Top Banks 2024
Corporation Bank Chennai
Last Updated : Jan. 28, 2017, 3:12 p.m.
About Corporation Bank
Corporation Bank functions on the motto of serving the customer-friendly products from the beginning itself. The first branch of Corporation Bank was opened at Kundapur in 1923 and then in Mangalore in 1926. The mission of Corporation Bank is to serve the best financial products to the urban as well as rural population of India. The bank is one of the leading banks in the country providing affordable loans and higher savings on investment products.
Corporation Bank has also shown outstanding performance oriented culture and augmenting record and has crossed ₹1000 Crores Deposit mark in the year 1985 and launched into the 1990s with the focus on high quality growth by initiating latest technology in its operations. The bank got the ‘Best MSME Bank Award 2016’ initiated by The Associated Chambers of Commerce & industry of India (ASSOCHAM) along with the ‘Excellence Award on Empowering MSMEs 2016’ to name a few.
Branch Addresses of Corporation Bank in Chennai
| Branch Name | Complete Address | IFSC | MICR | Contact Number |
|---|---|---|---|---|
| George Town | 49, Armenian Street, p.B. No. 237, George Town, Chennai-600001 | CORP0000005 | 600017002 | 044- 25341636 |
| Mylapore | Temple Square 22, North Mada Street, Mylapore, Chennai-600004 | CORP0000049 | 600017007 | 044-24641933, 24642853 |
| Whites Road | 38, 39 Whites Road, Chennai- 600014 | CORP0000122 | 600017006 | 044-28524258, 28525191 |
| Kellys Corner | 12, Ormes Road, Kilpauk, Chennai-600010 | CORP0000123 | 600017004 | 044-26412272, 26427191 |
| Indira Nagar | 37, First Avenue, Indira Nagar, Chennai-600020 | CORP0000124 | 600017003 | 044-24419083, 24413350 |
| Mint Street | 378, Mint Street, Sowcarpet, Chennai-600079 | CORP0000149 | 600017005 | 044-25381299, 25362969 |
| Tambaram Sanatorium | No.7, Railway Station Road, Tambaram Sanatorium, Chennai-600047 | CORP0000469 | 600017008 | 044-22412153, 22384164 |
| Anna Nagar | Block AA, 144 III Avenue, Anna Nagar, Chennai-600040 | CORP0000487 | 600017009 | 044-26269162, 26206639 |
| T Nagar | Venkatanarayan Road, T Nagar, Madras-600017 | CORP0000491 | 600017010 | 044-24348635 |
| PBB | 27 White Road | CORP0000504 | 600017011 | 044-28546803 |
Products Offered by Corporation Bank in Chennai
Corporation Bank is one of the leading banks in India that offers services under the following sections- personal, corporates, NRI, PMJDY (Pradhan Mantri Jan Dhan Yojana), and E-banking. In Chennai, the bank offers personal loans, home loans, loan against property, business loan, vehicle loan, and fixed deposit products.
Basic Details of Corporation Bank Products
| Product | Eligibility | Amount | Interest Rate | Processing Fee | Tenure |
|---|---|---|---|---|---|
| Home Loan | Between 18 to 65 years, with independent and regular source of income. | For Metro Cities - ₹ 500 lakh Port Town(Other than Metro) and Urban Cities- ₹100 lakhs Semi Urban Cities-₹50 lakh Rural Cities -₹ 35 lakhs | 8.60% - 11.20% | Corp Home-0.50% of loan amount, maximum of ₹ 50,000 Corp Ghar Shobha-0.50% of loan amount subject to a minimum of ₹ 10,000/- | 30 years |
| Personal Loan | For Salaried – 21-60 years For Self-Employed 24-65 years | Minimum - ₹0.10 lakh Maximum -₹ 3.50 lakh | 11.80% - 15.50% | 1.50% of the loan amount subject to a minimum of ₹ 500 | 5 Years |
| Vehicle Loan | For Salaried- 18-70 years For self-employed/partnership business/private and public sector - Above 18 years and below70 years at the time of loan maturity | Two Wheeler- ₹1 lakh Three Wheeler-₹ 2 lakhs per vehicle Four Wheeler-₹ 1 crore per vehicle Heavy Vehicle/Water Transport Vehicle-₹ 5 crore per vehicle | 7.80% - 7.90% | Two/Three -wheeler: 0.50% of loan amount, subject to minimum of ₹ 500/- Four -wheelers and others- 1% of the loan amount subject to minimum of ₹ 1,000/- [0.75% of loan, minimum of ₹ 2,000/- under CCVL Scheme] | Two Wheeler- 3 years Three Wheeler- 5 years For Other than two and three wheeler- 7 years |
