Compare Business Loan - Allahabad Bank vs Corporation
| Bank |
SBI
HDFC Bank
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
Ftcash
Indifi
Neogrowth
IDBI Bank
Allahabad Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Syndicate Bank
Bank of Baroda
|
SBI
HDFC Bank
ICICI Bank
RBL Bank
Tata Capital
Lendingkart
Bajaj Finserv
IDFC First Bank
IIFL
Bank of Maharashtra
IndusInd Bank
Kotak Bank
Fullerton India
Ftcash
Indifi
Neogrowth
IDBI Bank
Yes Bank
PNB
OBC
Indian Overseas Bank
Dhan Laxmi Bank
DCB Bank
Andhra Bank
United Bank of India
Corporation Bank
Syndicate Bank
Bank of Baroda
|
|---|---|---|
| Parameters | ||
| Interest Rate | Interest Rate 14.50% - 18.60% |
13.55% - 14.55% |
| Processing Fees | Processing Fees Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 |
1.5%, Min Rs. 500 |
| Loan Amount | Loan Amount ₹ 1 Lakh to ₹ 20 Lakh |
₹ 2 Lakh to ₹ 5 Cr |
| Loan Tenure | Loan Tenure 12 to 84 Months |
12 to 84 Months |
| Lowest EMI Per Lakh | Lowest EMI Per Lakh ₹ 1,902 |
₹ 1,849 |
| Part Payment Charges | Part Payment Charges Allowed after 0 months at 2.25% |
Allowed after 0 months at Nil prepayment charges |
| Foreclosure Charges | Foreclosure Charges Allowed after 0 months at 2.25% |
Allowed after 0 months at Nil prepayment charges |
| Borrower’s Age | Borrower’s Age 25 to 65 Years |
21 to 58 Years |
| Minimum Years in Business Required | Minimum Years in Business Required 36 Months |
12 Months |
| Minimum Turnover Required | Minimum Turnover Required ₹ 0 |
₹ 0 |
| Customer Ratings (Read Reviews) | Customer Ratings (Read Reviews) |
|
Compare EMI of Allahabad Bank and Corporation Business Loan
| Loan Amount | Allahabad Bank | Corporation Bank |
|---|---|---|
| ₹ 1 Lakh | ₹ 11,199 | ₹ 11,663 |
| ₹ 5 Lakh | ₹ 55,993 | ₹ 58,315 |
| ₹ 10 Lakh | ₹ 1,11,985 | ₹ 1,16,629 |
| ₹ 15 Lakh | ₹ 1,67,978 | ₹ 1,74,944 |
Which is a better bank for Business Loan – Corporation Bank or Allahabad Bank?
Corporation Bank offers lower Business Loan EMI at 1849 on a Business Loan for 84 Months as compared to Allahabad Bank with a minimum EMI of 1902 for 84 Months. Average customer ratings for Corporation Bank is currently at /5.0 which makes it a good choice for taking a Business Loan.
How does Corporation Bank Business Loan compare with Allahabad Bank Business Loan?
A detailed comparison of Corporation Bank and Allahabad Bank Business Loan on various terms and conditions highlight key differences in their offerings and allows the customer to take an choose the best bank for Business Loan. Results of a comparative analysis between both banks highlight that:
- Lowest Interest rate of Corporation Bank Business Loan is 13.55%, which is lower than the lowest interest rate of Allahabad Bank at 14.50%. Hence, Corporation Bank is offering a cheaper loan option.
- When compared on other Business Loan charges such as processing fees, Allahabad Bank charges a processing fees of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928 while Corporation Bank charges a processing fees of 1.5%, Min Rs. 500.
- Corporation Bank offers Business Loan upto an amount of ₹ 5 Cr while Allahabad Bank offer Business Loan upto an amount of ₹ 20 Lakh. Corporation Bank can be a better option if you are looking for a high value amount.
- One feature that makes Business Loan a better option is foreclosure facility. Allahabad Bank and Corporation Bank gives the option to close the loan after Zero months at 2.25% and Nil prepayment charges. This makes Allahabad Bank a better option for Business Loan.
- Allahabad Bank and Corporation Bank allow part payment on Business Loan after Zero months at 2.25%. Allahabad Bank applies a charge of 2.25% and Corporation Bank charges Nil charges on Business Loan.
- Corporation Bank can be a better option if you are looking for fund requirements after 12 months. Allahabad Bank offers a business loan once if business is 36 months old. Hence, Corporation Bank should be a preferred choice for relatively new enterprises.
- with an average customer ratings of is equally comparable to with an average customer rating of . Hence, the customer can expect the same kind of service levels from these banks.
Which bank offers lower interest rate on Business Loan – Corporation Bank or Allahabad Bank?
As per the current rates, Corporation Bank offers a lower interest rate of 13.55% on Business Loan when compared to Allahabad Bank which offers a Business Loan at 14.50%.
How can I transfer my Business Loan from Allahabad Bank to Corporation Bank?
You can transfer your Business Loan from Allahabad Bank to Corporation Bank with a Business Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Business Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Business Loan interest rate.
How can I choose the best bank for Business Loan?
You can choose the best bank for a Business Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Business Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Business Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.
Which type of Business Loan is the cheapest?
The cheapest Business Loan is the one that is offered at the lowest Business Loan interest rates. This is because the lowest Business Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, Corporation Bank offers the cheapest Business Loan at 13.55%.
How do I check my eligibility for Allahabad Bank and Corporation Bank Business Loan?
You can check your eligibility for Allahabad Bank and Corporation Bank Business Loan by using MyLoanCare Business Loan eligibility calculator. You have to enter details like required loan amount, profession, annual profit, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.
Know all about Business Loan
Know more about Allahabad Bank Business Loan
Know more about Corporation Bank Business Loan
Compare Allahabad Bank Business Loan With Other Banks
Compare Corporation Bank Business Loan With Other Banks
Know About MSMEs and Mudra Loan
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