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Corporation Personal Loan Interest Rate

Current Corporation Bank Personal Loan Interest Rates, Nov 2021

Last Updated 16th Jul 2021

Interest Rate 8.90% - 13.00% Check Best Offers
Tenure Upto 36 months
Processing Fee 1.5%, Min Rs. 500
Loan Amount ₹ 1 Lakh to ₹ 2.50 Lakh
Minimum Income ₹ 20,000
Eligible Age 21 to 58 years
Part Prepayment Charges Allowed after paying 0 EMIs with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from Nil prepayment charges of the outstanding loan amount.
  • You can avail lowest rates on Corporation Bank Personal loan if you are an existing customer of the bank or working with top corporations.

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 Bank Personal Loan Rates and Charges

  • Corporation Bank offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Corporation Bank personal loan rates and charges. As listed below:
Corporation Bank Personal Loan Rates and Charges
Interest Rate 8.90% to 13.00%
Part Prepayment Charges Allowed after paying 0 with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees 1.5%, Min Rs. 500

Interest rates on Corporation Bank Personal Loans Schemes

Corporation Bank Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Corporation Bank personal loan remains unchanged at 8.90% as on 07 Jun, 2021. Corporation Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Corporation Bank Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 8.90% 1.5%, Min Rs. 500 Nil prepayment charges
Self-Employed Professional Starting from 11.20% Upto 0.75%, Min Rs. 5,000 Nil prepayment charges

Corporation Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Corporation Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Corporation Bank HDFC Bank SBI
Rate of Interest Starting from 8.90% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 36 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee 1.5%, Min Rs. 500 Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 2.50 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Corporation Bank Personal Loan Balance Transfer Interest Rates

Corporation Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Corporation Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Corporation Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Corporation Bank Personal Loan?

You can get the lowest Corporation Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Corporation Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Corporation Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, Corporation Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Corporation Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Corporation Bank personal Loan interest rate?

Today, the lowest interest rate on Corporation Bank Personal Loan is 8.90% and ranges up to 13.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Corporation Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Corporation Bank personal loan?

You can reduce the interest to be paid on Corporation Bank personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when Corporation Bank provides discounted personal loan offers.

Is Corporation Bank personal a floating rate loan or fixed-rate loan?

Corporation Bank is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Corporation Bank personal loan rate drop in 2021?

Presently, Corporation Bank offers personal loans at an interest rate starting at 8.90%. There has been no change in personal loan rates of Corporation Bank since 07 Jun, 2021.

How do I check my eligibility to get a personal loan at a low rate from Corporation Bank?

The lowest rate on Corporation Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Corporation Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the Corporation Bank personal loan interest rate?

You can ask for a reduction in your Corporation Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Corporation Bank?

No, there is no need for any collateral or security while availing a personal loan from Corporation Bank. Corporation Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Corporation Bank early?

If you want to prepay your entire personal loan from Corporation Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Corporation Bank personal loan scheme availed by you, before making any decision.

How does Corporation Bank calculate the interest on a personal loan?

The interest for Corporation Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Corporation Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Corporation Bank personal loan interest calculation.

Reducing rate method:  As per the Corporation Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Corporation Personal Loan News - Nov 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
*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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