Business loan gives access to credit that can be paid later before the agreed duration along with the said interest.
The loan can be used for financing the day-to-day working capital, expansion of an existing business or investing in a new business by pledging the existing mortgageable property against the borrowed amount.
Business loan is given across the manufacturing, trading and service industry
Features & Benefits
Higher Loan Value Against the Market Offering
The loan amount will depend on the quality of customer’s credit rating and that of the collateral. It will be higher than the market offering if the customer meets the eligibility criteria of the company.
Instant & On-the-spot Approval
No branch visits required. No waiting for days. Just some basic data and get instant provisional approval subject to completion of documentation and verification.
Relationship officers analyse and understand the needs and give the best suitable financial offering at every stage of life.
Loan Amount of Up to Rs. 25 Lakh
Get loan up to Rs. 25 Lakh instantly.
A bouquet of product offerings along with business loan for purchasing merchandise, meeting emergencies through personal loan or securing the family through life insurance.
For details about Business Loan Agreements, Terms and Conditions or have any questions, you can refer to our Business Loan FAQs or can contact us at the nearest Community Finance office.
Eligibility & Documents
Individual must be between 21-60 years* (salaried/self-employed)
*Age at the time of completion of the loan.
As an Applicant and Co-applicant one must have:
Completed Application Form
Proof of Identity
- Passport Copy / Voter ID card / Driving License / PAN Card
Proof of Residence
- Ration card / Telephone Bill / Electricity Bill / Rental agreement / Passport copy / Bank Passbook or Statement / Driving License
Proof of Age
- PAN Card / Passport / Any other certificate from a Statutory Authority
- Recent passport size photograph of Applicant & Co-applicant
- Proof of Business continuity
- Bank statement / Bank Passbook for last 6 months
- Statement of Profit & Loss for last 3 years
- Balance Sheet for last 3 years
- Income Tax Returns for last 3 years (for self and business) duly certified by a CA
- Processing Fee Cheque
Fees & Charges
Please refer to the ‘Loan Charges’ section for detailed Fees and Charges related to our product offering (About Us → Policy → Loan Charges)
How to Apply
Applying for a Business Loan with Community Finance is quick, easy and completely hassle-free. Read on to know more about how to apply for the same:
- Contact our relationship officer
- Visit our nearest branch office
- Visit the ‘Apply Online’ section in our website
Frequently Asked Questions (FAQs)
Among the factors considered in determining the business loan eligibility are:
- Annual turnover of the business
- Business continuity
- Trends in profitability during the previous financial years
- Fair market value of the existing mortgageable property
Business loan can be for financing the day-to-day working capital requirement, expansion of an existing business or investing in a new line of business.
The loan offers competitive interest rates as against the market offerings.
The security for the loan will be the first mortgage of the property to be financed, normally by way of deposit of Title Deeds and/or such other collateral security, as may be necessary. The title to the property should be clear, marketable and free from encumbrance.
The loan will be disbursed directly to the operating bank account provided at the time of applying for the loan.
The loan is disbursed into the account post approval, compliance of the agreement and all legal formalities are adhered to. Subsequently, a technical & legal appraisal of the mortgageable property is also conducted before the disbursal of the loan.
The repayment of the loan can be done through Equated Monthly Instalments (EMI) by the mode of CTS compliant Post Dated Cheques (PDC) or through Electronic Clearance System/Direct Debit (NACH/NEFT).
Pre-EMI interest is the interest on the loan amount disbursed by the bank. It is payable every month from the date of each disbursement until the commencement of the EMI payments.
The loan can be paid at any point of time during the loan tenure. However, the prepayment of loan is not permitted within 12 months from date of disbursal of the loan.