Corporation Business Loan EMI Calculator India Jan 2022

• Business loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Corporation Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• Corporation Bank offers business loans with loan tenure up to 84 months that translates into a lowest loan EMI of ₹ 1,849 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by Corporation Bank on business loan is 13.55%.

Business loan EMI for ₹ 10 Lakh loan amount at lowest 13.55% interest rate offered by Corporation Bank for different tenures

	1 year	2 year	7 year
Corporation Bank EMI for loan amount of ₹ 10 Lakh at 13.55%	₹ 89,576	₹ 47,801	₹ 18,492
Total amount you pay back to the bank including principal and interest	₹ 11,42,542	₹ 13,05,402	₹ 25,41,587
Interest you have to pay over loan tenure	₹ 1,42,542	₹ 3,05,402	₹ 15,41,587

• The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take ₹ 10 Lakh loan for a period of 7 years, you pay the lowest EMI of ₹ 18,492. However, you pay an interest of ₹ 15,41,587 on a ₹ 10 Lakh loan.
• In contrast, if you take a ₹ 10 Lakh loan from Corporation Bank at the lowest loan rate offered for a period of 1 year, you pay a higher loan EMI of ₹ 89,576 and pay an interest of only ₹ 1,42,542 which is less than half of what you paid in a 7 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

• Loan amount - This is the amount borrower promises to repay to the bank with the interest applied. Corporation Bank gives minimum business loan of ₹ 2,00,000 up to an amount of ₹ 5,00,00,000.
• Interest rate - Interest rate is the rate charged over the principal amount borrowed. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Corporation Bank is 13.55%. Do complete market research and compare rates online before you apply for a business loan.
• Loan tenure - This is the period in which you can repay your business loan to the bank. Longer loan tenure means lower loan EMI. Generally, Corporation Bank offers business loan for a maximum tenure of 48 months.

Corporation Bank Business Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Corporation Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Business Loan of ₹ 8 Lakh for 4 years from Corporation Bank at an interest rate of 13.55%. EMI calculated for this loan amount is ₹ 21,681 and the total annual EMIs to be paid annually is ₹ 2,60,172. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Business Loan of ₹ 8 Lakh over the 4 years

