Corporation bank is a public sector banking Services Company established in Mangalore, India. Corporation bank came in to banking sector as Canara bank by innovating efforts of group of people. It has a broader network of 2200 branches and 1800 + ATMs across India.
Its motto is prosperity for all professed by it in its day to day operations.
Purpose:
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 is 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