||Rs.232 (applicable for the loan amount which is the lowest)|
|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|
|Loan Tenure||Maximum: 5 Years||
Maximum: 5 Years
Loan up to 25% of the gross annual income.
Min amount: Rs.10000
Max amount: Rs.3.50 lakhs
There are different factors on which rate of interest on the personal loan is fixed by the corporation bank like whether the borrower already has an account with the bank or not and its background as well. The rate of interest will be around the base rate which is charged by the bank and as of now, it is 10% per year. The fixed rate of interest on the personal loans is 13.75% per annum which is changeable according to the bank’s discretion. This is applicable for the applicants who are borrowers and pensioners and have salary account in the corporation bank.
Otherwise, the interest rate is 14.75% per annum. There is an availability of EMI so that the borrower can easily repay the amount till the finishing of the tenure. He should not be overburdened.
Table comprising corporation bank personal loan interest rates (May 2020)
401, Lakhani Centrium, Sector 15, CBD Belapur, Navi Mumbai, Maharashtra 400614