,887
    Sep Rs.8,779 Rs.2,888 Rs.11,667 Rs.2,74,108
    Oct Rs.8,869 Rs.2,798 Rs.11,667 Rs.2,65,240
    Nov Rs.8,959 Rs.2,708 Rs.11,667 Rs.2,56,280
    Dec Rs.9,051 Rs.2,616 Rs.11,667 Rs.2,47,230
    2021 Rs.1,16,091 Rs.23,911 Rs.1,40,002 Rs.1,31,139
    Jan Rs.9,143 Rs.2,524 Rs.11,667 Rs.2,38,087
    Feb Rs.9,236 Rs.2,430 Rs.11,666 Rs.2,28,850
    Mar Rs.9,331 Rs.2,336 Rs.11,667 Rs.2,19,520
    Apr Rs.9,426 Rs.2,241 Rs.11,667 Rs.2,10,094
    May Rs.9,522 Rs.2,145 Rs.11,667 Rs.2,00,572
    Jun Rs.9,619 Rs.2,048 Rs.11,667 Rs.1,90,952
    July Rs.9,718 Rs.1,949 Rs.11,667 Rs.1,81,235
    Aug Rs.9,817 Rs.1,850 Rs.11,667 Rs.1,71,418
    Sep Rs.9,917 Rs.1,750 Rs.11,667 Rs.1,61,501
    Oct Rs.10,018 Rs.1,649 Rs.11,667 Rs.1,51,483
    Nov Rs.10,120 Rs.1,546 Rs.11,666 Rs.1,41,362
    Dec Rs.10,224 Rs.1,443 Rs.11,667 Rs.1,31,139
    2022 Rs.1,31,138 Rs.8,864 Rs.1,40,002 Rs.0
    Jan Rs.10,328 Rs.1,339 Rs.11,667 Rs.1,20,810
    Feb Rs.10,434 Rs.1,233 Rs.11,667 Rs.1,10,377
    Mar Rs.10,540 Rs.1,127 Rs.11,667 Rs.99,837
    Apr Rs.10,648 Rs.1,019 Rs.11,667 Rs.89,189
    May Rs.10,756 Rs.910 Rs.11,666 Rs.78,433
    Jun Rs.10,866 Rs.801 Rs.11,667 Rs.67,567
    July Rs.10,977 Rs.690 Rs.11,667 Rs.56,589
    Aug Rs.11,089 Rs.578 Rs.11,667 Rs.45,500
    Sep Rs.11,202 Rs.464 Rs.11,666 Rs.34,298
    Oct Rs.11,317 Rs.350 Rs.11,667 Rs.22,981
    Nov Rs.11,432 Rs.235 Rs.11,667 Rs.11,549
    Dec Rs.11,549 Rs.118 Rs.11,667 Rs.0

    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

    FAQs

    1. Do I need to provide guarantee when applying for Corp personal loan?

      Yes, you will have to provide a suitable third-party or co-applicant guarantee.

    2. What is the toll-free number of Corporation Bank?

      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 horls@corpbank.co.in.

    3. Does Corporation Bank have a personal loan EMI calculator?

      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.

    4. How do I get in touch with the customer care centre of the bank to register a complaint?

      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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