Corporation Bank Personal Loan Interest Rates

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 2017

Particulars

Salaried

Self-Employed

Lowest EMI

For Corporation Bank salary account holders and pensioners with undertaking letter, it is Rs.227 per month.
For the individuals without any undertaking letter but holding a salary account with the bank or the individuals without a salary account with the bank, it is Rs.232 (applicable for the loan amount which is the lowest)

Rs.232 (applicable for the loan amount which is the lowest)

Prepayment/Foreclosure Charges

NIL

NIL

Age

-

-

Interest rate

The salary account holders with undertaking letter: 12.75% yearly

The salaried class without any salary account with the bank, or with salary account but without undertaking letter: 13.75% yearly 

For pensioners: 12.75% yearly

13.75% yearly

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 Amount

Up to 9 months’ net salary for the salary routed via Corporation Bank

Up to 12 months’ net salary for the salary routed via Corporation Bank if and only if the undertaking letter is available

Min amount: Rs.10,000

Max amount: Rs.3.50 lakhs

Loan up to 25% of the gross annual income. 
Min amount: Rs.10000 
Max amount: Rs.3.50 lakhs

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