Year	Interest paid during the year	Principal repaid during the year	Total amount paid during the year (Interest + Principal)	Outstanding Principal
2022	₹ 98,610	₹ 1,61,562	₹ 2,60,172	₹ 6,38,438
Jan	₹ 9,033	₹ 12,648	₹ 21,681	₹ 7,87,352
Feb	₹ 8,891	₹ 12,791	₹ 21,681	₹ 7,74,561
Mar	₹ 8,746	₹ 12,935	₹ 21,681	₹ 7,61,626
Apr	₹ 8,600	₹ 13,081	₹ 21,681	₹ 7,48,545
May	₹ 8,452	₹ 13,229	₹ 21,681	₹ 7,35,317
Jun	₹ 8,303	₹ 13,378	₹ 21,681	₹ 7,21,939
Jul	₹ 8,152	₹ 13,529	₹ 21,681	₹ 7,08,410
Aug	₹ 7,999	₹ 13,682	₹ 21,681	₹ 6,94,728
Sep	₹ 7,845	₹ 13,836	₹ 21,681	₹ 6,80,891
Oct	₹ 7,688	₹ 13,993	₹ 21,681	₹ 6,66,899
Nov	₹ 7,530	₹ 14,151	₹ 21,681	₹ 6,52,748
Dec	₹ 7,371	₹ 14,310	₹ 21,681	₹ 6,38,438
2023	₹ 75,307	₹ 1,84,866	₹ 2,60,172	₹ 4,53,572
Jan	₹ 7,209	₹ 14,472	₹ 21,681	₹ 6,23,966
Feb	₹ 7,046	₹ 14,635	₹ 21,681	₹ 6,09,330
Mar	₹ 6,880	₹ 14,801	₹ 21,681	₹ 5,94,530
Apr	₹ 6,713	₹ 14,968	₹ 21,681	₹ 5,79,562
May	₹ 6,544	₹ 15,137	₹ 21,681	₹ 5,64,425
Jun	₹ 6,373	₹ 15,308	₹ 21,681	₹ 5,49,117
Jul	₹ 6,200	₹ 15,481	₹ 21,681	₹ 5,33,637
Aug	₹ 6,026	₹ 15,655	₹ 21,681	₹ 5,17,981
Sep	₹ 5,849	₹ 15,832	₹ 21,681	₹ 5,02,149
Oct	₹ 5,670	₹ 16,011	₹ 21,681	₹ 4,86,138
Nov	₹ 5,489	₹ 16,192	₹ 21,681	₹ 4,69,947
Dec	₹ 5,306	₹ 16,375	₹ 21,681	₹ 4,53,572
2024	₹ 48,642	₹ 2,11,531	₹ 2,60,172	₹ 2,42,042
Jan	₹ 5,122	₹ 16,559	₹ 21,681	₹ 4,37,013
Feb	₹ 4,935	₹ 16,746	₹ 21,681	₹ 4,20,266
Mar	₹ 4,746	₹ 16,936	₹ 21,681	₹ 4,03,331
Apr	₹ 4,554	₹ 17,127	₹ 21,681	₹ 3,86,204
May	₹ 4,361	₹ 17,320	₹ 21,681	₹ 3,68,884
Jun	₹ 4,165	₹ 17,516	₹ 21,681	₹ 3,51,368
Jul	₹ 3,968	₹ 17,713	₹ 21,681	₹ 3,33,655
Aug	₹ 3,768	₹ 17,914	₹ 21,681	₹ 3,15,741
Sep	₹ 3,565	₹ 18,116	₹ 21,681	₹ 2,97,625
Oct	₹ 3,361	₹ 18,320	₹ 21,681	₹ 2,79,305
Nov	₹ 3,154	₹ 18,527	₹ 21,681	₹ 2,60,778
Dec	₹ 2,945	₹ 18,736	₹ 21,681	₹ 2,42,041
2025	₹ 18,130	₹ 2,42,042	₹ 2,60,172	₹ 0
Jan	₹ 2,733	₹ 18,948	₹ 21,681	₹ 2,23,093
Feb	₹ 2,519	₹ 19,162	₹ 21,681	₹ 2,03,931
Mar	₹ 2,303	₹ 19,378	₹ 21,681	₹ 1,84,553
Apr	₹ 2,084	₹ 19,597	₹ 21,681	₹ 1,64,956
May	₹ 1,863	₹ 19,818	₹ 21,681	₹ 1,45,138
Jun	₹ 1,639	₹ 20,042	₹ 21,681	₹ 1,25,095
Jul	₹ 1,413	₹ 20,268	₹ 21,681	₹ 1,04,827
Aug	₹ 1,184	₹ 20,497	₹ 21,681	₹ 84,330
Sep	₹ 952	₹ 20,729	₹ 21,681	₹ 63,601
Oct	₹ 718	₹ 20,963	₹ 21,681	₹ 42,638
Nov	₹ 481	₹ 21,200	₹ 21,681	₹ 21,438
Dec	₹ 242	₹ 21,439	₹ 21,681	₹ 0

In the above illustration, on a Corporation Bank Business Loan of₹ 8 Lakh, taken at the lowest interest rate of 13.55, EMI paid is ₹ 21,681 and an annual total of EMIs is ₹ 2,60,172, the interest component is ₹ 98,610 while the principal component is ₹ 1,61,562 in year 1 of loan disbursement. You repay only 20.2% of the total principal after paying 12 EMIs during the first year.

