Corporation Bank Personal Loan Documents Required

*Note: As of April 1, 2020, Corporation Bank has been merged with Union Bank of India and no longer exists as a separate entity. New applicants will thus be required to apply as per

Corporation Bank Personal Loan Documents Required

Corp Personal Scheme and Corp Shubha Vivah are two schemes that are offered by Corporation Bank under the personal loan category. Corporation Bank Personal Loan amounts vary from Rs. 10,000 to Rs. 10 lakh and can be availed by salaried and self- employed individuals/professionals, NRIs as well as pensioners. The following are details of key documents required for personal loan application by different categories of applicants:

Corporation Bank Personal Loan Documents Required

Documents required to apply for Corporation Bank Personal Loan may vary as per the type of scheme you select. However, the basic documents required to apply for Corporation Bank Personal Loan are as follows:

• ID Proof of the applicant: Aadhaar, Passport, PAN, Driving License, Voter ID Card, etc.
• Address Proof of the applicant: Utility Bills (telephone, electricity, etc.), Aaadhar, Ration Card, Passport, etc
• Address and age proof of Co-applicant and guarantor: Voter ID Card, Passport, Driving License, Aadhaar Card, etc.

Documents Specific to Salaried Applicant:

• Salary proof of the applicant: Last 3 months’ Salary slip/Certificate duly attested with details of deductions for outstanding loans (if any), Form 16, etc.

Documents Specific to Self-Employed Applicant:

• Income Proof: Last 6 months’ bank account statement, certified ITR for past 2 years
• Proof of Business existence

Documents for Pension Loan Applicant

• Pension pay order drawn on Corporation Bank

Corporation Bank may require you to submit other applicable documents too on a case by case basis.

Things to Consider Before Applying for a Personal Loan

• Know your Credit score: As personal loans are unsecured, the lenders take your credit score into consideration to know if you are creditworthy. Thus it becomes important for an individual to maintain a good credit score otherwise the personal loan application may get rejected
• Compare Interest Rates: Do not go for the very first personal loan offer that you receive. Before you choose a lender, you must compare interest rates offered by other lenders at Paisabazaar. By doing so you will be better placed to choose the best available personal loan offer
• Consider all the available options: When you apply for a personal loan, do remember that banks are not the only option as there are many NBFCs and digital lenders that are also offer personal loans. Therefore, you must also consider them before applying with a specific lender
• Evaluate your repayment ability: Applying for a personal loan is easy but repayment can be stressful if you go for a high loan amount. Therefore, evaluate your repayment ability based on your current income and expenses. You can take the help of Paisabazaar’s Personal Loan EMI Calculator to calculate the suitable loan amount
• Check all the fees and charges: Personal loan comes with many fees and charges apart from interest charges such processing fees, late payment fees, foreclose charges, part pre-payment charges, etc. Do check these details before you take a personal loan

FAQs

Q1. What is the processing fee of Corporation Bank Personal Loan?

The processing fees of different Corporation Bank personal loans are as follows:

• Corp Personal: 1.50% of the loan amount subject to a minimum of Rs.500
• Corp Shubha Vivah: 1% of the loan amount subject to maximum of Rs.5,000

Q2. What is the interest rate of Corporation Bank Personal Loan?

The interest rate starts from 10.75% onwards.

Q3. Can I foreclose my Corporation Bank personal loan? What would be the foreclosure charges?

Yes, you can foreclose your personal loan with Corporation Bank. Foreclosure charges are Nil for personal loans of Corp bank.

Q4. How do I get in touch with Corporation Bank?

• You can call on 1800-425-3555
• You can send an email on query@corpbank.co.in
• You can visit the nearest branch of the bank in-person

Q5. Am I eligible for personal loan from Corporation Bank if I am not drawing my pension from the bank?

No, you cannot apply for Corporation Bank Personal Loan if you are not drawing your pension through the bank.