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Corporation Bank Personal Loan – Apply Online 2024
Owned by the government of India, Dena Bank is one of the leading and most trustable banks today. This public sector bank is known for offering unmatched banking services to the people. Moreover, among its many services, the bank with its personal loan product is fulfilling the needs of all. Yes, the bank by offering you great deals on personal loan ensures to fulfills every need of yours. Whether you are looking funds for your child’s education, or for your next travel or to renovate your home, for all your personal needs, there is one personal loan that you can easily avail from Dena Bank.
So, to grab the more information on personal loan from Dena Bank, go through this article.
Dena Bank Personal Loan Interest Rates:
| Particulars | Details |
|---|---|
| Interest Rates | 10.90% - 18.25% |
| Loan Amount | INR 15,000-Up to 9 times of net monthly income |
| Repayment | 12 months-36 months |
| Processing Fee | 1% of the loan amount |
| Pre-Payment Charges | Nil |
Corporation Bank Personal Loan Apply
When it comes to applying for Corporation Bank Personal Loan, you can easily apply for the same in many ways. Yes, you can apply for your personal loan online or you can also visit the nearest branch of the bank. Both the processes are simple and quick and allow you to avail the loan without any hassle.
Calculate Your EMI for Corporation Bank Personal Loan
The formula to calculate EMI (in arrears) is:
E=P . r . (1+r)^n/((1+r)^n – 1)
Corporation Bank Personal Loan Interest Rate
If you want to avail a personal loan from Corporation Bank, this bank with its attractive interest rates is here to make your jouney all the more exciting and smooth. You can avail Corporation Bank personal loan at an interest rate of 11.80% - 15.50% per annum.
Corporation Bank Personal Loan EMI Calculator
Suppose you are interested in availing a loan of ₹2,00,000 from Corporation Bank for 5 years at the rate of 12.65%, take a look at table below, showing detailed calculation of your loan amount each year.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
|---|---|---|---|---|---|
| ₹ 2,00,000 | 12.65% | 1 | ₹ 17,831 | ₹ 13,968 | ₹ 2,13,968 |
| ₹ 2,00,000 | 12.65% | 2 | ₹ 9476 | ₹ 27,412 | ₹ 2,27,412 |
| ₹ 2,00,000 | 12.65% | 3 | ₹ 6705 | ₹ 41,384 | ₹ 2,41,384 |
| ₹ 2,00,000 | 12.65% | 4 | ₹ 5331 | ₹ 55,879 | ₹ 2,55,879 |
| ₹ 2,00,000 | 12.65% | 5 | ₹ 4515 | ₹ 70,892 | ₹ 2,70,892 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 30,612 | ₹ 23,565 | ₹ 1,69,387 |
| 2 | ₹ 34,718 | ₹ 19,460 | ₹ 1,34,668 |
| 3 | ₹ 39,373 | ₹ 14,805 | ₹ 95,295 |
| 4 | ₹ 44,653 | ₹ 9525 | ₹ 50,641 |
| 5 | ₹ 50,688 | ₹ 3537 | ₹ 0 |
Corporation Bank Personal Loan Eligibility
| Eligibility Critera |
|---|
| Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions |
| Pensioners drawing pension through the Bank |
| Individuals with income other than salary/pension |
| Permanent employees of reputed Private Companies/Firms are also eligible with pre-approval of such Companies/Firms from Zonal Office |
| Wherever, such private Company/Firm is not dealing with the Bank, but salary is routed through the Bank and undertaking letter from the Company / Firm is NOT available, loan is not considered |
| Where salary is NOT routed through the Bank & NO undertaking letter from the employer is available, in such cases, loan is not considered. |
| Where salary is routed through the Bank, before availing loan, at least one month’s salary is to be routed through the Bank |
| Where, salary is NOT routed through the Bank, but undertaking letter from the employer is available, applicant must have regular dealings with the Bank for a minimum period of 3 months |
Documentation Required
| Salaried | Self-employed |
|---|---|
| Signed Application Form with Photograph | Signed Application Form with Photograph |
| Copy of Passport/Voter ID Card/Driving License | Copy of Passport/Voter ID Card/Driving License |
| Processing Fee Cheque | Processing Fee Cheque |
| Last 3 Months Bank Statement/6 Months Bank Passbook | Last 3 Months Bank Statement/6 Months Bank Passbook |
| Latest Salary Slip | Latest Bank Statement |
| Current Dated Salary Certificate with Latest Form 16 | Latest ITR or Form16 |
Features & Benefits
- Low interest rates
- Simple documentation
- Quick processing & Disbursal
- Affordable Financing
- No requirement of collateral/guarantor
- Easy monthly repayment options
- High loan amounts