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Corporation Personal Loan

Corporation Bank Personal Loan

Last Updated 07th Jun 2021

Corporation Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of Corporation Personal Loan are:

  • Corporation Bank Personal Loan interest rate starts from 8.90%.
  • The processing fee charged on Corporation personal loan is 1.5%, Min Rs. 500.
  • Corporation also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Corporation personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Corporation has special schemes for different income and occupation groups.

Corporation Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Corporation Bank Personal Loan.

Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Corporation Personal Loan Details

  • Interest Rate on Corporation personal loan ranges from 8.90% to 13.00%.
  • Lowest EMI per lakh works out to be ₹ 3,175 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Corporation are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 58 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 2.50 Lakh
  • Corporation Personal Loan can be availed for a period of 12 months and can go up to 36 months.
  • Processing Fees charged by Corporation on personal loan is 1.5%, Min Rs. 500%
  • Corporation Bank allows personal loan foreclosure and part prepayment at Nil prepayment charges.

How to Get the Best Offer on Corporation Personal Loan?

There are various factors that impact your chances to get the best offers on Corporation Personal Loan, as listed follows:

  • Loan Amount - Corporation Bank offers loans between ₹ 1 Lakh and ₹ 2.50 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Corporation Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Corporation Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Corporation personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Corporation Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 8.90%
  • Credit Score - Corporation Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Corporation Personal Loan Documents

You require the following documents to avail personal loan from Corporation

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Corporation Personal Loan Schemes

Corporation Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

How to Apply for Corporation Personal Loan?

The step-by-step procedure to get a personal loan online from Corporation Bank is mentioned below:

  • Visit the official website of Corporation Or contact your nearest Corporation Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Corporation Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Corporation Bank, and on successful approval of the loan, the funds will be disbursed to your Corporation Bank account immediately.

You can also apply for Corporation Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Corporation Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Corporation Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Corporation Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Corporation
Maximum Annual Percentage Rate (APR) 9.4% to 13.5%
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: ₹ 1,00,000
  • Time period: 12 Months to 36 Months
  • Corporation Bank Personal Loan Interest Rate: 8.90% to 13.00%
  • Processing Fee payable to: Upto ₹ 1,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 3,175 for 36 Months ₹ 1,00,000 loan at 8.90% (lowest rate, longest time period) to ₹ 8,932 for 12 Months ₹ 1,00,000 loan at 13.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.4% to 13.5%
  • Total cost payable over loan tenure: ₹ 1,06,386 for 12 Months loan to ₹ 1,15,812 for 36 Months loan

Personal Loan from Other Banks in India

FAQs

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 should I take a personal loan from Corporation Bank ?

Below-mentioned is the reason why you must avail a personal loan from Corporation Bank.

  • Nil prepayment charges
  • Quick and easy processing
  • Reasonable interest rates

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

Personal loan interest rates in Corporation Bank are 8.90% to 13.00%. 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 ₹ 3,175 which corresponds to lowest interest rate of 8.90% and longest tenure of 36 years.

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

Corporation Bank personal loan has a minimum tenure of12 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

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Corporation . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Corporation Bank personal loan?

You can get a personal loan from Corporation Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Corporation’s application process.

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 are unable to track your application online, you can get Corporation Bank loan assistance at Corporation Bank loan customer care centre 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.

What is the 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

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

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

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.Corporation Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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