Corporation Bank’s Corp Personal Scheme is useful for covering genuine personal expenses. You can apply for a loan of Rs.10,000 to Rs.3.5 lakh under this scheme at an interest rate of 10.75 percent to 12.25 percent p.a. up to 60 months.
Interest rates for Corporation Bank Personal Loan :-
- a]Where both the salary and the undertaking letter are available and Pensioners receiving pension through the Branch c] CIBIL > 700 – 10.75 percent p.a.
- a] Where both the salary and the undertaking letter are routed and Pensioners drawing pension through the Branch c] CIBIL 700 – 11.25 percent p.a.
- Others: 12.25 percent p.a.
Loan Amount provided for Corporation Bank Personal Loan :-
Ranging in price from Rs.10,000 to Rs.3.5 lakh.
- If your salary is routed through a bank branch, you can get a loan for up to 9 months of your net salary.
- If the salary is routed and the undertaking letter is available, a loan of up to 12 months’ net salary is available.
- Pensioners who receive their pension through a bank branch may obtain a loan of up to ten months’ net pension.
- Individuals with non-pension or salary income – Loan amount of up to 25% of gross annual income.
Employment Status :-
- Employees of central and state governments, public limited companies (PLCs), public sector undertakings (PSUs), universities, colleges, schools, and research institutions.
- Pensioners who receive their pension from Corporation Bank.
- Employees of well-known private firms or corporations.
- Employees whose pay checks are routed through a bank branch.
- Individuals who have regular dealings with the bank branch, in addition to the salaried class.
- Individuals with sources of income other than a pension or salary.
Factors Affecting Corporation Bank Personal Loan :-
- Type of job :- The interest rate on your personal loan will vary depending on whether you receive your pension or salary through the bank branch. Corporation Bank offers personal loans at varying interest rates to applicants based on whether their salary is routed through the bank and whether the undertaking letter is available. If the applicant does not receive salary or pension from the bank, the interest rate charged may be higher.
- Amount of loan :- The bank’s loan amount varies according to the customer’s employment status. Similarly, the interest rate changes in relation to the loan amount. Use the online personal loan EMI calculator to determine an affordable loan amount and loan term for you so that you can repay the loan without going into default.
- Already a customer ? Existing customers who have their income or pensions routed through the bank branch can get personal loans at a lower interest rate.
- Is your credit score good ? When applying for a personal loan, most banks look at your credit score because it indicates your creditworthiness. Lenders view applicants with low credit scores to be high-risk (lending) candidates. As a result, such loan applications are turned down.
Other important things you should know about Corporation Bank Personal Loan :-
- The Processing fees is 1.50% the minimum amount of rupees 500.
- There is no prepayment charges.
- The lowest EMI per lakh is 2,270 rupees.
- Corporation Bank personal loan interest rates are linked to the Base Rate and are likely to fluctuate in response to changes in the base rate.
- Applicants are required to provide collateral/guarantor in order to obtain a personal loan, and this collateral may result in lower interest rates.
- Any changes in the repo rate may have an impact on the interest rate charged by Corporation Bank.
- Floating interest rates can fluctuate in response to changes in the base lending rate.
- Interest rates for Corporation Bank personal loans are linked to the Base Rate and are likely to change with changes in base rate.
- Applicants are required to provide a collateral/guarantor in order to obtain a personal loan and it is possible to get favourable interest rates on account of this collateral.
- Any change in the repo rate could impact the interest rate charged by Corporation Bank.
- Floating interest rates can change with changes in the base lending rate.
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