Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Corporation Bank Personal Loan is Rated as "Excellent!" by 23 Users

    Fees & Charges

    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 23 users

    Corporation Bank Personal Loan

    Corporation Bank is a public sector banking company headquartered in Mangalore, India. At Corporation Bank, what motivates them is the passion to excel in banking by maintaining highest standards of service to their customers, backed by innovative products and services which makes them one of the leading Public Sector Banks in the country, catering to a wide range of customers - from individuals to corporate clients. Corp Bank provide personal loan to the employees whose salary is routed through the Branch,Pensioners drawing pension through the branch as well as to others having regular dealings with the branch.To know more, follow some simple steps given below to get attractive deals.

    Perfect Personal Loan Deals for you


    You're probably eligible for an Corporation Bank Personal Loan if you are

    01
    02
    03
    04

    At least 21 years old

    Less than 58 years old

    Salaried / Self “ Employed
    with regular income

    Earn more than the minimum
    income required


    Your Corporation Bank Personal Loan amount eligibility is based on these factors

    01
    02
    03

    Salaried with Regular Income

    Maximum allowed personal loan is Rs. 3.5 lakhs

    EMIs of other loans lower
    your eligibility


    Increase your eligible Corporation Bank Personal Loan amount by these steps

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 36 months


    Documentation needed to apply for an Corporation Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Corporation Bank Personal Loan Interest RatesUpdated on 17 Dec 2017

    Corporation Bank Personal Loan Details
    Interest Rate 12.75% to 13.75%
    Processing Fees 1.50% of the loan amount subject to a minimum of Rs.500/-
    Loan Tenure 5 Years
    Guarantor Requirement Guarantor required

    About Corporation Bank Personal Loan

    Enquire for Corporation Bank Personal Loan

    Corporation Bank Personal Loan is designed to help you meet financially demanding situations in life. Starting from medical expenses to marriage expenses, Corporation Bank Personal Loan can be availed to meet authentic personal expenses. With attractive features like affordable interest rates, comfortable repayment options and transparent disbursement process, Corporation Bank Personal Loan financially assist you in every step of your life.

    Why Choose Corporation Bank Personal Loan

    Here are some of the benefits that you get if you avail a personal loan from Corporation Bank.

    • Competitive Interest Rates

      Corporation Bank offers personal loans at very attractive interest rates. Also, for pensioners drawing pension from bank and salaried applicants whose salary is being disbursed through Corp Bank, a special concession in rate of interest is offered.

    • No Prepayment Charges

      Borrowers can prepay Corporation Bank Personal Loan and will not be levied any penalty for the same.

    • Repayment Tenure Options

      Corporation Bank Personal Loan borrowers can choose up to 60 months (36 months for salaried borrowers) to pay the loan.

    Features of Corporation Bank Personal Loan

    Corporation Bank Personal Loan comes with diverse advantages that makes it one of the most preferred personal loan products in the financial market. Given below are some of the features of Corporation Bank Personal Loan.

    • Purpose

      Corporation Bank Personal Loan is offered to help customers meet genuine personal expenses like educational costs, marriage expenses and medical expenses.

    • High Loan Quantum

      Borrowers can get up to Rs. 2.5 lakhs as personal loan amount.

    • Transparent Process

      Corporation Bank charges nominal processing fee for personal loan. Also, the loan is processed and disbursed in a transparent manner.

    Corporation Bank Personal Loan Interest Rates

    To help individuals meet genuine personal needs, Corporation Bank offers personal loans at very affordable rates of interest. New personal loans will carry the MCLR linked interest rate while existing personal loans will continue to be charged on the Base Rate linked interest rate system.

    Corporation Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    Following the guidelines recently issued by the Reserve Bank of India, all banks have been directed to offer loans, including personal loans on MCLR linked interest rates. MCLR (Marginal Cost of Funds based Lending Rate) is dependent on various factors like cost of funds, cost of maintaining cash reserve ratio (CRR), minimum rate of return (margin / profit) and banks operating expenses. Following is the schedule of MCLR rates applicable on new personal loans with effect from June 1, 2016 until the date of the next review.

    TenorMCLR Rate
    Overnight MCLR9.00%
    1 month MCLR9.20%
    3 month MCLR9.40%
    6 month MCLR9.50%
    1 year MCLR9.55%

    Corporation Bank Personal Loan Interest Rates (MCLR)

    All new personal loans taken with Corporation Bank will be linked to the MCLR based interest rate system. The bank shall charge an additional rate of interest over and above the applicable MCLR which will constitute as overall interest on the loan. MCLR rates are subject to regular reviewing. Following are the MCLR linked interest rates for Corporation Bank personal loan.

