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  • 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 12.90% to 13.90% p.a. for a repayment period of up to 60 months.

    Particulars Salaried
    Interest Rate
    • If the salary is routed and the undertaking letter is available - 12.90% p.a.
    • Pension drawn through the bank branch - 12.90% p.a.
    • For others - 13.90% 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

    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 12.90% 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 12.90% p.a.
    Loan tenure 1 year
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 7,852 1,075 8,927 92,148
    2 7,936 991 8,927 84,212
    3 8,022 905 8,927 76,190
    4 8,108 819 8,927 68,082
    5 8,195 732 8,927 59,887
    6 8,283 644 8,927 51,603
    7 8,372 555 8,927 43,231
    8 8,462 465 8,927 34,769
    9 8,553 374 8,927 26,215
    10 8,645 282 8,927 17,570
    11 8,738 189 8,927 8,832
    12 8,832 95 8,927 0

    Principal loan amount - Rs.1,00,000

    Monthly personal loan EMI - Rs.8,927

    Total interest due - Rs.7,124

    Processing fee - Rs.1,500

    Total amount payable - Rs.1,08,624

    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 13.90% 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 13.90% p.a.
    Loan tenure 3 years
    Year Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 1,00,964 42,378 1,43,342 2,49,036
    2 1,15,927 27,415 1,43,342 1,33,109
    3 1,33,109 10,234 1,43,342 0

    Principal loan amount - Rs.3,50,000

    Monthly personal loan EMI - Rs.11,945

    Total interest due - Rs.80,026

    Processing fee - Rs.5,250

    Total amount payable - Rs.4,35,276

    FAQs

    What are the 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. 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.

    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.

    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.

    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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