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Compare Business Loan - IIFL vs Corporation Bank

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Bank
Parameters
Interest Rate
Interest Rate
16.00% - 30.00%
13.55% - 14.55%
Processing Fees
Processing Fees
Up to 2%
1.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 35 Lakh
₹ 2 Lakh to ₹ 5 Cr
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,432
₹ 1,849
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
30 to 60 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
₹ 20 Lakh
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of IIFL and Corporation Bank Business Loan

Loan Amount IIFL Corporation Bank
₹ 1 Lakh ₹ 2,432 ₹ 1,849
₹ 5 Lakh ₹ 12,159 ₹ 9,246
₹ 10 Lakh ₹ 24,318 ₹ 18,492
₹ 15 Lakh ₹ 36,477 ₹ 27,738

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

Corporation Bank offers lower Business Loan EMI at 1849 on a Business Loan for 84 Months as compared to IIFL with a minimum EMI of 2432 for 60 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 IIFL Business Loan?

A detailed comparison of Corporation Bank and IIFL 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 IIFL at 16.00%. Hence, Corporation Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, IIFL charges a processing fees of Up to 2% 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 IIFL offer Business Loan upto an amount of ₹ 35 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 IIFL gives the option to close the loan after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges. This makes Corporation Bank a better option for Business Loan.
  • Corporation Bank allows part payment on Business Loan after Zero months at Nil charges, while IIFL does not offer part payment facility on Business Loan. This makes Corporation Bank a better option for customers who want to retain the flexibility of reducing their loans whenever they have surplus funds available.
  • Corporation Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from IIFL 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. IIFL 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 IIFL?

As per the current rates, Corporation Bank offers a lower interest rate of 13.55% on Business Loan when compared to IIFL which offers a Business Loan at 16.00%.

Know all about Business Loan

Know more about IIFL Business Loan

Know more about Corporation Bank Business Loan

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Business Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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