Personal Loans India : Information about Personal Loans from Corporation Bank

December 26th, 2007 admin Leave a comment Go to comments

Small personal loans can be availed to meet a borrower’s immediate personal needs. For instance pay off credit card or other store card bills, home repair or dealing with sudden medical emergencies. Depending on his/her circumstances, a borrower could avail secured or unsecured small personal loans.

A small personal loan helps ease the financial burden of a borrower to a large extent as it provides instant cash with repayment periods ranging from two-four weeks. It is popular option among borrowers who need to address their needs immediately. Also, small personal loans don’t require credit checks and allows a borrower instant access to cash by just filling a simple application form. Information about personal loans from Corporation Bank is given here

Personal Loans from Corporation Bank
1. Eligibility

Permanent employees of Central / State Government Offices, Profit making Public Sector Undertakings and Public Limited Companies, Schools, Colleges, Universities and Research Institutions, Pensioners drawing pension through our Bank and individuals with income other than salary/pension

2. Purpose

To meet any genuine personal expenses relating to family functions, education, travel, marriage, medical etc.

3. Loan Amount

i) For salaried persons the maximum loan amount shall be 12 times the take-home pay, where an undertaking letter has been obtained from the employer -

[a] to route the salary through our Bank till the loan is closed in full

or

[b] to deduct and remit the loan instalments to the Bank every month until closure of the loan in full.

ii) For salaried persons whose salary is routed through our Bank, but where no undertaking letter from employer is not available, the maximum loan amount shall be restricted to 6 times the take-home pay.

iii) In case of pensioners drawing pension through our Bank, the maximum loan amount shall be restricted to 6 months’ pension.

iv) In case of individuals with income other than salary/pension, the maximum amount of the loan shall be 25% of the gross annual income.

4. Rate of Interest

14.25% p.a. w.e.f 01.06.2007

5. Security

Nil

6. Guarantee

Suitable Third Party guarantee to be obtained in all cases.

7. Repayment

Within a maximum period of 60 months in Equated Monthly instalments. Total deductions [including the deduction towards the proposed Loan ] not to exceed 50% of the take-home pay.

8. Service Charges

1.00% of the loan amount subject to a minimum of Rs.250/-

Sources : http://www.corpbank.com/