Corporation Bank Car Loan – Interest Rates 2020, EMI Eligibility Calculator
Corporation Bank Car Loan: 7.40% Interest Rates ✓ Eligibility ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes of Corp Bank at deal4loans.
Corporation Bank Car Loan Interest Rates
| Interest Rates | 7.40% – 10.50% |
| Repayment Period | 7 Years |
| Maximum loan amount | Upto 1 Crore |
| PROCESSING CHARGES | 0.50% of loan amount |
| Prepayment Charges | -NIL- |
Minimum NET annual income of Rs.0.50 lakhs for two/three wheelers and Rs.1.20 lakhs for four wheelers.
Eligibility Required for Corporation Bank Car Loan
- Individuals, Professionals/ Businessmen/ Salaried class & Others, NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies/Trusts/Institutions are eligible.
- Spouse/Close relative may join to supplement repayment capacity
- In case of Company/Firm/Trust, Directors/Partners/Trustees having regular/ independent income may join as co-applicant/s to supplement repayment capacity.
- In case of salaried class, applicant/co applicant shall be confirmed in the service.
Corporation Bank Car loan EMI Calculator
Corporation Bank car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.
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For an example, You can take a loan amount of Rs.7 lakh for Dzire or Honda Amaze car for 5 years repayment period at 8.75% rate of interest than you emi calculations are as follows:
- Loan Amount = Rs. 7,00,000
- Monthly Installment (EMI) = Rs. 14,446
- Total Interest Amount = Rs. 1,66,764
- Total Amount (Principal + Interest) = Rs. 8,66,764
| Year | Principal | Interest | Balance Amount |
| 1 | Rs. 116,709 | Rs. 56,643 | Rs. 583,291 |
| 2 | Rs. 127,341 | Rs. 46,011 | Rs. 455,950 |
| 3 | Rs. 138,940 | Rs. 34,412 | Rs. 317,010 |
| 4 | Rs. 151,597 | Rs. 21,755 | Rs. 165,413 |
| 5 | Rs. 165,518 | Rs. 7,943 | Rs. 0 |
Loan Amount
- Two Wheeler : Rs.1 lakh per vehicle.
- Three Wheeler: Rs.2 lakhs per vehicle
- Four Wheeler: Rs.1 crore per vehicle.
Prepayment charges – NIL
Repayment Period:
- For Two Wheeler Loan – 36 Months Maximum
- For three wheelers – 60 Months Maximum
- For 4 Wheeler – 84 Months Maximum