Corporation Business Loan Interest Rate May 2020

Last Updated 11th May 2020

Corporation Bank Business Loan Interest Rates India

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 Prepayment, Charges Nil prepayment charges
Early Foreclosure, Charges 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 @ 13.50%* Get upto ₹ 1,000* Cashback

Corporation Bank Business Loan

Corporation Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Corporation Bank:

  • You can prepay part of your loan anytime after paying 1 % prepayment charges
  • You can foreclose your entire Business loan anytime after paying 0 EMI's at foreclosure charges - Nil prepayment charges
  • Corporation Bank has over 2,426 branches in India where you can avail service

Corporation Bank Business Loan Interest Rate Calculator

There are multiple factors on which basis 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 amount can be lower resulting in lower EMIs.
  • CIBIL Score: Corporation Bank offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Corporation Bank, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: Corporation Bank will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 0.
  • Time in Business: Corporation Bank offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Corporation Bank is 12 months.

Corporation Bank Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 21 to 58 years
Minimum Turnover ₹ 0
Business Existence (in months) 12 months
ITR (months) 0 months
Loan Amount ₹ 2 Lakh to ₹ 5 Cr
Loan Tenure 84 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Corporation Bank Business Loan Eligibility Calculator

Eligibility of Business loan in Corporation Bank relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Corporation Bank offers 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, bank gives you loan 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: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Corporation Bank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Corporation Bank requires 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 loan.
  • ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 0 months and bank statement for minimum 0 months will be required by Corporation Bank.
  • CIBIL Score: When checking loan eligibility, Corporation Bank will look at the complete CIBIL report. Corporation Bank will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

Corporation Bank Business Loan EMI Calculator

Corporation Bank Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Corporation Bank is ₹ 1,849 per lakh loan amount. EMI of Corporation Bank depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 84 months loan from Corporation Bank at an interest rate of 13.55% per annum, EMI will be ₹ 1,849 per Rs. one lakh loan amount. At an interest rate of 14.55% for the same loan, the EMI will be ₹ 1,905 .
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 13.55% per annum, the EMI on Corporation Bank business loan would range from ₹ 8,958 to ₹ 1,849 for loan tenure ranging from 12 to 84 months.
  • Amount Borrowed: Corporation Bank Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 2 Lakh, the EMI at 13.55% for 84 months would be ₹ 3,698 . Similarly for amount borrowed ₹ 5 Cr, the EMI at 13.55% for 84 months would be ₹ 9.25 Lakh.
What are the benefits of calculating business loan EMI?
  • Business loan EMI calculator of Corporation Bank helps you to calculate your monthly EMI at different rate of interest
  • Corporation Bank EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
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 Doctor Plus


  • Get maximum loan amount up to Rs. 5 crore
  • Nil prepayment charges
  • To purchase or construct hospital or clinic, purchase equipments related to hospital/ clinic.
  • For amount above Rs. 10 lakhs, immovable property or bank assets of 50 percent of loan amount is needed as security

Who is eligible?

  • Borrower age should be from 25 to 60 years with 1 year experience
  • Any Registered Medical Practitioner or Physiotherapist
Corp Professional


  • Get maximum loan amount up to Rs. 5 crore
  • Nil prepayment charges
  • Loan for self employed professionals to purchase or construct office premises.
  • Collateral needed is equitable mortgage of the office premises

Who is eligible?

  • Age should be between 25 and 60 years with net annual income of Rs. 1.5 lakhs
  • Professionals, Individually or jointly or as a Partnership Firm
Corp Apni Dukan


  • Loan can be repaid in maximum 10 years
  • Nil prepayment charges
  • Loan for construction or purchase of shop for own business purpose.
  • Equitable mortgage of property is required as collateral

Who is eligible?

  • Applicant must have sales tax registration or business license or permit by any Statutory Authority or Recognised body
  • Individuals can apply singly or jointly, Proprietorship, Partnership Firm, HUF or other entity engaged in trading business ?
Other 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
  • 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

Compare Corporation Bank Business Loan with other banks

FAQs on Business Loan Corporation Bank

Why to take business loan from Corporation Bank ?

Bank offers loan at 13.55% rate with the lowest EMI of ₹ 1,849 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Corporation Bank.

What is the interest charged on Corporation Bank business loan?

Interest rates on Business loan in Corporation Bank are very attractive starting from 13.55% to 14.55%. Bank offer various offer for self employed professionals to get loan at 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 .

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 loan if you need a minimum amount of ₹ 2 Lakh to a maximum amount of ₹ 5 Cr.

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

Corporation Bank charges a processing fee of 1.5%, Min Rs. 500 with applicable tax.

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

Yes, age is an important eligibility factor to get 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 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 .

Corporation Bank Business Loan Customer Care Number, Email, Application Status, Branches
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

Corporation Business Loan News - May 2020
*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