Business Loan
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To,TransUnion CIBIL Limited[Formerly known as Credit Information Bureau (India) Limited]One Indiabulls building ,Unit No 1901 – 1905,19th Floor, Tower 2A-2B, Jupiter Mill compound,Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Sub: Grant of Consent
Dear Sirs,
In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Wishfin and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:
- The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.
- I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: (a) I have carefully read the terms and conditions of the Agreement entered into between the Company and TUCL understood the same; or (b) the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.
- I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.
- I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL.
- I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company
- I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Wishfin authorizing Wishfin to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Wishfin to obtain my Consumer Credit Information .
- I understand that in order to deliver the product to me, I hereby authorize Wishfin, to obtain my Consumer Credit Information from TUCL.
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- I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
- I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Wishfin . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.
- I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.
Yours faithfully,
Name :____________________________Address : ____________________________Date : ____________________________
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
- Applicant must have either sales tax-registration OR trade/business license/permit issued by any Statutory Authority/Recognized body.
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
- Place of business
- Proprietor/ Partner residential address
- Contact details
- Date of business establishment
- Contact numbers
- Banking details
- Nature of business
- Details of proprietors and partners
- Business performance details
- 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
- Address Proof : Copy of Aadhaar Card/Passport/ Voter ID-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.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
- 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
- Business Vintage
- Financial Ratios
- Existing relationship