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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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It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

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Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
The Education Loanaims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
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The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements.

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