Corporation Personal Loan Interest Rate

Last Updated 15th Mar 2020

Current Corporation Bank Personal Loan Rate Mar 2020

27th March 2020 – RBI cuts Repo Rate by 75 bps to 4.4%

Notice: MyLoanCare team is fully functional. You can apply and even get online personal loan disbursal from few banks.

Corporation Personal Loan Interest Rates start from 12.95% with lowest rates for salaried borrowers. Check Best Offers

SalariedSelf Employed
Lowest Interest Rate12.95% 11.20%
Processing Fee1.5%, Min Rs. 500Upto 0.75%, Min Rs. 5,000
Loan Tenure12 months to 36 months12 months to 84 months
Loan Amount₹ 1 Lakh to ₹ 2.50 Lakh ₹ 2 Lakh to ₹ 5 Cr
Part Prepayment Charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 0 EMI's, Nil prepayment charges
Preclosure ChargesAllowed after 0 EMI's, Nil prepayment charges Allowed after 0 EMI's, Nil prepayment charges

Nil prepayment charges

Apply for Personal Loan @ 10.50%* Get upto ₹ 2,500* Cashback

Corporation Personal Loan

Corporation Bank gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from Corporation Bank are:

  • Nil prepayment charges
  • Quick and easy processing
  • Reasonable interest rates
  • Corporation Bank has been rated NAN/5.0 by customers for its service quality on MyLoanCare
  • Corporation Bank has over 2,426 branches in India where you can avail service
  • Corporation Bank offers special schemes and discounts for employees of large companies

Corporation Bank Personal Loan Details

  • Purpose of Loan: Corporation Bank personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • Loan available for both salaried and self-employed professionals.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 2.50 Lakh.
    • Loan Tenure 12 to 36 months.
    • Corporation personal loan rate of interest is in the range of 12.95% to 13.95%.
    • Lowest EMI of ₹ 3,367 per lakh.
  • Processing Fees: 1.5%, Min Rs. 500.
  • Preclosure charges: Corporation Bank personal loan preclosure is Allowed with Nil prepayment charges
  • Part payment charges: Allowed at Nil prepayment charges
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special schemes: Corporation Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Corporation are:
    • Corp Personal
    • Personal Loan for Meeting Urgent Requirements

Corporation Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from Corporation Bank if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Corporation personal loan top up starts at 12.95%.

Corporation Personal Loan Interest Rate Calculator

You can get the best personal interest rates from Corporation Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Corporation:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amount. Corporation Bank offers loan between ₹ 1 Lakh and ₹ 2.50 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - Corporation Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - 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 past will get the benefit of a low Corporation Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 36 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a 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 the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

Corporation Bank also offers loan to defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel varies from private salaried employees

Corporation Personal Loan Charges

In addition to Corporation Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Corporation’s personal loans is Allowed after 0 Month at Nil prepayment charges
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. Corporation Bank allows preclosure of personal loan after 0 EMI's at preclosure charges of Nil prepayment charges.
  • Processing Fee - Corporation charges a processing fee of 1.5%, Min Rs. 500 of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • Other charges: Once your Corporation Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

Corporation Personal Loan Process

If you want to get a loan from Corporation Bank, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Corporation’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from Corporation.

You can also do a comparison of Corporation Bank Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare. Once the loan is disbursed, you can start repaying the loan using netbanking or auto debit facility.

Documents Required

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Corporation Bank Personal Loan during Coronavirus

Corporation Bank has not changed its Personal Loan Interest Rate during the Coronavirus period with lowest rate continues to be at 12.95%. However, interest rate can be expected to come down post the RBI repo rate cut of 75 bps announced on 27th March 2020. You may expect some delay in getting a loan from Corporation Bank during the COVID-19 outbreak due to social distancing norms.

Illustration on Personal Loan Corporation
Maximum Annual Percentage Rate (APR) 12.95% to 13.95%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 1 Lakh
  • Time period: 12 months to 36 months
  • Corporation Bank Personal Loan Interest Rate: 12.95% to 13.95%
  • Processing Fee payable to Corporation Bank: Upto Rs. 2,000. Current offer for processing fee is 1.5%, Min Rs. 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 3,367 for a 36 months Rs. 1 Lakh loan at 12.95% (lowest rate, longest time period) to Rs. 8,976 for a 12 months Rs. 1 Lakh loan at 13.95% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 12.95% to 13.95%
  • Total cost payable over loan tenure: Rs. 9,716 for 12 months loan to Rs. 23,212 for 36 months loan

Corporation Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Corporation Bank.

Compare Personal Loan Interest Rates of Corporation Bank with other Banks

Frequently Asked Questions on Corporation Personal Loan

How much time will the Corporation Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why to take personal loan from Corporation Bank ?

Corporation Bank offers loan at 12.95% rate with the lowest EMI of ₹ 3,367 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Corporation Bank.

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

Personal loan interest rates in Corporation Bank are 12.95% to 13.95%. Corporation Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Corporation Bank, your lowest Personal Loan EMI per lakh will be ₹ 3,367.

What is the minimum and maximum tenure of personal loan in Corporation Bank?

You can repay your personal loan in a flexible period of minimum 12 months to maximum 36 months.

How much personal loan amount I can borrow from Corporation Bank?

Corporation Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 2.50 Lakh

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

Corporation Bank charges a processing fee of 1.5%, Min Rs. 500 with applicable service tax.

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

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

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

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get Corporation Bank personal loan?

You can get a personal loan from Corporation Bank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks. 

How can I check my Corporation Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Corporation Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Corporation Bank’s website. In case you could not track your application online, you can contact Corporation Bank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

Importance of credit score if I wish to avail a Corporation Bank personal loan?

It is important to have a good credit score if you wish to apply for a personal loan from Corporation Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Corporation Bank?

No, Corporation Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Corporation Bank personal loan after 1 year?

You can close your personal loan from Corporation Bank after 0 months by paying charges: Nil prepayment charges charges.

Can I negotiate with Corporation Bank on the personal loan interest rate?

You can ask Corporation Bank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your Corporation Bank personal loan EMI?

You can pay your Corporation Bank personal loan EMI by using ECS facility or through Standing Instruction.

How to get Corporation Bank personal loan status by mobile number?

You can check the status of your Corporation Bank personal loan on their website by using your mobile number. You can also check the Corporation Bank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Corporation Bank personal loan process?

The most effortless Corporation Bank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Corporation Bank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Corporation Bank Bank as well.

*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