Compare Business Loan - Corporation vs Fullerton

Compare EMI of Corporation and Fullerton Business Loan

Which is a better bank for Business Loan – Corporation Bank or Fullerton India?

Corporation Bank offers lower Business Loan EMI at 1849 on a Business Loan for 84 Months as compared to Fullerton India with a minimum EMI of 3043 for 48 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 Fullerton India Business Loan?

A detailed comparison of Corporation Bank and Fullerton India 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 Fullerton India at 20.00%. 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 Fullerton India charges a processing fees of 2%.
• Corporation Bank offers Business Loan upto an amount of ₹ 5 Cr while Fullerton India 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. Corporation Bank gives the option to close the loan after Zero months at Nil prepayment charges and Fullerton India gives the option to close the loan after 6 months at 3 - 7%. This makes Corporation Bank a better option for Business Loan.
• Corporation Bank and Fullerton India allow part payment on Business Loan after Zero months at Nil charges. Corporation Bank applies a charge of Nil charges and Fullerton India charges 3 - 7% on Business Loan.
• Corporation Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from Fullerton India is ₹ 20 Lakh. Hence, small businesses may find is easier to get a loan from Corporation Bank.
• Corporation Bank can be a better option if you are looking for fund requirements after 12 months. Fullerton India offers a business loan once if business is 36 months old. Hence, Corporation Bank should be a preferred choice for relatively new enterprises.
• Fullerton India has an average customer ratings of 3.5, while has an average customer rating of , based on which it is clear that Fullerton India has a high customer service focus, an easy Business Loan process and a quick turnaround.

Which bank offers lower interest rate on Business Loan – Corporation Bank or Fullerton India?

As per the current rates, Corporation Bank offers a lower interest rate of 13.55% on Business Loan when compared to Fullerton India which offers a Business Loan at 20.00%.

How can I transfer my Business Loan from Corporation Bank to Fullerton India?

You can transfer your Business Loan from Corporation Bank to Fullerton India 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 Corporation Bank and Fullerton India Business Loan?

You can check your eligibility for Corporation Bank and Fullerton India 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.

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