Corporation Bank Personal Loan Apply Online 2023

# Corporation Bank Personal Loan – Apply Online 2022

Personal Loan

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Founded in the year 1906, Corporation Bank is a public sector banking company, having pan-India presence with more than 8,000 functional units, comprising over 2200 branches, 1800+ATMs and over 3,000 branch less banking units. This renowned entity is a full-service bank, known for offering a number of banking products.

When it comes to offering a wide range of banking products, this bank with its personal loan product is catering the needs of all the customers by providing them instant funds. So, if you are also looking to avail the personal loan from Corporation Bank, read this article below to know about the complete details.

## Corporation Bank Personal Loan at a Glance:

ParticularsDetails
Interest Rate 8.90% - 13.00%
Loan Amount ₹ 10000-3.50 Lakh
Repayment 60 months
Processing Fee 1.50% 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 8.90% - 13.00% 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 2,00,00012.65%1₹ 17,831₹ 13,968₹ 2,13,968
₹ 2,00,00012.65%2₹ 9476₹ 27,412₹ 2,27,412
₹ 2,00,00012.65%3₹ 6705₹ 41,384₹ 2,41,384
₹ 2,00,00012.65%4₹ 5331₹ 55,879₹ 2,55,879
₹ 2,00,00012.65%5₹ 4515₹ 70,892₹ 2,70,892

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance 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 the latest Form 16 Latest ITR or Form 16

### Features and Benefits

• Low interest rates
• Simple documentation
• Quick processing & Disbursal
• Affordable Financing
• No requirement of collateral/guarantor
• Easy monthly repayment options
• High loan amounts