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Corporation Business Loan EMI Calculator India Jul 2020

Business Loan EMI Calculator Corporation Bank

Last Updated 16th Jun 2020

Get monthly EMI as low as Rs. 1,849 per lakh on Corporation Bank business loan. Business loan EMI in Corporation Bank depends upon loan annual turnover, gross receipts, number of years of ITR, loan amount, loan tenure and interest rate.

Loan Amount1 Year Loan2 year loan7 year loan
₹ 1 Lakh₹ 8,958₹ 4,780₹ 1,849
₹ 5 Lakh₹ 44,788₹ 23,900₹ 9,246
₹ 10 Lakh₹ 89,576₹ 47,801₹ 18,492

Corporation Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Corporation Bank Business Loan.

Business Loan EMI Calculator
Lowest Interest Rate

Business Loan Calculator Corporation Bank

  • Business loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Corporation Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Corporation Bank offers business loans with loan tenure up to 84 months that translates into a lowest loan EMI of ₹ 1,849 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by Corporation Bank on business loan is 13.55%.

Use EMI Calculator to Calculate your EMI on Business Loan at Different Tenure

Business loan EMI for ₹ 10 Lakh loan amount at lowest 13.55% interest rate offered by Corporation Bank for different tenures

1 year 2 year 7 year
Corporation Bank EMI for loan amount of ₹ 10 Lakh at 13.55% ₹ 89,576 ₹ 47,801 ₹ 18,492
Total amount you pay back to the bank including principal and interest ₹ 11,42,542 ₹ 13,05,402 ₹ 25,41,587
Interest you have to pay over loan tenure ₹ 1,42,542 ₹ 3,05,402 ₹ 15,41,587
  • The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take ₹ 10 Lakh loan for a period of 7 years, you pay the lowest EMI of ₹ 18,492. However, you pay an interest of ₹ 15,41,587 on a ₹ 10 Lakh loan.
  • In contrast, if you take a ₹ 10 Lakh loan from Corporation Bank at the lowest loan rate offered for a period of 1 year, you pay a higher loan EMI of ₹ 89,576 and pay an interest of only ₹ 1,42,542 which is less than half of what you paid in a 7 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Corporation Bank Business Loan EMI

  • Loan amount - This is the amount borrower promises to repay to the bank with the interest applied. Corporation Bank gives minimum business loan of ₹ 2,00,000 up to an amount of ₹ 5,00,00,000.
  • Interest rate - Interest rate is the rate charged over the principal amount borrowed. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Corporation Bank is 13.55%. Do complete market research and compare rates online before you apply for a business loan.
  • Loan tenure - This is the period in which you can repay your business loan to the bank. Longer loan tenure means lower loan EMI. Generally, Corporation Bank offers business loan for a maximum tenure of 84 months.

Corporation Business Loan Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Corporation business loan EMI is calculated:
In above formula,
P = Loan amount. This can range from ₹ 2,00,000 to ₹ 5,00,00,000
r = Rate of interest per month. Current rate is 13.55%
n = tenure in month. For Corporation, this can be 84 months

Tips to decide the right amount of Corporation Bank Business Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Corporation Bank for business loan, you need to estimate the amount of loan you need to borrow. Remember business loan is an unsecured short term loan, and hence it is advisable to minimize your loan amount to the extent possible. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking loan from Corporation Bank, it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

FAQs

What is the calculation of Corporation Bank Business Loan EMI?

Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Corporation Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

  • Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Corporation Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Corporation Bank offering business loan with loan tenure up to 84 months, the loan EMI can be as low as ₹ 1,849 per lakh, to make it more affordable and convenient to meet your business needs. Rate of interest offered by Corporation Bank are as low as 13.55%. You can check EMI for other tenures using our Corporation Bank business loan calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does MyLoanCare business loan calculator calculate EMI?

This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Will the Corporation Bank business loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Typically, the business loan EMI remains unchanged unless the customer requests for a change and the same is approved by Corporation Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).

  • In case the floating rate of interest on your business loan increases, Corporation Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Corporation Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranche EMI scheme, your loan EMI will increase with each disbursement.

Will business loan EMI change in case of prepayment?

Corporation Bank allows prepayment at nil charges or penalty in case of floating rate business loans.

  • When you make a prepayment, the outstanding principal amount on your loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

Why should I calculate Corporation Bank loan EMI before taking a loan?

In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.

  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.
  • Based on the EMI amount, you can opt for making prepayment of your business loan in future when you have surplus amount.

