As per the Corporation Bank Personal Loan review, bank offers a loan named the Corporation Bank Personal Loan at a convenient Corporation Bank Personal Loan interest rate. It has been designed to help the loan-borrowers meet their personal needs. We at money superbazaar will provide you information about loan scheme and other factors as well that you should be aware of, such as Corporation Bank Personal Loan eligibility norms, repayment modes and options available to a borrower, Corporation Bank Personal Loan rate etc.

Corporation Bank Personal Loan Interest Rate:

According to the bank’s official website and Corporation Bank Personal Loan review, loan is offered at Corporation Bank Personal Loan rate that, unlike others is varied, depending on the profile of the borrower:

• 16.15% per annum in cases which are otherwise.

• 15.15% per annum if salary account held with bank

A key point to be noted as per the Corporation Bank Personal Loan review is that the above Corporation Bank Personal Loan rate is floating and may changes during the course of the loan tenure.

Corporation Bank Personal Loan Eligibility Norms:

Corporation Bank Personal Loan is offered to those loan-seekers who meet Corporation Bank Personal Loan eligibility norms as have been specified by the bank:

• As per the professional profile of the borrower:

a)    Employees of PSUs, and other reputed companies

b)    educational institutions such as universities and schools and colleges etc

c)    permanent employees of the state and central government organizations

d)    non-salaried class that may comprise of professionals other self-employed persons

e)    employees of reputed private sector companies as well

• salaried class should draw their salary through accounts held with bank
• pensioners who draw their pension from their pension account held with bank

Quantum Of Corporation Bank Personal Loan:

Quantum of Corporation Bank Personal Loan that is permissible is equal to amounts that are calculated as below:

a)    pensioners: up to 6 times of monthly pension

b)    salaried class of borrowers:

• if they have provided a check-off facility, then loan is up to 12 times of net monthly salary of borrower
• if they have not provided a check-off facility, then loan amount disbursed is up to 6 times of net take home pay

c)    non-salaried borrowers: loan disbursed is up to 25% of gross annual income

d)    above rules are subject to these limits: maximum of Rs.2lacs

Determination of Corporation Bank Personal Loan interest rate does not depend on the amount that is offered as permissible quantum.

Procedure To Be Followed While Applying For Corporation Bank Personal Loan:

If you meet Corporation Bank Personal Loan eligibility norms you may approach your nearest bank branch to know more and apply.

Documents that are required are as follows:

a)    residential proof: Voter’s I Card / PAN Card

b)    salary or income proof: latest salary slip or ITR that has been filed, indicating your income (in case of non-salaried borrowers)

c)    salaried class of borrowers: (if amount disbursed is more than 6 times net take home pay):-

• Undertaking that has been signed by employer indicating that amount of installment will be deducted from the monthly salary of the borrower till the full amount has not been repaid.
• Borrower should also submit a declaration that he/she has authorized the employer to deduct EMI amounts every month.
• People who are acting as guarantors should bear acceptance from the bank.

d)     However, in the case of pensioners, it is not mandatory.

Other than interest levied at Corporation Bank Personal Loan interest rate, a processing charge that is the rate of 1.50% on loan amount is also levied, with minimal amount of Rs.500.

Tenure Of Corporation Bank Personal Loan:

Corporation Bank Personal Loan has to be repaid in full across a span of 5 years. However, as stated in Corporation Bank Personal Loan review, interest that you have to pay may fluctuate, i.e. Corporation Bank Personal Loan rate may change.

Repayment Of Corporation Bank Personal Loan:

Borrower should be able to repay entire amount of loan in a maximum of 60 equated monthly installments.

However, this limit is subject to these rules:

• If you are a non-salaried borrower: a maximum of 60 EMIs
• If you are a salaried borrower: a maximum of 36 EMIs

a)    If you are a pensioned- borrower: tenure should be such that you repay entire amount before you have attained the age of 65 years.

Pre-Closure Of Corporation Bank Personal Loan:

Should you choose to repay loan and pre-close you loan account before the end of tenure, then bank does not levy any charges. There are no other charges that are levied over and above interest at Corporation Bank Personal Loan interest rate.

Product page URL:   if you are interested for loan, visit bank’s website for more details:  http://www.corpbank.com/asp/0100text.asp?presentID=57&headID=34

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