Corporation Bank personal loan also known as Corp Personal Scheme is offered to individuals so that they can meet various personal financial needs including expenses for a wedding, higher education, medical expenses, home renovation, vacation, etc. All salaried and self- employed individuals/professionals as well as pensioners who meet the eligibility criteria of the bank can apply for this loan and avail up to Rs. 3.50 lakh for a period of up to 5 years.
Table of Contents
Features of Corporation Bank Personal Loan
- Loan amount: Starting from as low as Rs.10,000 the quantum of the Corp Personal Scheme Corporation Bank can go up to Rs. 3.50 lakh.
- Flexible repayment: You can repay your Corporation Bank personal loan within a period of 60 months. You can the option of choosing the desired tenure as per your repayment ability.
- Online Application process: The personal loan can be applied online from the comfort of your home or office. This way, you can save the time and effort of visiting the bank’s branch in-person to apply for a personal loan.
- Minimum documentation: Applying for Corporation Bank Personal Loan requires minimum documents for hassle free and quick processing of your loan application.
Corporation Bank Personal Loan Interest Rates
| Type of Personal Loan | Type of Applicant | Interest Rate |
| Corp Personal | a) Where both, the salary is routed & undertaking letter is available b) Pensioners drawing pension through the branch c) When CIBIL score is more than 700 | 10.75% onwards |
| a) Where both, the salary is routed & undertaking letter is available b) Pensioners drawing pension through the branch c) When CIBIL score is less than 700 | 11.25% onwards | |
| For Others | 12.25% onwards | |
| Corp Shubha Vivah | For individuals including NRI/PIO in the age group of 21-65 years | 12.25% onwards |
Eligibility Criteria
Corporation Bank offers personal loan schemes in a very simple and hassle-free way. Mentioned below are the key eligibility criteria to avail a personal loan from Corporation Bank:
- 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 the 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.
Additional Corporation Bank personal loan eligibility criteria for Corp Shubha Vivah applicants are:
- Close relative/s may be co applicant to supplement repayment capacity.
- Maximum of two co-applicants on a single loan application may be considered for arriving at repayment capacity.
Types of Corporation Bank Personal Loan
| Type of Personal Loan | Interest Rate |
| Corp Personal | 10.75% onwards |
| Corp Shubha Vivah | 12.25% onwards |
Corp Personal: This type of personal loan offered by Corporation Bank can be availed to meet genuine personal expenses. Under this loan scheme, applicants can avail minimum loan amount of Rs.10,000 and maximum loan amount of up to Rs.3.50 lakh. Applicants are required to provide suitable co-applicant/third party guarantee as security to corporation bank to avail personal loan.
Corp Shubha Vivah: To meet the expenses related to marriage, Corp Shubha Vivah comes with various benefits for the applicants. With this scheme, applicants can avail loan which is permitted for the marriage of self, son, daughter and siblings only. Under this loan scheme, applicants can avail minimum loan amount of up to Rs.1 lakh and maximum of up to Rs.10 lakh.
Documents Required for Loan Application
Mentioned below are the lists of documents required for loan application:
- Address Proof & Age Proof of applicant (any one document): Aadhar, Voter Identification Card, PAN card, Passport, Ration Card or Driving License, etc.
- Address & age proof of Co-applicant and guarantor (any one document): Voter Identification Card, PAN card, Passport, Ration Card or Driving License, etc.
- 2 recent Passport size photographs (of both applicant and guarantor)
- Last 6 months’ bank Account Statement from the existing salary account
- Last 3 months’ Salary slip/Certificate duly attested with all details of deductions for outstanding loans, if any.
How to apply for Corporation Bank Personal Loan with Paisabazaar
If you want to apply for Corporation Bank Personal Loan on Paisabazaar.com, you are required to follow the below mentioned steps:
- Visit the official Paisabazaar.com website and click on the “Personal Loan” button
- Fill out the online personal loan application form
- Check offers from the prospective lenders sorted by chances of approval
- Select the bank you want to avail the personal loan from or call Paisabazaar for assistance
- Fill out a form to process your loan application
- Get instant conditional e-approval from the lender and your online application will be forwarded to your chosen lender.
- Our customer care team will guide you through the rest of the loan processing and disbursal process
Personal Loan Verification Process
- After Paisabazaar forwards your completed online application, the lender’s representative will give you a verification call to schedule pick-up of the applicable documents
- Once you have provided all the required documents such as KYC, income proof, etc. documents, they are verified by the lender
- After verification, you get another call from the bank with confirmation of the final loan amount, interest rate and tenure of your personal loan
- Once you accept the loan terms and conditions/sign the loan agreement, the personal loan amount is disbursed
Check Corporation Bank Personal Loan Application Status
You can check Corporation Bank Personal Loan Status online. You are required to enter details such as Reference Number and Mobile Number.
Fees and other Charges
The following are the key fees and charges apart from interest charges related to Corporation Bank Personal Loan:
| Processing Fees | 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 |
| Prepayment Charges | Corp Personal– NIL Corp Shubha Vivah– NIL |
| Penal Interest Rate | 2% per month on outstanding principal calculated from payment due date |
How to Login on Corporation Bank Portal
For Existing Customers
Step 1: Visit the Corp Net page – official online banking portal of Corporation Bank
Step 2: Select your preferred language
Step 3: Enter ‘User ID’ and ‘Captcha Code’
Step 4: Click on the ‘Login’ option
Step 5: Enter the Corp Net Internet Banking password to log in.
