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Personal Loan

Corporation bank started their journey in the year 1906 with a mere initial capital of Rs.5000/-. Since its journey of more than 110 years now, corporation bank shares it rich history of achieving a feat of Rs. 3,45,493 Crore mark in its business and a huge network of 10,204 service branches across the nation which is being served by a dedicated workforce of more than 19,000 staff members.


Post its nationalization in the year 1980, Corporation bank has contributed extensively towards the growth of Indian Economy and most importantly serving & empowering the rural and urban population alike. The second public sector branch to enter capital market, Corporation bank has been a pioneer in many aspects of Indian banking history. Be it the Cash Management Services or Gold Banking, Online – approvals for Educational loans or m-Commerce. Corporation bank has always blended the core financial services with “state of the art” technological interface to ensure no stones are left unturned in changing the dynamics of Indian Banking industry. Even recently it has earned a huge admiration for its Business Correspondent mode, which is a low-cost branchless banking for rural masses in farthest villages           of India.


Apart from various Deposit and credit products, the Corporation Bank offers Personal Loans to individuals at attractive rates of interest and great features. The key features of corporation bank personal loan are
 

  • Higher quantum of Finance
  • Simple and hassle free processing
  • Minimal Documentation
  • Repayment tenure available upto 60 months.
  • Most competitive rates of Interest
  • Nil margins

Eligibility for Corporation Bank Personal Loans


The following individuals can avail of the Personal Loan from the bank:
 

  • Pensioners/ family pensioners drawing their pension through corporation Bank
  • Permanent salaried employees of any reputed Private limited Companies provided their salary is routed through corporation bank account.
  • Any resident individual with regular source of income other than salary / pension and having regular dealings with the corporation bank branch

Corporation Bank personal Loan to three categories of Customers
 

  1. Personal loan to Salaried Individuals
  2. Personal loan to Pensioners
  3. Personal Loan to Self Employed

Let’s discuss the features of each loan type

 

Personal Loan to salaried Individual

  • The loan is granted in the form of a Demand Loan to enable individuals to meet their genuine personal needs.
  • The minimum amount that can be taken as Personal Loan is Rs.10, 000 and the maximum amount granted by the bank is Rs.2.5 lakhs
  • Salaried individuals whose salaries are routed through the bank’s branch from where the loan is sought can take loans equal to their 9 months’ net salary subject to the minimum and the maximum limit.
  • If the salary is routed through the branch and the undertaking letter is also available then 12 months’ net salary can be taken as loan subject to the specified minimum and maximum limit
  • Currently the rate of interest applicable for personal loan for salaried individuals is MCLR+ 4%.
  • Margin is not maintained for this loan
  • A security would be required for availing the loan which would be in the form of a suitable third party or co-applicant acceptable to the bank
  • The loan can be prepaid anytime by the borrower and it would not attract any prepayment penalty
  • The repayment tenure allowed for paying off the loan for salaried class individuals is up to 36 months
  • A processing fee is payable under the loan which is non-refundable. The amount of the fee is 1.50% of the loan amount subject to a minimum amount of Rs.500

Personal loan to Pensioners

  • The loan is granted in the form of a Demand Loan to enable individuals to meet their genuine personal needs
  • The minimum amount that can be taken as Personal Loan is Rs.10, 000 and the maximum amount granted by the bank is Rs.2.5 lakhs
  • Pensioners who are receiving pensions through the bank’s branch can avail up to 10 months’ net pension provided the amount of loan is within the minimum and maximum limit
  • Currently the rate of interest applicable for personal loan for pensioners is  MCLR+ 4%.
  • No Margin is required to be maintained for this loan
  • A security would be required for availing the loan which would be in the form of a suitable third party or co-applicant acceptable to the bank
  • The loan can be prepaid anytime by the borrower and it would not attract any prepayment penalty
  • The repayment tenure allowed for paying off the loan for pensioners is upto  60 months
  • A processing fee is payable under the loan which is non-refundable. The amount of the fee is 1.50% of the loan amount subject to a minimum amount of Rs.500

