Corporation Bank Personal Loans: Deals with Lowest Interest Rates, Documents, Processing Fees and Low EMI. The Purpose of corporation bank personal loan are Marriage, Vacation, Buy Consumer durable, Emergency medical, personal expense, downpayment of Home, To pay credit card debt etc.
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CORP Bank Personal Loan Interest Rates 2020
|where both, the salary is routed & undertaking letter is available.||10.90% – 13.00%|
|Maximum Loan||2.50 Lakh|
|Repayment Tenure||36 Months for salaried, 60 months for self employed.|
Processing Fees: 1.50% Min. of Rs.500/-
1.50% Min. of Rs.500/-
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.
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 / 1800-42-5407
Source: Corporation Bank Website