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Corporation Business Loan Jul 2021

Corporation Business Loan Interest Rates India

Last Updated 16th Jul 2021

Corporation Bank offers Business Loan starting at interest rate of 13.55%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 13.55%
Processing Fee 1.5%, Min Rs. 500
Tenure From 12 months to 84 months
Lowest EMI per lakh ₹ 1,849
Loan Amount Min ₹ 2 Lakh and Max ₹ 5 Cr
Part Payment Facility Nil prepayment charges
Foreclosure Facility Nil prepayment charges

Corporation Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Corporation Bank Business Loan.

Apply for Business Loan @ 14.00%*

Corporation Business Loan Details

Corporation Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Corporation Bank.

Key Features of Corporation Business Loans
  • Purpose of Loan: You can avail Corporation business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 58 years can avail Corporation business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 84 years.
  • Corporation business loan interest rates are in the range of 13.55% to 14.55 %.
  • Corporation Bank business loan EMI per lakh starts from ₹ 1,849.
  • Processing Fee: 1.5%, Min Rs. 500
  • Special schemes: Some of the special business loan offers of Corporation are:

Factors affecting Corporation Business Loan Rates

There are multiple factors on which Corporation Bank calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Corporation Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 2 Lakh to upto ₹ 5 Cr. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Corporation Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Corporation Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Corporation Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Corporation Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Corporation Bank is 12 months.

Lowest Corporation Bank Business Loan Interest Rates

Currently, the lowest business loan rate offered by Corporation Bank starts at 13.55%. There has been no change in the lowest interest rate of Corporation Bank business loan interest rate for a long time and the interest rate continues to be in the range of 13.55% to 14.55%.

Corporation Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 13.55%
25 Mar, 2021 13.55%
09 Mar, 2021 13.55%
07 Jan, 2021 13.55%

Corporation Business Loan Eligibility Criteria

To avail Corporation Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Corporation Bank offers business loan to those who are at least 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Corporation Bank gives you loan amount ranging from ₹ 2 Lakh to ₹ 5 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Corporation Bank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Corporation Bank requires a minimum business track record of 12 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Corporation Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 0 months respectively.
  • CIBIL Score : Corporation Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Corporation Bank Business Loan Products

Corporation Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Corp Professional
  • Get maximum loan amount up to ₹ 5 crores with 0 prepayment charges.
Corp Doctor Plus
  • Get maximum loan amount up to ₹ 5 crore
  • Nil prepayment charges
Corp Professional
  • Get maximum loan amount up to ₹ 5 crore
  • Nil prepayment charges
Corp Apni Dukan
  • Loan can be repaid in maximum 10 years
  • Nil prepayment charges

Corporation Bank Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Corporation Bank allows prepayment of loan after paying 0 EMI’s with prepayment charges - Nil prepayment charges
  • Processing Fee : Corporation Bank asks for a processing fee of 1.5%, Min Rs. 500 with applicable service tax

Documents Required for Corporation Business Loan

To apply for Corporation business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Corporation Business Loan Eligibility Calculator

You can calculate your eligibility for Corporation Bank business loan using an online Corporation business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Corporation Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Corporation business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Corporation Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Corporation Bank?

Corporation Bank is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 13.55%. The bank also charges a low processing fee starting from 1.5%, Min Rs. 500. Along with that, the bank also offers special business loan schemes such as Corp Professional , Corp Doctor Plus & Corp Professional etc.

Has Corporation Bank reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Corporation Bank starts at 13.55%. There has been no change in the lowest interest rate of Corporation Bank business loan interest rate for a long time and the interest rate continues to be in the range of 13.55% to 14.55%.

What is the interest charged on Corporation Bank business loan?

Corporation Bank offers business loans at attractive rates ranging from 13.55% to 14.55%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Corporation Bank?

If you apply for loan from Corporation Bank, your lowest EMI per lakh will be ₹ 1,849.You can calculate your EMI on business loan for different tenures at min business rate starting at 13.55% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Corporation Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 84 months.

How much business loan amount I can borrow from Corporation Bank?

Corporation Bank offers you business loan for loan amount ranging from ₹ 2 Lakh to a maximum amount of ₹ 5 Cr. Loan amount eligibility in Corporation further depends upon your income, and repayment capability.

What is the processing fee charged by Corporation Bank on business loan?

Corporation Bank charges a processing fee 1.5%, Min Rs. 500 with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Corporation Bank?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

What are the prepayment charges on business loan from Corporation Bank?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Corporation Bank is Nil prepayment charges.

What are the business products offered by Corporation Bank?

Corporation Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Corp Professional
  • Corp Doctor Plus
  • Corp Professional
  • Corp Apni Dukan

What is the time period of repayment of business loans in Corporation Bank?

Corporation Bank provides business loans for a maximum tenure of 84 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Corporation Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 1800-425-2407
Ahmedabad 1800-425-2407
Ambala 1800-425-2407
Anand 1800-425-2407
Aurangabad Bihar 1800-425-2407

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Corporation Business Loan News - Jul 2021
  • 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
  • 2019-06-10 : Corporation Bank plans to raise Rs. 4,000 crore capital in two years
    Public sector lender, Corporation Bank is planning to raise capital of up to Rs. 4,000 crore over two years to augment its retail loan growth. The lender is planning to look at combinations of equity, tier I capital based on market conditions. The bank has said that it will use the raised funds to expand its loan book that includes home loans and business loans.
  • 2019-05-28 : Corporation Bank launches loan scheme for MSMEs
    In a bid to help MSMEs, public sector lender, Corporation Bank has announced the launch of a scheme, SMESuvidha scheme to provide loans to the GST-registered MSMEs at an affordable rate of interest. With the launch of this new product, the lender is trying to improve the services and provide the best products to the MSME sector.
  • 2019-05-27 : Corporation Bank announces the launch of ‘Corp SME Suvidha’ for MSMEs
    Private sector lender, Corporation Bank has launched the unique product ‘Corp SME Suvidha’ for GST registered MSMEs. The product has been designed as a part of the bank’s efforts to improve the service and to provide the best products to the MSME sector. In addition, the bank has also taken several proactive initiatives for MSME, such as an online loan facility for MSME borrowers.
  • 2019-02-21 : Government infuses a capital of Rs. 9,086 crore in Corporation Bank
    Earlier this week, the government has infused a capital of Rs. 48,239 crore in 12 public sector banks. Among those public sector lenders, corporation bank was the one to get the highest round of capital infusion with Rs. 9,086 crore of funding followed by Allahabad Bank with Rs. 6,896 crore. The funding will help them to build a strong growth in their working capital and a scope of improvement in its banking services to meet the demands of the customers.
*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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