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Compare Business Loan - Corporation Bank vs Allahabad Bank

Bank
Parameters
Interest Rate
Interest Rate
13.55% - 14.55%
14.50% - 18.60%
Processing Fees
Processing Fees
1.5%, Min Rs. 500
Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928
Loan Amount
Loan Amount
₹ 2 Lakh to ₹ 5 Cr
₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure
Loan Tenure
12 to 84 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,849
₹ 1,902
Part Payment Charges
Part Payment Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 0 months at 2.25%
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 0 months at 2.25%
Borrower’s Age
Borrower’s Age
21 to 58 Years
25 to 65 Years
Minimum Years in Business Required
Minimum Years in Business Required
12 Months
36 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Corporation Bank and Allahabad Bank Business Loan

Loan Amount Corporation Bank Allahabad Bank
₹ 1 Lakh ₹ 1,849 ₹ 1,902
₹ 5 Lakh ₹ 9,246 ₹ 9,509
₹ 10 Lakh ₹ 18,492 ₹ 19,017
₹ 15 Lakh ₹ 27,738 ₹ 28,526

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, Corporation Bank charges a processing fees of 1.5%, Min Rs. 500 while Allahabad Bank charges a processing fees of Rs. 229 - per lac, Min Rs. 2,038 Max Rs. 22,928.
  • 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%.

Know all about Business Loan

Know more about Corporation Bank Business Loan

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Compare Corporation Bank Business Loan With Other Banks

Compare Allahabad Bank Business Loan With Other Banks

Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
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    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 2021-04-12 : Rs. 15 lakh crores sanctioned under the Mudra Yojna in last 6 years
    The finance ministry reported that banks and financial institutions have sanctioned Rs. 15 lakh crores to over 28.68 crores beneficiaries in the last 6 years. Prime Minister Mudra Yojna or PMMY was launched in April 2015 with an aim to promote entrepreneurship.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
*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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