Corporation Bank Personal Loan: Interest Rates, Eligibility, How to Apply

Corporation Bank Se Personal Loan Kaise Le: No guarantor is required for Corporation Bank personal loan and you can get Rs 10,000 to 3,50,000 as loan amount. You can choose the loan repayment tenure of up to 5 years.

Benefits of Corporation Bank Personal Loan

  • low interest rates
  • no need to mortgage anything
  • less paperwork
  • long repayment period
  • Minimum income requirement

Documents Required for Corporation Bank Personal Loan

Important documents to be submitted while applying for Personal Loan from Corporation Bank

  • Well filled application form
  • 3 passport size photographs
  • Identity Proof (Photocopy of Voter ID / Passport / Driving License / PAN Card)
  • Address proof (photo copy of recent telephone bill / electricity bill)
  • Bank account/passbook details for the last six months
  • Form 16/IT Return for the last two financial years for salaried employees
  • IT returns for three years for self-employed professionals

Corporation Bank is the best option to avail a personal loan to meet the short term needs of the people, catering to the various needs of the people. You can choose the best personal loan based on your requirement.

Features of Corporation Bank Personal Loan

eligibility criteria Salaried / Self Employed
Age over 21 years
loan tenure up to 60 months
loan amount Up to Rs.3,50,000
Rate of interest 13.75%

Purpose: The Corporation Bank Personal Loan aims at providing financial assistance for meeting oneself or a family member’s needs like medical treatment, marriage, travel expenses, education and home repairs.

No guarantor required: Since personal loans are unsecured loans, what you do not need to pledge to get a Corporation Bank personal loan.

Loan Amount: You can get a loan of up to Rs 3,50,000. For pensioners, 10 times the pension amount is given.

Repayment Period: Up to 5 years

Prepayment Charges: No prepayment charges are levied on Corporation Bank Personal Loan.

Convenient Loan: You can apply online or visit the nearest Corporation Bank branches.

Eligibility Criteria: To avail a personal loan from Corporation Bank, you must have the following eligibility criteria:-

  • You must be 21 years of age or older
  • Must have a regular source of income
  • Salary slip of last 3 months has to be given
  • Proper address proof and identity proof must be provided

Interest Rate and Other Charges on Corporation Bank Personal Loan

  • The interest rate is 13.75%, but it is subject to change from time to time.
  • The processing fee is 1.50% of the loan amount.

EMI Payment Methods

Your Corporation Bank personal loan can be repaid in the following three ways.

Standing Instruction (SI) : If you are an existing account holder of Corporation Bank, then standing instruction is the best mode of repayment. Your EMI amount will be automatically debited at the end of the monthly cycle from the Corporation Bank account specified by you.

Electronic Clearing Service (ECS): This mode can be used if you do not have an account with Corporation Bank and you want your EMI to be automatically debited from this account at the end of the monthly cycle.

Post-dated Cheque (PDC): You can deposit a post-dated EMI check at your nearest Corporation Bank loan center. A fresh set of PDCs will have to be submitted in a time bound manner. Please note that post dated checks will be collected only at non-ECS locations.

It is recommended that you opt for SI or ECS mode of payment for faster and less error probability as compared to the use of PDC.

What are the documents required to apply for Personal Loan in Corporation Bank?

1.) Identity Proof like Aadhar Card, PAN Card, Passport, Voter ID Card etc.
2.) Address proof such as Aadhar card, passport, voter ID card, or electricity bill.
3.) Bank statement and salary slip for proof of income.
4.) Apart from the above mentioned documents, you may require a duly filled application form.

Do I need to provide a guarantee while applying for a personal loan in Corporation Bank?

Yes, you must provide an appropriate third-party or co-applicant guarantee.

What is Corporation Bank’s toll-free number?

For any query regarding Personal Loan in Corporation Bank, you can call on the toll-free number – 1800 425 3555.

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