Compare Business Loan - United Bank of India vs Corporation Bank

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 IDBI Bank Ftcash Indifi Neogrowth Allahabad Bank Yes Bank PNB OBC Indian Overseas Bank Dhan Laxmi Bank DCB Bank Andhra Bank Corporation Bank Syndicate Bank Bank of Baroda
Parameters
Interest Rate	Interest Rate 13.00% - 13.00%	13.55% - 14.55%
Processing Fees	Processing Fees 1.15%	1.5%, Min Rs. 500
Loan Amount	Loan Amount ₹ 5 Lakh 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 ₹ 2,275	₹ 1,849
Part Payment Charges	Part Payment Charges Allowed after 0 months at 2% of Outstanding Balance	Allowed after 0 months at Nil prepayment charges
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at 2% of Outstanding Balance	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 ₹ 50 Lakh	₹ 0
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)

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Compare EMI of United Bank of India and Corporation Bank Business Loan

Loan Amount	United Bank of India	Corporation Bank
₹ 1 Lakh	₹ 2,275	₹ 1,849
₹ 5 Lakh	₹ 11,377	₹ 9,246
₹ 10 Lakh	₹ 22,753	₹ 18,492
₹ 15 Lakh	₹ 34,130	₹ 27,738

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

Corporation Bank offers lower Business Loan EMI at 1849 on a Business Loan for 84 Months as compared to United Bank of India with a minimum EMI of 2275 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 United Bank of India Business Loan compare with Corporation Bank Business Loan?

A detailed comparison of United Bank of India and Corporation 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 United Bank of India Business Loan is 13.00%, which is lower than the lowest interest rate of Corporation Bank at 13.55%. Hence, United Bank of India is offering a cheaper loan option.
When compared on other Business Loan charges such as processing fees, United Bank of India charges a processing fees of 1.15% 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 United Bank of India 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 and United Bank of India gives the option to close the loan after Zero months at Nil prepayment charges and 2% of Outstanding Balance. This makes Corporation Bank a better option for Business Loan.
Corporation Bank and United Bank of India allow part payment on Business Loan after Zero months at Nil charges. Corporation Bank applies a charge of Nil charges and United Bank of India charges 2% of Outstanding Balance on Business Loan.
Corporation Bank gives business loan at a minimum turnover of ₹ 0 . However, the turnover requirement for a business loan from United Bank of India is ₹ 50 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. United Bank of India 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 – United Bank of India or Corporation Bank?

As per the current rates, United Bank of India offers a lower interest rate of 13.00% on Business Loan when compared to Corporation Bank which offers a Business Loan at 13.55%.

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Compare United Bank of India Business Loan With Other Banks

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Know About MSMEs and Mudra Loan

Business Loan News - Apr 2021

2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
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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