Corp Personal Loan Scheme by Corporation Bank is designed for financing personal expenses like medical bills, marriage, vacation, home renovation, higher education, etc. Corporation Bank Personal Loan is offered upto Rs. 3.50 lakh and all the self- employed individuals, salaried professions and pensioners meeting the eligibility criteria can avail this loan. With flexible tenure options, loans can be repaid maximum by 60 months.
Corporation Bank Personal Loan Eligibility Criteria
- You should be a permanent employee of Central / State Government offices, Public Limited Companies, profit-making Public Sector Undertakings, colleges, schools, research institutions, universities, pensioners drawing pension through our bank and individuals with income other than salary/pension
- You should be a permanent employee of reputed private companies/firms
- Your salary should be routed through Corporation Bank
- If you are not a part of the salaried class, you should be having regular dealings with the bank
Corporation Bank Personal Loan - EMI Calculator
For the convenience of the customers, Paisabazaar offers an online Personal loan Eligibility Calculator, which can be used to check your eligibility for Corporation Bank personal loan. You would be asked necessary details like date of birth, monthly income, desired loan amount, profession, etc. The eligibility calculator helps you in the planning process and will save your time.
Factors Affecting Corporation Bank Personal Loan Eligibility
- Credit score: A reflection of your financial history, a credit score is calculated by credit bureaus and determines your credit worthiness. If you want your Corporation Bank Personal Loan to get approved, it is necessary to have a credit score of 750 or above
- Income: Both salaried professionals and self- employed individuals should meet the minimum monthly salary criteria offered by the bank as banks take into consideration your monthly income to know if you will be able to repay the EMIs every month. Therefore, higher the income, higher will be the chances of availing a personal loan
- Location: The city you reside in also plays an important role in your personal loan eligibility as the minimum salary requirement varies from city to city. The minimum salary amount is usually higher in metropolitan cities like Mumbai and Delhi/NCR as compared to other cities
- Employer: Having a government job or working for a reputed company for more than a year indicates stability and your chances of being eligible for a personal loan improves. If you keep on switches jobs after every 6-8 months or don’t work with a reputed organisation, you might not be approved for Corporation Bank personal loan
How to Improve Your Corporation Bank Personal Loan Eligibility?
- Maintain your credit score: You will be considered for Corporation Bank personal loan only if your credit score is 750 or above. If not, take steps to improve it before applying for a personal loan
- Pay off your existing loans: If you have existing loans, the lender might feel that you are already paying other EMIs and might not be able to repay one more loan on time. Therefore, it is important to pay off your existing debts before applying for a personal loan
- Pay your credit card bills on time: If you pay your credit card bills on time, you are considered disciplined with repayments and this increases your chance of availing a personal loan
- Choose longer tenure: If you select a longer tenure, the lenders might consider you credit worthy and choosing a longer tenure will show that you have the ability to repay the loan for a longer duration
- Residential or commercial rental income:The income that you earn from the rent of a commercial or residential property, it is considered as a rental income. This income is an add- on to your monthly income and increase your eligibility
I am drawing my pension through Corporation Bank. How much personal loan can I avail from the bank?
You can avail a personal loan of upto 10 months net pension.
What is the interest rate offered on Corporation Bank personal loan?
The interest rate offered on Corporation Bank personal loan starts from Rs. 12.95% and goes upto 13.95%.
What is the processing fee?
The processing fee is 1.50 of the loan amount.