Corporation Bank Personal Loans: Deals with Lowest Interest Rates, Documents, Processing Fees and Low EMI. The Purpose of corporation bank personal loan
CORP PERSONAL Interest Rates –
|where both, the salary is routed & undertaking letter is available.||14.60%|
Eligibility for Corp Personal Loan-
|Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions.|
|Pensioners drawing pension through the Bank.|
|Individuals with income other than salary/pension|
|Permanent employees of reputed Private Companies/Firms are also eligible with pre-approval of such Companies/Firms from Zonal Office.|
|Wherever, such private Company/Firm is not dealing with the Bank, but salary is routed through the Bank and undertaking letter from the Company / Firm is NOT available, loan is not considered.|
|Where salary is NOT routed through the Bank & NO undertaking letter from the employer is available, in such cases, loan is not considered.|
|Where salary is routed through the Bank, before availing loan, at least one month’s salary is to be routed through the Bank.|
|Where, salary is NOT routed through the Bank, but undertaking letter from the employer is available, applicant must have regular dealings with the Bank for a minimum period of 3 months.|
Service Charges– 1.50% of the loan amount subject to a minimum of Rs.500/-
Repayment – Maximum repayment period :
- For salaried class: Loan repayable in 36 months.
- For other than salaried class: Loan repayable in 60 months.
- Repayment schedule is fixed in such a way that the EMIs coincide with salary /pension disbursement schedule.
- EMI/Notional interest as a % to net income is applicable as per guidelines as applicable.
- In case of salaried class, repayment period not to exceed retirement age of the applicant/co applicant/guarantor.
- For Other than salaried class, repayment period not to exceed 65 years of age of the applicant.
- For pensioners, repayment period not to exceed 65 years of age. In cases where repayment period goes beyond 65 years of age, spouse/close relative having regular/independent income shall join as co-applicant.
Other Products of Corp Bank Available:-
To avail Corporation bank Personal loans
91 – 824 – 2426416 to 420
Source: Corporation Bank Website