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Corporation Car Loan

Corporation Bank Auto Loan

Last Updated 11th Feb 2021

Features and Eligibility Corporation Bank New Car Loan Scheme
Rate of Interest 7.40% Floating
Loan Amount Eligibility 85% of ex-showroom price
Lowest EMI per Lakh ₹ 1,529
Apply for Car Loan @ 8.70%*

Corporation Car Loan

Factors Affecting Corporation Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Corporation Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Corporation Bank offers 85% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Corporation Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Corporation Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - Corporation Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low Corporation Bank Car loan interest rate.
  • Loan Tenure - Corporation car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, Corporation Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Corporation Bank Car Loan Eligibility

Eligibility of car loan in Corporation relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Corporation offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: Corporation Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Corporation Bank asks for net annual income of minimum Rs. 1.20 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Corporation Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Corporation Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Corporation Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: Corporation Bank gives you a car loan depending upon your income. Corporation Bank gives you 85% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase Corporation Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, Corporation Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Corporation Bank Car Loan EMI

Car Loan EMI of Corporation Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Corporation Bank is Rs. 1,529 per lakh loan amount at lowest car loan interest rate of 7.40%. Car Loan EMI of Corporation Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Corporation Car Loan

Car loan Corporation Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan Corporation Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan Corporation Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Corporation Bank allows prepayment of car loan after paying 1 EMI’s with Nil
  • Processing Fee - Corporation Bank asks for a processing fee of 1.00% of loan amount with applicable service tax

Corporation Bank Car Loan Top up, Balance Transfer

  • Corporation offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Corporation Bank
  • You can avail additional top-up car loan from Corporation Bank, subject to your eligibility

FAQs

How much interest is charged by Corporation Bank on car loan?

Corporation car loan interest rates today are 7.40% to 7.50%.

What is the lowest EMI per lakh on Corporation Bank car loan?

If you apply for a car loan from Corporation Bank, your lowest EMI per lakh will be Rs. 1528.9.

What is the maximum tenure of Corporation Bank car loan?

You can repay your car loan from Corporation Bank in a flexible period of 7 years.

How much car loan can I borrow from Corporation Bank?

Corporation Bank offers you 85% of ex-showroom price of the car as loan.

How much processing fee is charged by Corporation Bank on car loan?

Corporation Bank charges a processing fee of 1.00% of loan amount with applicable service tax.

Is age an eligibility factor to get car loan from Corporation Bank?

Yes, age is an important eligibility factor to get Corporation Bank car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Corporation Bank car loan?

You can take a car loan from Corporation Bank with Nil prepayment charges.

Can I add my spouse's income while applying for car loan from Corporation Bank ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of Corporation with other banks

Corporation Bank Car Loan in India

Corporation Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-2407
Ahmedabad 1800-425-2407
Ambala 1800-425-2407
Anand 1800-425-2407
Aurangabad Bihar 1800-425-2407
Bangalore 1800-425-2407
Bhilai 1800-425-2407
Bhilwara 1800-425-2407
Bhiwadi 1800-425-2407
Bhopal 1800-425-2407
Bhubaneswar Cuttack 1800-425-2407
Bikaner 1800-425-2407
Chandigarh 1800-425-2407
Chennai 1800-425-2407
Cochin 1800-425-2407
Coimbatore 1800-425-2407
Dehradun 1800-425-2407
Delhi 1800-425-2407
Durg 1800-425-2407
Faridabad 1800-425-2407
Gandhinagar 1800-425-2407
Ghaziabad 1800-425-2407
Goa 1800-425-2407
Greater Noida 1800-425-2407
Gurgaon 1800-425-2407
Guwahati 1800-425-2407
Gwalior 1800-425-2407
Hyderabad 1800-425-2407
Indore 1800-425-2407
Jabalpur 1800-425-2407
Jaipur 1800-425-2407
Jalandhar 1800-425-2407
Jodhpur 1800-425-2407
Kanpur 1800-425-2407
Karnal 1800-425-2407
Kolhapur 1800-425-2407
Kolkata 1800-425-2407
Kota 1800-425-2407
Kozhikode 1800-425-2407
Lucknow 1800-425-2407
Ludhiana 1800-425-2407
Madurai 1800-425-2407
Meerut 1800-425-2407
Mehsana 1800-425-2407
Mohali Sas Nagar 1800-425-2407
Mumbai 1800-425-2407
Mussoorie 1800-425-2407
Nagpur 1800-425-2407
Nashik 1800-425-2407
Noida 1800-425-2407
Noida Extn 1800-425-2407
Panipat 1800-425-2407
Patna 1800-425-2407
Pondicherry 1800-425-2407
Pune 1800-425-2407
Raipur 1800-425-2407
Rajkot 1800-425-2407
Ranchi 1800-425-2407
Rohtak 1800-425-2407
Roorkee 1800-425-2407
Salem 1800-425-2407
Shimla 1800-425-2407
Sonipat 1800-425-2407
Surat 1800-425-2407
Trichy 1800-425-2407
Udaipur 1800-425-2407
Vadodara 1800-425-2407
Varanasi 1800-425-2407
Vijaywada 1800-425-2407
Vizag 1800-425-2407

Corporation Car Loan News - Apr 2021
  • 2019-07-23 : Corporation Bank launches special housing and vehicle loans mela
    Corporation Bank announces launch of special housing and vehicle loans mela as a part of its monsoon offer 2019. The loan mela was organised at Vijaywada, Lakshmipuram branch in the cty of Andhra Pradesh. The lender will offer housing loan at 8.6 per cent and vehicle loan at 8.85 per cent rate of interest.
  • 2018-03-22 : Corporation bank raises MCLR by 10 bps
    Corporation bank has raised its MCLR by 10 basis points across all tenors. The new rates are now in the range of 7.90% to 8.75%, effective from March 15.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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