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Compare Business Loan - IndusInd Bank vs Corporation Bank

Bank
Parameters
Interest Rate
Interest Rate
14.00% - 23.00%
13.55% - 14.55%
Processing Fees
Processing Fees
2.50%
1.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 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
₹ 2,327
₹ 1,849
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 4%
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
24 Months
12 Months
Minimum Turnover Required
Minimum Turnover Required
₹ 0
₹ 0
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of IndusInd Bank and Corporation Bank Business Loan

Loan Amount IndusInd Bank Corporation Bank
₹ 1 Lakh ₹ 2,327 ₹ 1,849
₹ 5 Lakh ₹ 11,634 ₹ 9,246
₹ 10 Lakh ₹ 23,268 ₹ 18,492
₹ 15 Lakh ₹ 34,902 ₹ 27,738

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

Corporation Bank offers lower Business Loan EMI at 1849 on a Business Loan for 84 Months as compared to IndusInd Bank with a minimum EMI of 2327 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 IndusInd Bank Business Loan?

A detailed comparison of Corporation Bank and IndusInd 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 IndusInd Bank at 14.00%. Hence, Corporation Bank is offering a cheaper loan option.
  • When compared on other Business Loan charges such as processing fees, IndusInd Bank charges a processing fees of 2.50% 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 IndusInd Bank offer Business Loan upto an amount of ₹ 15 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 IndusInd Bank gives the option to close the loan after 12 months at 4%. 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 IndusInd Bank 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 can be a better option if you are looking for fund requirements after 12 months. IndusInd Bank offers a business loan once if business is 24 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 IndusInd Bank?

As per the current rates, Corporation Bank offers a lower interest rate of 13.55% on Business Loan when compared to IndusInd Bank which offers a Business Loan at 14.00%.

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021
  • 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.
  • 2021-03-26 : Digital Banking likely to play a major role in the banking sector
    RBI Governor emphasised that digital lending is going to play a major role in the coming years and the market will be more technology-dependent. Further, he suggested that banks need to adapt to new technologies and adapt to the changes and transformations which are happening in the world of digital lending to remain in sync with time.
*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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