Reg No. MSCS/CR/136/2002
AL-Khair Co-Operative Credit Society Ltd.
Regd Office - Haroon Nagar Sector-2 Phulwari Sharif, Patna-801505, Bihar (India)
Multistate
Call Us: 0612-2250434,9304774124
9:30am to 5:30pm (Sat-Thu)
ELECTION OF BOARD OF DIRECTORS-2025

Short Term Business Loan

Home > Products > Short Term Business Loan

Loans are available only to holders of DD or Amanat Accounts under the following conditions:

  • After maintaining the account for at least 3 months, members are eligible for loans under Al-Khair Cooperative Credit Society’s lending rules.
  • Al Khair used in interest-free or ethical finance models where charging interest (riba) is not permitted.
  • The Lending Rules approved by the Board on 31.12.2011 (Annexure) will be followed.

Short-Term Business Loan To support small business needs for a short duration.

  • Loan tenure of 3 months.
  • Based on fixed service charge + GST basis – not interest-based.
  • Fixed at 8% of the loan amount (one-time charge)
  • Ideal for shopkeepers or small business owners.

Eligibility Criteria

  • 1. The applicant must be a registered member of Al Khair Co-operative Credit Society.
  • 2. The account must be at least 3 months old and actively operated for the past 3 months.
  • 3. Daily deposits must be regular and consistent.
  • 4. The account balance must be 10% of the requested loan amount.

Loan Application Process

  • 1. Complete filled loan application form (₹20 fee).
  • 2. An active savings or daily deposit account (open one if not available).
  • 3. Applicant must own 10% of the loan amount in shares (purchase if not already owned).
  • 4. One member guarantor and one family member guarantor for loan amounts below ₹1 lakh. For loans 1 Lakh and above ₹1 lakh, two member guarantors and one family member guarantor are required.
  • 5. One of the following as loan security:
    • 1 Bank cheque
    • 2 Gold
    • 3 Original property ownership document
    • 4 Original vehicle ownership document
  • 6. Detailed information about the applicant’s business or occupation.
  • 7. Loanee and Guarantor’s ID Proof (Aadhar, PAN, etc.)
  • 8. Address Proof (Electric bill, Rent Paper, Bank Passbook etc.)
  • 9. Passport-size photographs
  • 10. Officially signature on all loan documents.

Exceptions & Guidelines

  • The Local Advisory Committee may approve mutually agreed terms of loan amount and repayment within society norms.
  • The branch will avoid issuing loans against gold, valuables, or documents.

Loan Disbursement

  • Normally credited to the member’s Amanat Account. Payment may be made through an Account Payee Cheque, NEFT/RTGS or cash as approved by the committee and head office.
Menu
;