| Business Loan | 1. Individual / Sole Proprietorship / Partnership firm/HUF/ Joint Stock Company or any other entity engaged in trading/business activity either on retail or whole sale basis for a period of 1 year prior to seeking sanction of loan. 2. Units engaged in manufacturing/processing/ SSI units/ Commission agents /Contractors are also eligible for loan provided stock is available /held by them for hypothecation. 3. Applicant must have either sales tax-registration OR trade/business license/permit issued by any Statutory Authority/Recognized body. | Minimum -₹ 2 lakhs Maximum Loan Amount : For Metro Cities - ₹ 500 lakh Port Town(Other than Metro) and Urban Cities- ₹200 lakhs Semi Urban Cities-₹100 lakh Rural Cities -₹ 30 lakhs | Varies from Individual to Individual | 1% of the limit sanctioned | Upto 7 years |
| Loan Against Property | 18 - 65 years owning residential /Commercial property / Industrial property, land and/or building, | Minimum -₹ 2 lakhs Maximum Loan Amount : For Metro Cities - ₹ 500 lakh Port Town(Other than Metro) and Urban Cities- ₹300 lakhs Semi Urban Cities-₹25 lakh Rural Cities -₹ 10 lakhs | 11.20%-13.20% | Term loan : 1% of the limit sanctioned | 7 to 10 years |
| Fixed Deposit | Individuals, Hindu Undivided Families (HUFs), Minor represented by parents/guardian,Guardian on behalf of societies, clubs, trusts and associations, associations, clubs, trusts, sole proprietorship firms, partnership firms and limited companies | NIL | 3.00% - 5.40% | NIL | 7 Days-10 years |
Documents Required
| Product | Documents |
|---|---|
| Home Loan | Identity Proof-PAN Card/Passport/Voter ID/Driving License/Aadhaar Card Address Proof-Utility Bill/Passport/Aadhaar Card/Voter ID Income Proof-Latest Salary Slips & Form 16 for Salaried - Profit & Loss A/C Statement & Audited Balance Sheet for the Last 3 Years Bank Account Statement for the Last 6 Months Track record of existing loans, if any Details of property you look to buy & construct |
| Personal Loan | Identity Proof- PAN Card/Voter ID/Driving License/Aadhar Card/Passport Address Proof- Utility bill/Passport/Aadhar card/Voter ID Income Proof- Latest Salary Slip/ ITR/Form-16 Bank Statement- Last 3-6 Month Bank Statement |
| Vehicle Loan | Proof of Identity: Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible) Proof of Address: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card. Proof of Income: Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR Bank Statement: Last 6 months |
| Business Loan | Identity Proof-PAN Card/Passport/Voter ID/Driving License/Aadhaar Card Address Proof-Utility Bill/Passport/Aadhaar Card/Voter ID Income Proof-Latest Salary Slips & Form 16 for Salaried - Profit & Loss A/C Statement & Audited Balance Sheet for the Last 2Years for self-employed Bank Account Statement for the Last 6 Months Track record of existing loans, if any Trade License applicable to a proprietor/partnership firm Ownership documents, if any, of the security Copy of Partnership deed/Memorandum of Association (MOA and Articles of Association (AOA) or other documents. These documents apply in the case of partnership firm or a company |
| Loan Against Property | Identity Proof-PAN Card/Passport/Voter ID/Driving License/Aadhaar Card Address Proof-Utility Bill/Passport/Aadhaar Card/Voter ID Income Proof-Latest Salary Slips & Form 16 for Salaried - Profit & Loss A/C Statement & Audited Balance Sheet for the Last 3 Years for self-employed Bank Account Statement for the Last 6 Months Track record of existing loans, if any Details of property to be mortgaged |
| Fixed Deposit | An Individual, Hindu Undivided Family, Sole Proprietorship Concern ID Proof – Passport, PAN Card, Driving Licence, Voter ID, Government ID Card, Senior Citizen ID Card Address Proof - Telephone Bill, Electricity Bill, ID Card Issued by Post Office, |