Corporation Bank Personal Loan


Apply CORPORATION BANK Personal Loan

Corporation Bank Personal Loan

Money is an essential element of our life. In today's era, it has become more like the breath of one's life to sustain our day-to-day needs and achieve certain goals. To buy anything, you need money. Be it to have a roof over your head, you need money to rent or own it. For education you need money, to buy clothes you need money. Apart from these basic needs, there are expenses such as, funds for one's wedding, or to renovate one's house, or to buy a laptop, or a trip abroad and so on, which at times may not be possible for one to finance alone. And that's when a Personal Loan comes to your rescue to help realise your dreams or needs. Personal Loan also acts as a good source of emergency funds for various purposes. Of course, money can't buy you happiness, but it can definitely help you buy things which can bring happiness to you to an extent.

One of the reputed public banks of India, Corporation bank has been a player in the market since 1906. It's headquartered in Mangalore, Karnataka- southern state of India. Corporation Bank offers Personal Loans at a lucrative rate of Interests as a quick solution to your financial needs. In the following sections, you will learn everything you need to know about Personal Loans from the Corporation Bank. Keep on reading if you're planning to avail a Personal Loan for yourself.

Corporation Bank Personal Loan Interest Rate - Apr 2021

Interest rate

9.30 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

Up to 0.50 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,090  Per Lakh

About Corporation Bank Personal Loan

Corporation Bank started its journey in 1906, and later in 1980, it was nationalised. Corporation Bank boasts of over 9,955 nationwide branches for the ease of its customers and to provide the best service in the banking industry. Corporation Bank offers a competitive rate of interest against its Personal Loans to help you meet your financial needs in time. Personal Loans offered by Corporation Bank are hassle-free and are designed to meet everyone's need. Corporation Bank caters its Personal Loan services mainly to three categories, i.e., salaried, self-employed, and pensioners.

Why Corporation Bank Personal Loan?

Not meeting your financial needs in time might hinder your plans for which you are seeking a Personal Loan. That's why choosing a bank capable of providing you with access to a hassle-free Personal Loan becomes crucial. Getting a Personal Loan is no more a lengthy process due to the Corporation Bank's efficient work process.

A Personal Loan from Corporation Bank enables you to repay your loan amount over a period of up to 60 months depending on your need and comfort. You can also benefit from the foreclosure option with nominal foreclosure charges.

Features and Benefits of Corporation Bank Personal Loan

Still wondering which bank to apply for? Here's what makes Corporation Bank Personal Loan a smart choice to opt for:

  • Affordable interest rate: Corporation Bank offers a competitive rate of interest i.e., 9.30% to 13.40%.
  • Flexible tenure: Get flexible loan repayment tenure of up to 3 years                  
  • Amount: Corporation Bank offers a loan amount of up to 3.5 Lakhs
  • Feasible EMI: The lowest EMI would amount to only 2,273 per Lakh
  • Low processing fee: Corporation Bank charges only 1.50% (minimum 500) of the sanctioned loan amount as processing fee for Personal Loan.
  • Customised schemes: Corporation Bank offers customised Personal Loan amount at special customised rates of interest for borrowers who fall under a special category such as salaried individuals from prestige companies, public employees, and so on.
  • Multiple branches: 9,955 nationwide branches make it easier for you to reach out to the bank anywhere in India. All you have to do is to visit your nearest branch of Corporation Bank.
  • Easy prepayment of loan: You may choose to avail the benefit of prepayment which allows you to reduce the overall amount due against your outstanding loan. There are no charges for prepaying your loan.

Corporation Bank Personal Loan Interest Rates

Corporation Bank is an old player in the Indian financial market. That's why it always strives to provide competitive interest rates to its customers. The interest rates offered by the Corporation Bank may differ depending on the category in which its potential customer fits in.

The current interest rates for Personal Loan offered by the Corporation Bank are as follows:

Type of Applicant Interest Rate

Where the applicant's salary is routed and undertaking letter is available


Pensioners who are drawing pension through the Corporation Bank's branch


For others


*Rates updated as on 28.02.2019

Types of Personal Loans Offered by Corporation Bank

Corporation Bank offers Personal Loan to the salaried employees, non-salaried individuals, and pensioners. There is only one product offered under their Personal Loan category. This product caters to all kinds of personal financial needs of all individuals. Unlike a secured loan which requires collateral, you do not need to provide any collateral security or have a co-applicant to get your loan approved. You may have a co-applicant to strengthen your loan application. However, it is not mandatory. Usually, such types of loans are for individuals working for reputed companies, with a strong CIBIL score.

