Last Updated : May 28, 2021, 9:13 p.m.

Meet the urgent working capital requirements by availing the business loan from Corporation Bank. The bank provides loan up to ₹5 Crores at floating rate of interest. This means that the rate of interest may change during the loan tenure with a change in the market rates. The business loans offered are secured. The processing fee is charged which is 1% of the sanctioned loan amount. The loan is availed for the maximum tenure of 7 years and no prepayment fee is charged.

## Corporation Bank Business Loan Details

Particulars Details
Interest Rates 10.00% - 13.50%
Loan Amount Up to 5 crores
Tenure Up to 7 years
Processing Fee 1% of the loan amount
Prepayment Charges Nil
Type Of Loan Secured

### Corporation Bank Business Loan EMI Calculator

You can know how much amount you need to pay per month for the loan you are taking by using the EMI calculator. The Business Loan EMI Calculator is very helpful and assists in calculating the exact amount. Its working is very simple. You just need to enter the loan amount, tenor and rate of interest applicable on the loan amount. The calculator will compute the EMI amount along with the total interest payable.

Suppose, I want to borrow a sum of ₹60 Lakh for the period of 7 years at the current rate of interest, that is 10.10% p.a then what would be my EMI? Let’s just know the same in the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 6,21,245 ₹ 5,77,764 ₹ 53,78,754
2 ₹ 6,86,978 ₹ 5,12,030 ₹ 46,91,776
3 ₹ 7,59,667 ₹ 4,39,342 ₹ 39,32,109
4 ₹ 8,40,046 ₹ 3,58,962 ₹ 30,92,062
5 ₹ 9,28,931 ₹ 2,70,077 ₹ 21,63,131
6 ₹ 10,27,220 ₹ 1,71,788 ₹ 11,35,910
7 ₹ 11,36,744 ₹ 63,098 ₹ 0

How To Apply :

You can apply for Corporation Bank business loan by visiting the nearest bank branch. The business loan product dealer will brief you regarding all loan procedure and introduce you to the terms and conditions applicable.

#### Eligibility Criteria :

The following candidates are suitable to avail business loan from Corporation Bank –

• Individual / Sole Proprietorship / Partnership firm/HUF/ Joint Stock Company or any other entity engaged in trading/business activity either on retail or wholesale basis for a period of 1 year prior to seeking sanction of loan
• Units engaged in manufacturing/processing/ SSI units/ Commission agents /Contractors are also eligible for loan provided stock is available /held by them for hypothecation

### Corporation Bank Business Loan Application Form

To avail the facility of a business loan from Corporation Bank you need to submit the application form. The form consists of following sections that are to be necessarily filled:

• Amount of loan
• Name of Applicant
• Contact details
• Contact numbers
• Banking details
• Details of proprietors and partners
• Security and other collateral details
• Working capital requirement details

#### Documents Required :

• PAN Card – For Company /Firm/ individual
• Identity Proof : Copy of Aadhaar Card/Passport/Voter’s ID card/Pan Card/Driving License
• Bank Statement (latest 6 months)
• Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
• Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

#### Factors Affecting Business Loan Eligibility

• Loan Repayment track
• Credit Performance / Credit Bureau Update
• Debt servicing ability of the customer
• Financial Ratios
• Existing relationship