Compare Business Loan EMI of All Banks

Corporation Bank Business Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-2407
Ahmedabad 1800-425-2407
Ambala 1800-425-2407
Anand 1800-425-2407
Aurangabad Bihar 1800-425-2407
Bangalore 1800-425-2407
Bhilai 1800-425-2407
Bhilwara 1800-425-2407
Bhiwadi 1800-425-2407
Bhopal 1800-425-2407
Bhubaneswar Cuttack 1800-425-2407
Bikaner 1800-425-2407
Chandigarh 1800-425-2407
Chennai 1800-425-2407
Cochin 1800-425-2407
Coimbatore 1800-425-2407
Dehradun 1800-425-2407
Delhi 1800-425-2407
Durg 1800-425-2407
Faridabad 1800-425-2407
Gandhinagar 1800-425-2407
Ghaziabad 1800-425-2407
Goa 1800-425-2407
Greater Noida 1800-425-2407
Gurgaon 1800-425-2407
Guwahati 1800-425-2407
Gwalior 1800-425-2407
Hyderabad 1800-425-2407
Indore 1800-425-2407
Jabalpur 1800-425-2407
Jaipur 1800-425-2407
Jalandhar 1800-425-2407
Jodhpur 1800-425-2407
Kanpur 1800-425-2407
Karnal 1800-425-2407
Kolhapur 1800-425-2407
Kolkata 1800-425-2407
Kota 1800-425-2407
Kozhikode 1800-425-2407
Lucknow 1800-425-2407
Ludhiana 1800-425-2407
Madurai 1800-425-2407
Meerut 1800-425-2407
Mehsana 1800-425-2407
Mohali Sas Nagar 1800-425-2407
Mumbai 1800-425-2407
Mussoorie 1800-425-2407
Nagpur 1800-425-2407
Nashik 1800-425-2407
Noida 1800-425-2407
Noida Extn 1800-425-2407
Panipat 1800-425-2407
Patna 1800-425-2407
Pondicherry 1800-425-2407
Pune 1800-425-2407
Raipur 1800-425-2407
Rajkot 1800-425-2407
Ranchi 1800-425-2407
Rohtak 1800-425-2407
Roorkee 1800-425-2407
Salem 1800-425-2407
Shimla 1800-425-2407
Sonipat 1800-425-2407
Surat 1800-425-2407
Trichy 1800-425-2407
Udaipur 1800-425-2407
Vadodara 1800-425-2407
Varanasi 1800-425-2407
Vijaywada 1800-425-2407
Vizag 1800-425-2407

Corporation Business Loan News - Jul 2020
  • 2019-06-10 : Corporation Bank plans to raise Rs. 4,000 crore capital in two years
    Public sector lender, Corporation Bank is planning to raise capital of up to Rs. 4,000 crore over two years to augment its retail loan growth. The lender is planning to look at combinations of equity, tier I capital based on market conditions. The bank has said that it will use the raised funds to expand its loan book that includes home loans and business loans.
  • 2019-05-28 : Corporation Bank launches loan scheme for MSMEs
    In a bid to help MSMEs, public sector lender, Corporation Bank has announced the launch of a scheme, SMESuvidha scheme to provide loans to the GST-registered MSMEs at an affordable rate of interest. With the launch of this new product, the lender is trying to improve the services and provide the best products to the MSME sector.
  • 2019-05-27 : Corporation Bank announces the launch of ‘Corp SME Suvidha’ for MSMEs
    Private sector lender, Corporation Bank has launched the unique product ‘Corp SME Suvidha’ for GST registered MSMEs. The product has been designed as a part of the bank’s efforts to improve the service and to provide the best products to the MSME sector. In addition, the bank has also taken several proactive initiatives for MSME, such as an online loan facility for MSME borrowers.
  • 2019-02-21 : Government infuses a capital of Rs. 9,086 crore in Corporation Bank
    Earlier this week, the government has infused a capital of Rs. 48,239 crore in 12 public sector banks. Among those public sector lenders, corporation bank was the one to get the highest round of capital infusion with Rs. 9,086 crore of funding followed by Allahabad Bank with Rs. 6,896 crore. The funding will help them to build a strong growth in their working capital and a scope of improvement in its banking services to meet the demands of the customers.
  • 2019-02-12 : Corporation Bank Q3 profit stands at Rs. 60 crores this year
    One of the leading public sector lenders, Corporation Bank has announced a net profit of Rs. 60 crore during the December quarter of the financial year 2018-19. Its non-performing assets (NPAs) also came down during the third quarter of 2018-19 compared to the corresponding period of 2017-18. The lender is also planning to further grow its banking business by building a strong growth across its retail loans including personal loans, home loans and business loans segment this year.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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