Corporation Bank Personal Loan Eligibility

Every bank has its own eligibility criteria which every applicant should meet before their loan applications can get a green light from the bank. This scenario holds true for Corporation Bank as well. There are several parameters which should be met to qualify you for a Personal Loan. You are eligible for the Corporation Bank Personal Loan if you are:

  • A full-time employee of Central/ State Government, Public Limited companies, Colleges, Schools, Universities, Research Institutions, profit-making Public Sector entities can avail this loan.
  • Pensioners who are drawing pension through Corporation Bank, and individuals who have regular income source other than salary or pension, are eligible for this loan.
  • Also full-time employees working at reputed Private Sector companies or firms holding a salary account with Corporation Bank are eligible to take this loan.
  • You can also get this loan even if you don't have a salary account with Corporation Bank but are engaged in other regular dealings with the bank.

Other Personal Loan Eligibility Factors for Corporation Bank

Apart from the above-mentioned eligibility criteria, there are other factors as well which substantially influences your Personal Loan eligibility. We know that a Personal Loan is an unsecured loan which means that you don't have to provide any collateral security to avail such type of loan. However, that comfort for the applicant comes with a risk for the bank as such loans may result in bad debts for the banks. That's why your bank makes use of several factors before it goes ahead and approves your loan application. Additionally, since this type of loan comes with a high risk for the bank, the interest levied on it is generally higher than the other types of loan. Following is the list of other factors which influences your Personal Loan approval process:

Salary: Your salary plays a big role in deciding your eligibility for your loan application. Higher the salary, better are the chances for you to get a positive response from the bank. Your monthly salary must fall under the eligible age group set by the Corporation Bank for a Personal Loan.

Employer: Your company status is also a crucial factor for your eligibility. Usually, a bank offers special interest rate and amount of loan for the employees of the reputed companies.

Age: Your age is again an important determiner of your eligibility for your loan request. The minimum eligible age for a Personal Loan is set at 21 years old, whereas the maximum age is 65 years.

CIBIL score: You must have heard of this term several times while dealing with your financial matters. Have you ever wondered what it is? If you are not aware yet, then it's time for you to get familiar with it. Credit Information Bureau (India) Limited (CIBIL) is a regulatory entity which is governed by RBI. Your bank shares your financial reports to this entity to analyse your financial standing. In other words, this organisation checks your creditworthiness and ranks you on a scale of 300 to 900 points. The lower your score, the lesser are chances for you to get a Personal Loan and vice versa. Usually, Corporation Bank as well as other banks and financial institutions require borrowers to have a minimum CIBIL score of 700 to be eligible for a Personal Loan.

Marital status: Your marital status also acts as an eligibility factor. Because having dependents adds to your expenses and having an earning spouse may add to your loan eligibility (if you opt for a co-applicant).

Default history: A bank also considers your financial history over the past years. Basically, here they want to check whether you have defaulted on your due loan or Credit Card payments previously or not.

Ownership of house: A bank would also consider whether you own a house or you are living in a rented property. This is simply because if you are living in a rented property then the total salary at your disposal will be less, implying a lesser amount at your disposal to repay your bank's EMIs.

Existing obligations: Another crucial factor is whether you are already having a loan amount or paying off your other debts. This again results in lesser money at your disposal.

All of the above points impact your repayment capacity. If your expenses are too high or you have defaulted on your payments in the past, then your chances of getting a Personal Loan are quite slim, and vice versa. These factors help your bank to determine whether you have the potential of repaying your debts or not. Additionally, all these factors also determine the loan amount (minimum and maximum) you are eligible for.

Timeframe to Process a Personal Loan

The process of a Personal Loan from Corporation Bank is quite quick and efficient. It usually takes a minimum of 3 to 5 working days to approve a Personal Loan subject to all the relevant documents are furnished on time. However, it is solely on the discretion of the bank whether they will approve a Personal Loan in such a short time.

