Corporation Bank Personal Loan Interest Rate

Preliminary Information

Loan Details

Personal Details

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Corporation Bank Personal Loan Interest Rates 20th September 2020

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

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.

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