    Personal loan:
    • Undertaking letter provided and salary is routed to Corp Bank account
    • Pensioners drawing pension through the bank branch
    13.55%
    Other individuals14.55%

    One year MCLR “ 9.55%

    Corporation Bank Base Rate & Prime Lending Rates (For existing borrowers)

    Existing personal loans sanctioned by Corporation Bank will attract interest on the Base Rate linked interest rate system. Base Rate (BR) is set by the RBI and is the minimum rate below which a bank cannot charge its customers. Prime Lending Rate (BPLR) is the average interest rate which is charged by banks on loan products. Both these rates are revised from time to time. Currently the BR and BPLR for Corporation Bank is as follows.

    Base Rate (w.e.f 8/10/2015)BPLR (w.e.f 1/8/2011)
    9.65%15.00%

    Corporation Bank Personal Loan Interest Rate (Base Rate)

    All existing personal loans will continue to be linked to the Base Rate system. The bank may review the Base Rate from time to time, which will also affect the final interest rate applicable on the loan. Existing loan borrowers have the option of migrating to the MCLR interest rate system as well.

    Note: The MCLR rates given above are effective as of April 1, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate.

    Corporation Bank Personal Loan Eligibility Criteria

    The eligibility criteria for Corporation Bank Personal Loan is as given below.

    • Permanent employees of State and Central Government Offices, public limited companies, profit making public sector undertakings, pensioners drawing pension at any Corporation Bank branch, research institutions, universities, colleges and schools and other individuals with income source other than pension or salary are eligible to apply for Corporation Bank Personal Loan.
    • Employees whose salary is routed through any Corporation bank branch.
    • Permanent employees of reputed firms, private companies are eligible.
    • Pensioners drawing pension money through the branch.
    • Customers other than the salaried class having constant dealing with Corporation Bank.
    • The applicant must be an Indian resident and must have a good credit score.

    Corporation Bank Personal Loan FAQs Section

    1. What is the purpose of the personal loan offered by the Corporation Bank?

      The main purpose of Corporation Bank personal loan is to provide immediate finance for personal expenses. The personal loan amount can be used for any personal expenditure that is legal ranging from wedding expenses to expenses incurred during a medical emergency.

    2. How many types of personal loan does the bank offer?

      The bank offers only one type of personal loan known as Corp Personal Loan.

    3. Who is eligible for Corporation Bank personal loan?

      Given below is a list of individuals who are eligible for the Corporation Bank personal loan.

      • Employees who draw salary from the bank
      • Pensioners who draw pension from the bank
      • Salaried individuals who have had regular interactions with the bank in the past
    4. What is the maximum loan amount granted under this loan scheme?

      The maximum loan amount granted under this loan scheme is Rs.2.50 lakh. However, every individual can make a request for a loan of higher amount to the bank if they have a good credit history.

    5. Does the loan require security?

      The loan requires a third party guarantee or a suitable co-applicant as security for the loan.

    6. Are there any prepayment charges?

      There are no prepayment charges that is applicable on the prepayment of the personal loan.

    7. What is the repayment term provided by the bank for the loan?

      The repayment period offered by the bank for Corporation Bank personal loan varies for salaried and non-salaried class. Given below is the repayment period provided for both the classes.

      • Salaried class- 36 months
      • Non salaried class- 60 months
    8. What is the kind of interest charged on the personal loan?

      A floating rate of interest linked to base rate is the interest charged for the personal loan. The rate of interest is subject to change.

    9. How can one apply for the Corporation Bank personal loan?

      One can apply for the Corporation Bank personal loan through two ways- Online and Offline. An individual can apply for the loan offline by visiting the bank personally and applying for the loan there. Or the customer can apply for the loan from the comforts of their house by either applying through the banks official website (if the option is available) or through a third party financial website.

    Corporation Bank Personal Loan Reviews

    • Corporation Bank Personal Loan
      "Good. Can be more clear in the payments"
      0.5 4.0/5 "Great!"
      The process to get the personal loan from Corporation bank was good. I being a salary account holder of this bank. They have provided the loan of ten months of my basic salary. Though I have made my payment every month on the said due date the bank says that I have 28 late payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 23, 2017
    • Corporation Bank Personal Loan
      "Satisafctory"
      0.5 4.0/5 "Great!"
      My personal loan was taken with COPERATIVE bank 2 years back. The loan amount was 3 lakhs and the interest rate was 12% which was very high than other banks. The EMI period was 5 years . They have provided door step service for collecting documents. My overall experience was satisfactory.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 10, 2017
    • 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
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