Personal Loans with Corporation Bank, Apply In Good Rates

Amount of Loan:

• Corporation bank offers personal loans to salaried people to meet their genuine personal expenses.

Eligibility for Personal loan in corporation bank:

• Permanent employees of central Government, state government offices, Profit making public sector undertakings, Public limited companies, Schools and Colleges.
• Employees whose salary is routed through the corporation bank
• Pensioners drawing pension through the corporation bank
• Other than salaried class having regular dealings with the branch

Loan Amount:

• Minimum loan amount: .10 lakh
• Maximum loan amount: 2.50 lakh

Salaried people:

• Employee salary gets credited in to its branch, then loan up to 9 months NET salary

Pensioners:

• Pensioners withdraw the salary through the branch – Loan up to 10 months NET salary
• If employees those who have income other than salary/pension: Loan up to 25% of the gross annual income.

Margin:

• Nil

Security:

• Suitable co-applicant, third party to be given as security by the loan applicant

Rate of interest:

• For salary and pensioner account holders: 13.55%
• For others personal loan interest rate: 14.55%
• Floating rate of interest is linked to the base rate and subject to vary from time to time.

Processing Fee charges:

• 1.50% of the loan amount, subject to a minimum of Rs.500/-
• Prepayment charges – Nil

Repayment options:

• For salaried people: 36 months
• For other than salaried class – 60 months

Nature of facility:

• Demand loan

Documents needed for Corporation bank personal loan

• Loan application form and passport size photographs

Id Proof:

• Passport, voter id, driving license

Address Proof:

• Passbook, driving license, Voter’s ID card
• Last three months bank statements
• Current date salary certificate with latest form 16

If you would like to know more about Corporation Bank personal loan, have a word with us.