Corporation Bank Car Loan
Last Updated : March 24, 2022, 12:45 p.m.
About Corporation Bank Car Loan
Are you in search of an appropriate lender who can look after your interests for availing suitable car loans? Look for Corporation Bank which offers car loans through the scheme ‘Corp Vehicle Scheme’ for the purchase of 2/3/4 wheelers either for personal/transport/business/commercial purposes. Cars loans are also provided for second-hand cars which are not older than 3 years from the date of registration. Now you can easily drive away your dream car bought from your lender in no time as you settle all the documentation formalities with the assistance of bank instantly.
Corporation Bank Car Loan Eligibility Criteria
- Following individuals are eligible for availing Corporation Bank Car Loans:
Self-employed professionals
Businessmen
Salaried employees
Non-resident Indians
Sole Proprietorships
Partnership Firms
HUFs
Companies
Trusts
- Institutions
2. The borrower can include either spouse or close relative with a good net worth for enhancing their repaying capacity.
3. The company/firm/Trust/Directors/Partners/Trustees having regular/independent income can be included as co-applicants in order to boost up the borrower’s repayment capacity.
4. Salaried employees can also include applicant/co-applicant in their application process for availing car loans.
Corporation Bank Car Loan Interest Rates
| Particulars | Description |
|---|---|
| Interest Rate | 7.80% - 7.90% |
| Loan Amount | Minimum loan : Lesser than ₹ 50,00,000 & above Maximum loan: ₹ 1,00,00,000 per vehicle |
| Tenure | 7 years |
| Age Limit | Minimum : 21 years & max upto 70 years |
| Processing Fees | 1% of the loan amount subject to minimum ₹ 1,000/- |
| Prepayment Charges | Nil |
| Loan Margin | 15% for loans upto ₹ 1 crore 20% for loans above ₹ 1 crore 40% for second hand vehicles |
Corporation Bank Car Loan EMI Calculator
Use Corporation Bank EMI Calculator in order to know the amount of loan that needs to be availed. The loan amount, interest rate, and tenure need to be entered to check the EMI amount. It is the Corporation Bank car loan EMI calculator which helps you to estimate the financial commitment that you will get in future due to your monthly installments. You may arrive at a desired figure of EMI by changing the duration of the loan and the loan amount you wish to get. This online car loan EMI calculator is very useful over the internet as it can be used anytime from any corner of the world.
For example : M s. Ria Jain h as applied for a 7-year car loan of ₹ 25 lakhs from Corporation Bank. She takes the help of the Corporation Bank EMI Calculator at varying interest rate 9.40%-9.90% p.a. to know about the detailed computation of h er EMI, interest outgo and total amount(EMI+Interest) which s he needs to repay each year towards car loan. Accordingly, she will go for the best suitable rate which will fit her monthly budget.
Table showing EMI, interest outgo and total amount payable on your car loan
| Loan Amount (in ₹) | Loan Tenure(in years) | Interest Rate (in % p.a.) | EMI (in ₹) | Total Interest Outgo(in ₹) | Total Amount(EMI+Interest) (in ₹) |
|---|---|---|---|---|---|
| 2500000 | 1 | 9.40%-9.90% | 1,29,112-1,36,082 | 2,19,093-2,19,673 | 26,29,112-26,36,082 |
| 2500000 | 2 | 9.40%-9.90% | 1,14,671-1,15,247 | 2,52,109-2,65,927 | 27,52,109-27,65,927 |
| 2500000 | 3 | 9.40%-9.90% | 79,966-80,551 | 3,78,760-3,99,823 | 28,78,760-28,99,823 |
| 2500000 | 4 | 9.40%-9.90% | 62,689-63,286 | 5,09,049-5,37,750 | 30,09,049-30,37,750 |
| 2500000 | 5 | 9.40%-9.90% | 52,383-52,995 | 6,42,954-6,79,681 | 31,42,954-31,79,681 |
| 2500000 | 6 | 9.40%-9.90% | 45,562-46,189 | 7,80,446-8,25,581 | 32,80,446-33,25,581 |
| 2500000 | 7 | 9.40%-9.90% | 40,732-41,374 | 9,21,492-9,75,408 | 34,21,492-34,75,408 |
Amortization Table
| Year | Principal(in ₹) | Interest(in ₹) | Balance Amount(in ₹) |
|---|---|---|---|
| 1 | 2,60,602-2,65,008 | 2,23,776-2,35,886 | 22,34,992-22,39,398 |
| 2 | 2,87,605-2,91,022 | 1,97,762-2,08,883 | 19,43,970-19,51,793 |
| 3 | 3,17,407-3,19,587 | 1,69,197-1,79,081 | 16,24,383-16,34,386 |
| 4 | 3,50,294-3,50,958 | 1,37,826-1,46,194 | 12,73,425-12,84,092 |
| 5 | 3,85,406-3,86,592 | 1,03,378-1,09,896 | 8,88,019-8,97,500 |
| 6 | 4,23,237-4,26,650 | 65,547-69,838 | 4,64,782-4,70,850 |
| 7 | 4,65,099-4,71,188 | 24,004-25,628 | 0 |
Features of Corporation Bank Car Loan
Fast processing of Karuru Vsysya Car loans
Hassle-free documentation services
Clear, simple and understandable terms and conditions
Flexible repayment period
Documentation Required for Corporation Bank Car Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account, | CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