Documents Required for Corporation Bank Personal Loan

Following is the list of documents you need to submit while applying for a Personal Loan from Corporation Bank:

Type of Documents Salaried Self Employed

Proof of Address:

Aadhaar Card, Passport, Voter ID Card, Driving License, etc.

Aadhaar Card, Passport, Voter ID Card, Driving License, etc.

Proof of Age:

Passport, Driving License, Aadhaar Card, Pan Card, etc.

Passport, Driving License, Aadhaar Card, Pan Card, etc.


You will need to submit 2 of your recent photographs, taken in no longer than the previous 6 months.

You will need to submit 2 of your recent photographs, taken in no longer than the previous 6 months.

Bank Statement

Of the last 6 months of the existing bank account where the salary is credited.

Of the last 6 months of the existing bank account where income is credited.

Income Proof

Salary slips of the last 3 months from the current employer

Income tax returns for the last 3 years

Other Products Offered by Corporation Bank

Here are other products that are offered by the Corporation Bank apart from Personal Loan:

Corp Home

Corp Vehicle

Corp Mortgage

Corp Rental

Corp Vyapar

Corp Shelter

PMAY - CLS for Middle Income group

Corp Apni Dukan

Pradhan Mantri Awas Yojana

Corp Doctor Plus

Corp Site (for Application Money)

Padho Pardesh Scheme

Corp Vidya

Corp Professional

Corp Shubha Vivah

Corp Ghar Shobha

Corp Ghar Sansar

Corp Skill Loan

Corp Site (for purchase of allotted site/plot)

Savings Accounts






Tax and Pensions

Current Accounts

Corporate Financing

How to Calculate EMI for Corporation Bank Personal Loan?

It is important to know your monthly equated monthly instalment (EMI) before you opt for a loan. A Personal Loan is a good way to build a healthy credit history, given you pay off your monthly dues on time. Hence, knowing your monthly EMI will help you allocate your over spendings wisely. With the help of EMI calculator available on MyMoneyMantra, you can easily calculate your monthly EMI based on the loan tenure, interest rate, and loan amount. The lowest EMI from Corporation Bank per Lakh is 2,273. Basically, the following three elements determine the value of your monthly EMI:

  • Loan Amount: As a rule of thumb, a high loan amount will call for a high EMI amount. So it is advisable that you opt for an amount which is really needed.
  • Loan Tenure: Your loan tenure also plays an important role in determining your monthly EMI. Usually, longer the tenure is, lesser your monthly EMI would be. However, a long tenure results in you paying more interest. Generally, Corporation Bank offers the repayment period to a maximum of 5 years. It is advisable to keep the loan tenure as short as possible if you can afford to do so.
  • Interest Rate: Interest rate impacts your EMI amount as well. The higher interest rate will result in a higher EMI, likewise, a lower interest rate will result in lower EMI. At times, banks are able to offer you a lower rate of interest. For example, if you are an employee of a reputed company than you might be eligible for a lower interest rate.

Corporation Bank Personal Loan Processing Fees and Prepayment Charges

Corporation Bank levies a processing fee of 1.50% of total approved loan amount (subject to a minimum of 500) on Personal Loan.

You can also opt for the prepayment option if you are in a situation to pay off your due loan amount before the initial tenure, and the best part is that Corporation Bank doesn't charge any foreclosure charges against its Personal Loan.

Corporation Bank Personal Loan Customer Care

To solve your Personal Loan or banking related queries you may reach out to the customer care team of Corporation Bank using the following 24x7 toll-free number:

1800 425 3555

Corporate Office

Mangaladevi Temple Road

Pandeshwar, Mangalore - 575 001 Karnataka

 Tele: 91-824-2861888 Fax: 91-824-2440964.

Retail Lending Division Corporate Office

Mangla Devi Temple Road

Pandeshwar, Mangalore - 575 001


Chief Manager, Retail Lending Division

Phone Number: 0824-2861447

Corporation Bank Personal Loan Latest News

27.02.2019: Corporation Bank removed from PCA by RBI

The Reserve Bank of India (RBI) has removed Corporation Bank, Allahabad Bank, and Dhanlaxmi Bank from the PCA (Prompt Corrective Action) framework. The move will allow these banks to resume their normal lending activities.

