- See the impact of GST on personal loans.
- Apply for personal loans and start planning your trip.
A personal loan can be used for various purposes such as going on a trip or financing your car or anything else. Now that New Year’s Eve is around the corner, you can take a loan and go on an international trip with your family! Corporation Bank personal loan offers low-interest rates to people from different professions. Those who have big plans this year can apply for the loan and enjoy! Have a look at the interest rate and the other charges applicable to the loan.
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Corporation Bank Personal Loan Interest Rates February 2023
|Interest Rate||8.90% - 13.00%|
|Loan Amount||Up to ₹ 3.50 Lakhs|
|Tenure||Up to 60 months|
|Processing Fee||Up to 1.50% of the loan amount + GST|
What is the processing fee for Corp Personal Scheme?
As mentioned above, the processing fee applicable on the personal loan is maximum up to 1.50% of the loan amount. You are also aware of the fact that GST has been implemented in India from July 1, 2017 after which the service tax of 15% which was applicable on the processing fee has now changed to 18%. So, you have to pay the processing fee plus the 18% on that amount.
How can you get the lowest rate for Corp Personal Loan?
There is only one mantra to get the lowest rate and it is to make sure that you are not a defaulter. If you have been a loan borrower in the past or have been using the credit card, have missed the payments, you might be a defaulter which will be reflected in the CIBIL report. No lender will be able to help you much if you have a bad credit history. However, if you have improved your CIBIL score, you can expect a good rate from the bank. You can check your CIBIL before you apply for the loan to get the clarity. You should also know that banks consider certain parameters based on which they approve the application and the desired rate. The factors are as follows:
- Monthly Income
- Category of the employer
- Monthly expenses
- CIBIL score
- Job stability
- Relationship with the bank
Based on the above factors, the banks consider the applicant for the desired rate. The better the profile of the borrower is, the higher is the possibility to get a lower rate.