Interest Rate
12.95 - 13.95
Processing Fee
1.50%
Loan amount
10000.00 - 350000.00
Tenure
5 years
Avail loan to meet any genuine personal expenses.
Avail minimum Rs. 10,000 to maximum Rs. 3.5 Lacs. 
A Salaried borrower can avail maximum up to 9 Months Net Salary, where salary is routed through the branch of Corporation Bank.
A Salaried borrower can avail maximum up to 12 Months Net Salary, where salary is routed through the branch of Corporation Bank and undertaking letter is also provided.
A Pensioner drawing pension through Corporation Bank, can borrow up to 10 months Net Pension.
In case of Non-Salaried/Pensioner, borrower can avail up to 25% of the gross annual income.
Enjoy repayment period of up to 60 months long.

Corporation Bank offers personal loan for financing personal expenses upto Rs.3.5 lac at the rate of 12.95%-13.95% per annum. The maximum repayment tenure can be as long as upto 60 months. The bank charges a processing fee of 0.50% of loan amount with a minimum of Rs.500.

The distinct feature of the Corporation Bank personal loan is that it do not charges for the preclosure of loan unlike SBI, ICICI and Federal bank charging upto 5% for the preclosure of personal loan.

Corporation Bank Personal Loan at a glance
Annual Interest Rate 12.99% - 18%
Loan Term Up to 60 months
Loan Amount Rs. 10,000 - Rs. 3.50 Lacs
Time of Funding -
Pre-Closure Charges Nil

Why Choose Corporation Bank ?


Nil Prepayment Charges – Corporation bank provides the option of prepayment of your personal loan without any prepayment charges, While most of the banks like SBI,ICICI and Federal bank charges a fee upto 5% on preclosure of loan. So if you are expecting an early payment of loan Corporation bank can give you a choice of doing so without any charges

Longer Repayment Tenure – Corporation bank offers a maximum loan prepayment tenure of 60 months, which is 12 months higher in comparison of some of the industry peers like Central bank of India and Federal bank who allows a repayment tenure of 48 months at maximum.

What to watch out for?


High Prepayment Charges – The processing charges of the Corporation bank for the personal loan is at 1.50% of the loan amount with a minimum of Rs.500. These charges are higher in respect of other peers like Central Bank of India charges a flat fee of Rs.500 for the loan processing purpose.

Higher Interest Rate – The interest on personal loan is charged by the Corporation bank at the rate of 12.95%-13.95% per annum. This interest rate is a bit higher in comparison of Canara Bank charging between a range of 10.90%-13.90% and Central Bank of India charging 11.60% per annum.

Third Party Guarantee Required The Corporation bank requires a Suitable Co-applicant / third party guarantee to be provided for the personal loan.

Compare Corporation Bank Personal Loans to Other Banks :


Bank Name Corporation Bank Canara Bank Federal Bank
Typical APR 12.99% - 18% 10.90% - 13.90% 11.49% - 14.49%
Loan Term Upto 60 months Upto 72 months Upto 48 months
Processing Fee 1.50% of the loan amount 0.50% of the loan amount 0.50% of the loan amount
Time to Funding - Within 7 days. Within 7 days.
Pre-Closure Nil Nil 2% of the outstanding amount.

The Corporation bank offers a personal loan at the rate of 12.95%-13.95% per annum, While the peer Canara Bank starts the range from a lower circuit of 10.90% per annum. The minimum rate of interest charged by the Federal Bank is also lower then the Corporation bank at 11.49% but the maximum cap is higher at 14.49% in comparison of 13.95% of Corporation Bank.

The Corporation bank offers a maximum loan repayment tenure of 60 months, whereas Canara bank offers a tenure of 72 months at maximum and Federal bank allows only a period of 48 months at maximum for repayment purpose. The maximum lending amount among the three banks is higher in Federal bank column as they are allowing a maximum personal loan upto Rs.10 lacs. The preclosure charges of Corporation and Canara bank are nil, While the Federal Bank charges 2% of the outstanding amount.

Corporation Bank is a good fit for you if?