21.01.2019: Corporation Bank & CreditAccess to replace Vijaya Bank & Dena Bank in Nifty 500 index

Corporation Bank along with CreditAccess Grameen will replace Vijaya Bank and Dena Bank in Nifty 500, Nifty MidSmallcap 400, and Nifty Smallcap 250 indices.

28.12.2018: Corporation Bank appoints new Executive Director Birupaksha Mishra

Corporation Bank has appointed a new Executive Director named Birupaksha Mishra. He took over the position on 26th December, 2018. He is a Certified Associate of CAIIB (Indian Institute of Bankers) and also holds a post-graduate degree. Prior to his appointment at Corporation Bank, he was General Manager in Central Bank of India.


Do I need to submit any additional document for the purpose I am seeking the Personal Loan?

No, you don't need to submit any additional documents to showcase the reason for which you are applying for a Personal Loan. However, you may be asked the purpose of taking the loan verbally by the lender.

What is the maximum amount I can apply for?

The maximum amount you are eligible for is based on your income, repayment capacity, and CIBIL score. Usually, the maximum amount for a Personal Loan is set at 3.5 Lakhs by the bank.

Does Corporation Bank charge a processing fee against a Personal Loan?

Corporation Bank charges 1.50% of the loan amount, subject to a maximum of 500 as Personal Loan processing fee.

How can I repay my Personal Loan taken from Corporation Bank?

There are three ways through which you can repay your loan amount:

  1. Standing Instructions: Through this method, your EMI amount will be automatically debited from your Corporation Bank account on a monthly basis.
  2. Post-dated Cheques: You can also repay your loans by providing post-dated cheques to your bank. This service is, however, available only at the non-ECS locations.
  3. Electronic Clearance Service (ECS): This service is ideal for an applicant who doesn't have a bank account with the Corporation Bank. In this method, your EMI will be automatically debited from your bank account every month.

What is the maximum loan repayment tenure?

The repayment tenure for the Corporation Bank Personal Loan is up to 60 months.

What is the minimum age to apply for a Personal Loan?

The minimum age to be eligible for a Personal Loan from Corporation Bank is 21 years.

I have a bad credit score. Am I eligible to apply for a Personal Loan?

A good credit score is one of the key factors to be eligible for a Personal Loan. You need a credit score of 700 or above to be eligible for a Personal Loan.

What if I am unable to pay my EMI for personal reason?

Defaulting on your EMIs will definitely impact your credit score. If you foresee a money crisis then it is better to inform your bank beforehand, and see options you have to repay your loan. It's always advisable to have some emergency money to meet your financial need in the times of pinch.

Can I top up my loan amount?

It is possible to increase the loan amount through the top-up facility provided by the bank, however, you need to contact your bank to check whether you qualify for a top-up or not.

Is there any prepayment charges?

Corporation Bank doesn't levy any charges against for prepaying a Personal Loan.

Why Apply for Corporation Bank Personal Loan at MyMoneyMantra?

In the time of need and hassle, even a simple task seems to take ages to finish. And when it comes to money, it becomes even messier. Have you ever been in a sudden and urgent need for money? Maybe, to help a friend or relative through medical emergencies or seek for a Personal Loan when credit recovery personnel were hounding you at full-throttle to recover your Credit Card debts. If you are in such a situation then you can definitely relate how much hassle it may create for you to chase after the banks, submitting all the necessary documents, following up on your loan applications, and get funds disbursed into your account. All this just ends up adding more stress to your life instead of soothing it. And that's when MyMoneyMantra comes to your rescue to help you take a breath of relief. MyMoneyMantra takes the entire process on its shoulder to get you a Personal Loan from the desired lending partner (from our list of 70+ banks and non-banking financial companies) in as quick as possible. Our loan experts help you through the entire process until the disbursement of your loan.

How to Apply for Corporation Bank Personal Loan through MyMoneyMantra?

Applying for Corporation Bank Personal Loan through MyMoneyMantra is instant and simple with the following steps:

  • Visit MyMoneyMantra's official website
  • Choose Personal Loans from the drop down under Loans section
  • Click on Corporation Bank Personal Loan on the right panel on the screen
  • Fill in the required details
  • Once you have entered all the details, our Loan Experts will call you to further assist you with the loan process.

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