Personal Loan to Self Employed

  • The loan is granted in the form of a Demand Loan to enable individuals to meet their genuine personal needs
  • The minimum amount that can be taken as Personal Loan is Rs.10, 000 and the maximum amount granted by the bank is Rs.2.5 lakhs
  • Individuals who are neither salaried nor drawing a pension can claim a loan of up to 25% of their annual income
  • Personal Loan to self employed persons is offered @ MCLR+ 5%
  • Margin is not maintained for this loan
  • A security would be required for availing the loan which would be in the form of a suitable third party or co-applicant acceptable to the bank
  • The loan can be prepaid anytime by the borrower and it would not attract any prepayment penalty
  • The repayment tenure allowed for paying off the loan for other individuals is up to 60 months
  • A processing fee is payable under the loan which is non-refundable. The amount of the fee is 1.50% of the loan amount subject to a minimum amount of Rs.500

Corp Shubha Vivah Scheme

  •  A loan available for individuals including NRI/PIO within the age of 21 - 65 years.
  • To increase the repayment capacity , even close relatives are allowed to become co-applicants
  • To arrive at the re-payment capacity a maximum of two co-applicants can apply.
     
  • Amount of loan- A minimum of Rs 1 lakh can be provided as loan. The maximum limit however varies according to the place of living. For Metro cities, It is RS 10 LAkhs, Rs 7 lakhs for Port Towns or Urban Centers, Rs 5 lakhs for semi urban centers and Rs 2 lakhs for rural centers.
  • The maximum repayment term can be 5 to 7 years. Also the repayment term cannot exceed the retirement age of the borrower
     
  • Margin:
    •  For NSC/KYP – 10%
    • Immovable property- 50%
    • Deposits( Outstanding Balance) – 5%
    • LIC policy ( surrender value) – 10%

Eligibility

For Personal Loan to Salaried Employees
 

  • Permanent salaried employees of any Central / State Government offices,
  • Permanent salaried individuals from any Reputed Public Sector Undertakings or any Public Limited Companies,
  • Staff member / Teachers / professors/ Asst. Professor from Educational entities such as Schools, Colleges, Research Institutions or Universities whose salary is credited into account held with corporation bank branch.
  • Salary account for any of the above should be with Corporation bank Branch.

For Personal Loan to Pensioners
 

  • Pensioners/ family pensioners drawing their pension through corporation Bank

For Self Employed Individuals
 

  • Any resident individuals with regular source of income other than salary / pension and having regular dealings with the corporation bank branch

Documentation compulsory for all types of Personal Loans

  1. Address Proof & Age Proof of applicant from any one the documents such as Aadhar Card, Voter Identification Card, Pan card , Passport, Ration Card or Driving License etc
  2. Address & age proof of Co-applicant and guarantor from any one the documents such as Voter Identification Card, Pan card , Passport, Ration Card or Driving License etc
  3. Net-worth Statements such as Assets and Liabilities statement of all Applicants and Guarantor as per Bank’s Format which is available with the Branches
  4. 2 recent Passport size photographs (for all Applicant & Guarantor).
  5. Last 6 month bank Account Statement from the existing salary account.
  6. Last 3 months Salary slip/Certificate duly attested with all details deductions for other loans, if any.

Additional Documents
 

For Salaried Individuals
 

  1. An Undertaking letter from the employer to transfer the salary to the Corporation bank branch or to deduct & remit the loan installments directly to the branch till the loan is paid off.

For Pensioners
 

  1. Pension payment order/ Pension proof is mandatory requirement for Pensioners
  2. Last 6 month bank Account Statement from the existing account.

For Self Employed Professionals
 

  1. Last three years Income Tax return/ Assessment order.

Applying for the loan


You can apply for Corporation Bank Personal Loan by logging on to Paisabazaar.com and entering a few necessary details for the loan application to be processed.