For First Time Users of Corp Net
Step 1: Visit the official Corp Net page
Step 2: Click ‘Online Registration’
Step 3: A new tab will open. Select ‘Register Online’ and click ‘Continue’
Step 4: Enter the required details such Customer ID, Mobile Number and Email ID and click ‘Continue’
Step 5</strong>: You will receive notification on your registered mobile number and email ID after successful registration.
Corporation Bank Personal Loan Statement
Customers can either go online or offline to check Corporation Bank Personal Loan statement.
- If you have availed internet banking facility with Corporation Bank (Corp Net), you can view and download the loan statement by simply logging into the Corporation Bank online portal.
- Alternately, you can simply visit the nearest branch of Corporation Bank and request for a physical copy of your personal loan statement.
- Lastly you can the Corporation Bank customer care department on 0824-286-1447 /write to them on horls@corpbank.co.in requesting your personal loan statement
EMI Calculation
The following table is a sample calculation of EMI pay outs on your Corporation Bank across different tenures for different amounts and interest rates.
| Loan Amount (Rs.) and Interest Rate | Monthly EMI Payout (Rs.) | ||||
| 1-Year Loan Tenure | 2-year Loan Tenure | 3-year Loan Tenure | 4-year Loan Tenure | 5-year Loan Tenure | |
| 2 lakh @11% | Rs.17,676 | Rs.9,322 | Rs.6,548 | Rs.5,169 | Rs.4,348 |
| 3 lakh @ 12.5% | Rs.26,725 | Rs.14,192 | Rs.10,036 | Rs.7,974 | Rs.6,749 |
| 5 lakh @14% | Rs.44,894 | Rs.24,006 | Rs.17,089 | Rs.13,663 | Rs.11,634 |
| 10 lakh @16% | Rs.90,731 | Rs.48,963 | Rs.35,157 | Rs.28,340 | Rs.24,318 |
Comparison of Corporation Bank Personal Loan vs. Other Lenders
The following table compares the personal loan offering from Corporation Bank against those of other personal loan providers:
| Particulars | Corporation Bank | ICICI Bank | Citi Bank | Axis Bank | SBI Bank |
| Interest Rate | 10.75% to 12.25% | 11.25% to 22% | 10.50% onwards | 11.49% to 17.49% | 10.50% onwards |
| Tenure | Up to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 6 to 60 months |
| Loan Amount | Up to 3.50 lakh | Up to Rs.20 lakh | Up to Rs.30 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs.20 lakh |
| Processing Fee | Up to 1.50% of the loan amount | Up to 2.25% of loan amount plus GST | Up to 3% of the loan amount
| 2% of loan amount plus GST | Up to 1.50% of the loan amount |
Corporation Bank Customer Care
Customers can contact the company’s customer care via any of the following means:
- By Phone: You can call Corporation Bank on 0824-286-1447(chargeable)
- Branch Visit: You can visit the nearby Corporation Bank branch to get your queries answered
- Email: You can send an email on horls@corpbank.co.in detailing your query/grievance
Benefits of Applying for Personal Loan at Paisabazaar
Mentioned below are some of the key benefits of applying for a personal loan through the Paisabazaar website:
- The online process of application completely eliminates the need to visit a bank branch in person to get your personal loan approved.
- com helps you compare interest rates, processing fees, prepayment charges and foreclosure charges offered by different lenders
- Paisabazaar offers quick conditional e-approval of loan applications
- Through Paisabazaar, you will be able to know the maximum loan amount you are eligible for along with the key features of loan options from 30+ lenders on the same platform.
Important Aspects
Below mentioned are some of the key aspects that needs to considered when availing a personal loan:
- Before applying, you should differentiate interest rates along with other charges online to avail the best deal
- Always evaluate the complete cost of the loan. As interest is not the only cost that needs to be paid. Key charges to consider include processing fees, pre-payment charges, foreclosure charges, etc.
- Check the detailed lists of documents required to apply for a personal loan
- Maintain a good credit score and low debt to income ratio, as it helps in easily availing best personal loan offers
FAQs
Q1. Would there be any prepayment charges if I wish to prepay a Corporation Bank Personal Loan?
No, there would be no prepayment charges.
Q2. Is it possible to apply for a Corporation Bank Personal Loan again if my application gets rejected?
Corporation Bank allows re-application for a personal loan as long as 6 months or a longer period has passed since your previous application was rejected.
Q3. If I am not drawing my pension through Corporation Bank, is it possible for me to avail a personal loan?
No. As a pensioner you are eligible to avail a personal loan from the bank only if you are drawing your pension from Corporation Bank.
Q4. I am a self-employed individual. Can I avail Corporation Bank Personal Loan?
Yes, you can avail a personal loan from Corporation Bank only if you are having regular dealings with the bank.
Q5. What is the Corporation Bank Personal Loan limit?
Applicants can avail personal loan for a minimum amount of Rs.10000 and maximum up to Rs.3.50 lakh.
Q6. What is the repayment period under Corp Personal scheme?
Maximum repayment period for a personal loan offered under the Corp Personal scheme is 60 months. This applies to both salaried and non-salaried applicants.
Q7. How much time will it take to get my Corporation Bank Personal Loan disbursed?
Personal Loan is usually disbursed within 2-3 working days of personal loan application being approved. However, the timeline may vary based on applicant profile, loan amount, loan tenure, etc.
Q8. How can I repay my personal loan?
You can pay your Corporation Bank personal loan EMIs using ECS mandate drawn on Corporation Bank/other bank or through post-dated cheques submitted with the bank. In case you have availed Corp Net Internet Banking service, you can log into the online portal/set standing instructions online to have your account debited monthly for loan repayment.
