The Corporation Bank brings amazing personal loan offers to help their customers meet genuine personal expenses of their day to day life. These loans come up with very competitive interest rates ensuring that the borrower can repay without the burden of debt.
|Corporation Bank Personal Loan Details Updated on|
|Loan Amount||Rs.10,000 to Rs.2,50,000|
|Loan Tenure||5 Years|
|Interest Rate||12.75% to 13.75%|
Loanbaba.com provides all the information about Corporation Bank Personal Loan.
Personal loans are categorised for salaried and the self-employed individuals. The distinction is as follows:
|Particulars||Salaried individuals||Self-Employed individuals|
|Loan Value||If your salary gets credited to the CorpBank, then you can avail a value of 9 x net monthly salary. If you get your salary through the CorpBank and an undertaking letter is also provided, then you can avail a value of 12 x net monthly salary. However, minimum amount of loan applicable is Rs 10,000 that can go up to Rs 3.5 lakh.||An amount up to 25% of your gross annual income can be taken as loan. However, minimum amount of loan applicable is Rs 10,000 that can go up to Rs 3.5 lakh.|
|Tenure of the loan||Up to 60 months.||Up to 60 months.|
|Lowest EMI||For people who get their salary in the CorpBank and hold the undertaking letter and the pensioners, Rs 227 per month is the lowest EMI. For people who do not have a CorpBank account nor hold an undertaking letter, Rs 232 per month is the lowest EMI. (This is amount is calculated on the minimum loan one has to avail for the longest tenure are the least price.)||Rs 232 (This is amount is calculated on the minimum loan one has to avail for the longest tenure are the least price.)|
|Processing Fee||1.50% of the total loan value minimum being Rs 500||1.50% of the total loan value minimum being Rs 500|
|Prepayment or foreclosure fee||NA||NA|
The amortization gives a systematic breakdown of the repayment process showing differences in the principal and interest rates during at a particular duration. After every EMI paid, the principal value reduces and shows interest rate for the next term.
Loanbaba provides comprehensive information about personal loan schemes by Corporation Bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for this loan online on the financial institution's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
Personal Loan Corporation Bank interest rate ranges between 12.75% and 13.75% annually. Keep a check on this page to note the updated interest rate for Corporation Bank personal loan.
Corporation Bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
Below provided are important questions about personal loan Corporation Bank.
If you are already a customer at Corporation Bank, then you may be able to negotiate for better interest rate. Otherwise, a high credit score, great credit history, and sustainable income and people of certain professional, may be eligible for lower interest rates on personal loan.
If you are knee deep in debt, then your personal loan application with Corporation Bank may be rejected. If you have active debts, then the total payout for it must be such that you can handle to pay off the personal loan, you are willing to take. Also, your repayment history must be clean for Andhra bank personal loan approval.
If you are unable to repay the personal loan as per loan agreement, then you can opt other ways of closing the loan. Loan settlement or debt consolidation is two of the options. You may be able to convert the unsecured loan as secured one. Check with the Corporation Bank to know what the other options to close the loan are.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Corporation Bank.
My experience with Corporation Bank for personal loan in Bangalore was a good one. My schedule was so hectic that I chose to apply online for the loan at loanbaba and was not disappointed by either of their service. Both loanbaba and Corporationwere professional in their service.
Personal loan by Corporation Bank was perfect, but the turnaround time is something they can work upon.