Corporation bank personal loan application

How much is the rate of interest on Personal Loan product offered by Corporation Bank to its routine customers ?

Corporation Bank is a public sector banking company . This Bank provide personal loan scheme to the employees and Pensioners whose salary and pension is routed through a branch of bank , and to other routine customers of bank .

Corporation Bank Personal Loan
Interest Rate (Floating)
BR + (3.75% to 4.75%)
Base Rate - 9.70%

Eligibility :

Employees whose salary is routed through the Branch.

Pensioners drawing pension through the branch.

Other than salaried class having regular dealings with the branch.

Loan Tenure
3 Years

Documents required with application :

Signed application form

Photograph

Last 3 months bank statement/
6 months bank passbook

Copy of passport/
voter ID card/
driving license

Processing fee cheque

Documentation for salaried applicants:
Latest salary slip
Current dated salary certificate with the latest Form 16

Documentation for self-employed applicants:
Latest Bank statement
Latest ITR or Form 16

Corp Schemes - Interest Rates:

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Answered By StudyChaCha Member

Which are the documents required with application form while applying for Personal Loan at Corporation Bank ?

Corporation bank provide personal loan scheme to meet any genuine personal expenses likre family functions, education, travel, marriage, medical etc. bank offers this loan facility to salaried and self employed.

Documents required :
Age Proof
Signature and ID Proof
Residence Proof
As Income Proof
Alternate Documents

Age Proof (Choose One)
Date of birth Certificate
Laminated Driving License
Passport
PAN Card

Signature and ID Proof (Choose One)
Live Photo Credit Card
Employer’s ID
PAN CARD
Banker’s photo verification
Live Passport
Live Laminated Driving License

Residence Proof (Choose One)
Latest Gas Bill
Passport
Rent/Lease Agreement
Latest Telephone Bill
Latest Insurance Premium Receipt
Laminated Driving License
Election Card
Latest Electricity Bill
Latest Water Bill

Income Proof
Salaried Individuals
Salary slip/Salary certificate for last 3 months

Complete 3 months bank statement required

Bank Statement Verification Authorization letter duly signed by the applicant

Self-employed Individuals
ITR

Complete 6 months bank stmt required

Bank Statement Verification Authorization letter duly signed by the applicant

Loan detail :
Loan amount :
12 times the take-home pay In the case of Salaried.

25% of the gross annual income in the case of self-employed.

Interest Rate :
13.50%- 14.50%

Service Charges:
1.50% of the loan amount subject to a minimum of Rs.500/-

Loan tenure :
1 yr – 5 yrs.

Benefits of laon :

Customized loan options.

Higher loan amounts

Quick processing

Competitive rates

Easy documentation options

Insurance protection on your loan

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Answered By StudyChaCha Member

Would you please give me some information about Corporation Bank Personal Loan Interest Rates? Its very urgent bcoz I want to take Personal Loan….

Corporation Bank was founded in 12 March 1906, it s a public sector banking company and it is the oldest banking institution in the erstwhile undivided South Canara District of the Madras Presidency and one of the oldest banks in India,

Corp Personal Loan Scheme

Rate of interest
Present Base Rate is 9.90%
For all Tenors:
Upto Rs.2 crore: BR = [9.90%]

Above Rs.2 crore: BR+0.25% =[10.15%]



Purpose;
Demand loan to meet genuine personal expenses.

Eligibility:
Employees whose salary is routed through the Branch.

Pensioners drawing pension through the branch.

Other than salaried class having regular dealings with the branch.

Loan amount;

Maximum Rs.2 lakhs
a) Salaried class: Where salary is routed through the Branch – 6 months net salary.

Where in addition to routing of salary, employer undertaking letter is also available - Maximum loan - 12 times of take home pay.

b)Pensioners drawing pension through our Branch - Maximum loan - 6 months pension.

c)In case of individuals with income other than salary / pension, maximum loan shall be 25% of the gross annual income.

Margin: Nil

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Answered By StudyChaCha Member

I want to apply for personal loan form Corporation Bank, so for apply I need the application form, so will you please provide me or tell me from where I can download the offline application form?