Corporation Bank Personal Loan

About Corporation Bank Personal Loan

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.

Personal Loan

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    Corporation Bank Personal Loan at a Glance:

    ParticularsDetails
    Interest Rate 12.75% - 13.75%
    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 12.75% – 13.75% 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 12.75%, 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
    ₹ 2,00,00012.75%1₹ 17,840₹ 14,080₹ 2,14,080
    ₹ 2,00,00012.75%2₹ 9485₹ 27,638₹ 2,27,638
    ₹ 2,00,00012.75%3₹ 6715₹ 41,730₹ 2,41,730
    ₹ 2,00,00012.75%4₹ 5341₹ 56,354₹ 2,56,354
    ₹ 2,00,00012.75%5₹ 4525₹ 71,504₹ 2,71,504

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

    YearPrincipalInterestBalance Amount
    1₹ 30,544₹ 23,756₹ 1,69,455
    2₹ 34,675₹ 19,626₹ 1,34,780
    3₹ 39,363₹ 14,937₹ 95,416
    4₹ 44,686₹ 9614₹ 50,729
    5₹ 50,776₹ 3571₹ 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

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    EMI Calculator