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.
|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|
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.
Here are some of the benefits that you get if you avail a personal loan from Corporation Bank.
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.
Borrowers can prepay Corporation Bank Personal Loan and will not be levied any penalty for the same.
Corporation Bank Personal Loan borrowers can choose up to 60 months (36 months for salaried borrowers) to pay the 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.
Corporation Bank Personal Loan is offered to help customers meet genuine personal expenses like educational costs, marriage expenses and medical expenses.
Borrowers can get up to Rs. 2.5 lakhs as personal loan amount.
Corporation Bank charges nominal processing fee for personal loan. Also, the loan is processed and disbursed in a transparent manner.
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.
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.
|1 month MCLR||9.20%|
|3 month MCLR||9.40%|
|6 month MCLR||9.50%|
|1 year MCLR||9.55%|
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.
One year MCLR “ 9.55%
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)|
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.
The eligibility criteria for Corporation Bank Personal Loan is as given below.
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.
The bank offers only one type of personal loan known as Corp Personal Loan.
Given below is a list of individuals who are eligible for the Corporation Bank personal loan.
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.
The loan requires a third party guarantee or a suitable co-applicant as security for the loan.
There are no prepayment charges that is applicable on the prepayment of the personal 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.
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.
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.
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