Corporation Bank Personal Loan - Frequently Asked Questions

Corporation Bank Personal Loan FAQs Section and add FAQs

What is the purpose of the personal loan offered by the Corporation Bank?

The main purpose of Corporation Bank personal loan is to provide immediate finance for personal expenses. The personal loan amount can be used for any personal expenditure that is legal ranging from wedding expenses to expenses incurred during a medical emergency.

How many types of personal loan does the bank offer?

The bank offers only one type of personal loan known as Corp Personal Loan.

Who is eligible for Corporation Bank personal loan?

Given below is a list of individuals who are eligible for the Corporation Bank personal loan.

Employees who draw salary from the bank

Pensioners who draw pension from the bank

Salaried individuals who have had regular interactions with the bank in the past

What is the maximum loan amount granted under this loan scheme?

The maximum loan amount granted under this loan scheme is Rs.2.50 lakh. However, every individual can make a request for a loan of higher amount to the bank if they have a good credit history.

Does the loan require security?

The loan requires a third party guarantee or a suitable co-applicant as security for the loan.

Are there any prepayment charges?

There are no prepayment charges that is applicable on the prepayment of the personal loan.

What is the repayment term provided by the bank for the loan?

The repayment period offered by the bank for Corporation Bank personal loan varies for salaried and non-salaried class. Given below is the repayment period provided for both the classes.

Salaried class- 36 months

Non salaried class- 60 months

What is the kind of interest charged on the personal loan?

A floating rate of interest linked to base rate is the interest charged for the personal loan. The rate of interest is subject to change.

How can one apply for the Corporation Bank personal loan?

One can apply for the Corporation Bank personal loan through two ways- Online and Offline. An individual can apply for the loan offline by visiting the bank personally and applying for the loan there. Or the customer can apply for the loan from the comforts of their house by either applying through the banks official website (if the option is available) or through a third party financial website.

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