Corporation Bank Car Loan

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

  1. 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

ParticularsDescription
Interest Rate9.40%-9.90% p.a.
Loan Amount Minimum loan : Lesser than ₹ 50,00,000 & above
Maximum loan: ₹ 1,00,00,000 per vehicle
Tenure7 years
Age Limit Minimum : 21 years & max upto 70 years
Processing Fees1% of the loan amount subject to minimum ₹ 1,000/-
Prepayment ChargesNil
Loan Margin15% 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 : Ms. Ria Jain has 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 her EMI, interest outgo and total amount(EMI+Interest) which she 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 ₹)
250000019.40%-9.90%1,29,112-1,36,0822,19,093-2,19,67326,29,112-26,36,082
250000029.40%-9.90%1,14,671-1,15,2472,52,109-2,65,92727,52,109-27,65,927
250000039.40%-9.90%79,966-80,5513,78,760-3,99,82328,78,760-28,99,823
250000049.40%-9.90%62,689-63,2865,09,049-5,37,75030,09,049-30,37,750
250000059.40%-9.90%52,383-52,9956,42,954-6,79,68131,42,954-31,79,681
250000069.40%-9.90%45,562-46,1897,80,446-8,25,58132,80,446-33,25,581
250000079.40%-9.90%40,732-41,3749,21,492-9,75,40834,21,492-34,75,408

Amortization Table

YearPrincipal(in ₹)Interest(in ₹)Balance Amount(in ₹)
12,60,602-2,65,0082,23,776-2,35,88622,34,992-22,39,398
22,87,605-2,91,0221,97,762-2,08,88319,43,970-19,51,793
33,17,407-3,19,5871,69,197-1,79,08116,24,383-16,34,386
43,50,294-3,50,9581,37,826-1,46,19412,73,425-12,84,092
53,85,406-3,86,5921,03,378-1,09,8968,88,019-8,97,500
64,23,237-4,26,65065,547-69,8384,64,782-4,70,850
74,65,099-4,71,18824,004-25,6280

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

ProofsSalaried ProfessionalSelf-employed
Age ProofPassport/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 CardDriving License/Passport copy/PAN Card

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