If You want a loan tenure upto 60 months

Unlike its peers like Central Bank of India who allows a maximum repayment period of 48 months for the personal loan, the Corporation bank provides personal loan for a longer tenure of 60 months

If You’re Looking for Nil prepayment charges

While most of the big players of the game like SBI and ICICI charges as high as upto 5% for prepayment of personal loan, the Corporation bank is providing prepayment facility without any charges.

Am I Eligible?


  • Applicant should be a resident Indian.
  • Minimum age of the borrower should be at least 18 years at the time of loan application.
  • Maximum age of the borrower should not exceeds 65 years at the time of final repayment.
  • Salaried govt./private employees along with pensioners drawing pension through the branch.
  • Other than salaried class having regular dealings with the branch.
  • Third party guarantee to be provided.

Corporation bank provides the personal loan at the rate of 12.95% to the salaried individuals if the salary is routed through the branch and undertaking letter is also available. In other cases the rate of interest remains 13.95% per annum.

The loan term can be as long as upto 60 months and the maximum loan amount can be as high as upto Rs.3.5 lac. The Corporation bank charges 1.50% of the loan amount as the processing charges with a minimum charges of Rs.500.

Documents required for salaried applicants :

  • KYC Documents
  • Income proof
  • Last 6 months salary slip
  • Last two year ITR
  • Last 6 months bank statement.
  • 3 passport photographs
  • Any other document which may be required from case to case.

Documents required for self-employed applicants :

  • KYC Documents
  • 3 passport photographs.
  • Income proof :
  • Last three years ITR.
  • Last three years ITR.
  • Profit and Loss statement and Balance sheet..
  • Last 12 months bank statement..
  • Any other document which may be required from case to case.
Personal Loan Type Applicable Interest Rate
Corp Personal Loan 12.95% - 13% per annum

How to Apply for Corporation Bank Personal Loan?


At Paisa

  • Click on ''APPLY NOW'' button.
  • Fill up the necessary details :
  • Required Loan Amount.
  • Objective of your loan.
  • Your monthly income.
  • Select the salaried or self-employed option
  • Required Loan Amount.

At nearest Corporation Bank branch :

To locate a branch near you click here. Enter your state/city and you will find a list of the branches available near you.

  • You can visit the nearest Corporation bank branch with the necessary documents and can ask for an application form for Personal loan.
  • Attach all the necessary documents and re-check the application form for confirmation.
  • Submit the application form along with the documents to the Bank Officer.

After I've Applied?


Check your loan status

  • You can check the status of your loan application online by following the steps given below.
  • To check the status of your loan application online click here.
  • Provide your application reference no. and the status of your loan application will be on your screen.

Check loan status offline:

  • Dial 1800-425-3555 from your registered number.
  • Dial 1 for english, 2 for hindi, 3 for regional language.
  • Dial 1 for english, 2 for hindi, 3 for regional language.
  • Now dail for the queries, after that dial 1 to talk to executive or 9 to receive a call back.
  • Now wait as the IVR connects you to the executive, provide him the details of your loan application and he will fetch you the status of your loan application..

Fees & Penalties


Type of Charges Applicable Charges
Processing Charges 1.50% of the loan amount.
Foreclosure Charges Nil.
Part-payment Charges -
Penal Charges -
Inspection charges -
Documentation charges -
Loan Cancellation Charges -

The Corporation Bank charges 1.50% of the loan amount as fee for processing the loan application. This is a bit high if compared with the flat fee of Rs.500 per application offered by the Central Bank of India. The Corporation bank do not charges for the prepayment of loan like other peers SBI and ICICI..

FAQs


The rate of interest is linked to which MCLR?

The Corporation bank links the personal loan interest with the annual MCLR of 8.95%.

How much maximum amount can a self employed gen get as personal loan?

The maximum amount of loan offered by the Corporation bank to the self employed individuals is 25% of their annual gross income upto a maximum of Rs.3.5 lacs.

Personal Loan
1 4 5
2019-07-08

No Prepayment Charges.

To my surprise while rest of the banks charge some amount for prepayment process, there corporation bank was very lenient towards me.

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