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Corporation business loan EMI is calculated:
In above formula,
P = Loan amount. This can range from ₹ 2,00,000 to ₹ 5,00,00,000
r = Rate of interest per month. Current rate is 13.55%
n = tenure in month. For Corporation, this can be 48 months

• Ascertain the amount you need to borrow: It is important that before approaching Corporation Bank for business loan, you need to estimate the amount of loan you need to borrow. Remember business loan is an unsecured short term loan, and hence it is advisable to minimize your loan amount to the extent possible. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
• Review your current obligations: Before taking loan from Corporation Bank, it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

✅What is the calculation of Corporation Bank Business Loan EMI?

Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Corporation Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

• Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Corporation Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• With Corporation Bank offering business loan with loan tenure up to 84 months, the loan EMI can be as low as ₹ 1,849 per lakh, to make it more affordable and convenient to meet your business needs. Rate of interest offered by Corporation Bank are as low as 13.55%. You can check EMI for other tenures using our Corporation Bank business loan calculator.
• This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

✅How does MyLoanCare business loan calculator calculate EMI?

This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

• This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

✅Will the Corporation Bank business loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Typically, the business loan EMI remains unchanged unless the customer requests for a change and the same is approved by Corporation Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).

• In case the floating rate of interest on your business loan increases, Corporation Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Corporation Bank, the bank may increase your EMI amount.
• For partly disbursed loans availed under tranche EMI scheme, your loan EMI will increase with each disbursement.

✅Will business loan EMI change in case of prepayment?

Corporation Bank allows prepayment at nil charges or penalty in case of floating rate business loans.

• When you make a prepayment, the outstanding principal amount on your loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

✅Why should I calculate Corporation Bank loan EMI before taking a loan?

In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.

• If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.
• Based on the EMI amount, you can opt for making prepayment of your business loan in future when you have surplus amount.

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
Bangalore	1800-425-2407
Bhilai	1800-425-2407
Bhilwara	1800-425-2407
Bhiwadi	1800-425-2407
Bhopal	1800-425-2407
Bhubaneswar Cuttack	1800-425-2407
Bikaner	1800-425-2407
Chandigarh	1800-425-2407
Chennai	1800-425-2407
Cochin	1800-425-2407
Coimbatore	1800-425-2407
Dehradun	1800-425-2407
Delhi	1800-425-2407
Durg	1800-425-2407
Faridabad	1800-425-2407
Gandhinagar	1800-425-2407
Ghaziabad	1800-425-2407
Goa	1800-425-2407
Greater Noida	1800-425-2407
Gurgaon	1800-425-2407
Guwahati	1800-425-2407
Gwalior	1800-425-2407
Hyderabad	1800-425-2407
Indore	1800-425-2407
Jabalpur	1800-425-2407
Jaipur	1800-425-2407
Jalandhar	1800-425-2407
Jodhpur	1800-425-2407
Kanpur	1800-425-2407
Karnal	1800-425-2407
Kolhapur	1800-425-2407
Kolkata	1800-425-2407
Kota	1800-425-2407
Kozhikode	1800-425-2407
Lucknow	1800-425-2407
Ludhiana	1800-425-2407
Madurai	1800-425-2407
Meerut	1800-425-2407
Mehsana	1800-425-2407
Mohali Sas Nagar	1800-425-2407
Mumbai	1800-425-2407
Mussoorie	1800-425-2407
Nagpur	1800-425-2407
Nashik	1800-425-2407
Noida	1800-425-2407
Noida Extn	1800-425-2407
Panipat	1800-425-2407
Patna	1800-425-2407
Pondicherry	1800-425-2407
Pune	1800-425-2407
Raipur	1800-425-2407
Rajkot	1800-425-2407
Ranchi	1800-425-2407
Rohtak	1800-425-2407
Roorkee	1800-425-2407
Salem	1800-425-2407
Shimla	1800-425-2407
Sonipat	1800-425-2407
Surat	1800-425-2407
Trichy	1800-425-2407
Udaipur	1800-425-2407
Vadodara	1800-425-2407
Varanasi	1800-425-2407
Vijaywada	1800-425-2407
Vizag	1800-425-2407