- What is CommBank BizLoan?
CommBank BizLoan is an Unsecured Loan Facilities owned by PT Bank Commonwealth ("Commonwealth Bank") specific for e-Commerce seller / merchants who have collaborated with Commonwealth Bank and intended for capital needs such as property for business expansion, equipment, inventory, and capital improvement.
- What are the differences between CommBank BizLoan and BizLoan?
CommBank BizLoan is specifically intended for e-Commerce seller or merchants who have collaborated with Commonwealth Bank and can only be applied at Commonwealth Bank partners’ website or application.On the other hand, Bizloan is intended for entrepreneur and can be applied through BizLoan mobile application.
- Where can I apply CommBank BizLoan? And who are Commonwealth Bank partners?
CommBank BizLoan can be applied through Commonwealth Bank partners’ website or application.
- What are the requirements needed to apply CommBank Bizloan?
- Active seller / merchant from Commonwealth Bank e-Commerce partner.
- Have an e-KTP card.
- Have a NPWP card.
- 21-65 years old (upon loan maturity date)
- Live within CommBank e-Kiosk operational area.
- What is CommBank e-Kiosk ?
It is a self-service machine that help You to do digital verification process and new account opening.
- Which area are eligible for CommBank BizLoan ?
At this time, CommBank BizLoan can only be applied by e-Commerce seller / merchant who live and have business operate within CommBank e-Kiosk operational area. You can see the detail here
- What is the CommBank BizLoan limit range and tenor?
Loan amount start from Rp10 Million – Rp200 Million (multiples of Rp1 Million)
Tenor : 12, 24, and 36 months
- What is the CommBank BizLoan interest rate?
Interest Rate : 1.19% - 1.49% flat per month (equivalent to 2.07% - 2.63% effective per month)
- I have applied for CommBank BizLoan, how long should I expect the process will take?
You will receive the preliminary decision through email within 1 working day. Should you receive notification to continue the loan application process, you will need to follow the process by visiting CommBank e-Kiosk for loan verification. (see FAQ number 15 for more information about disbursement and verification process)
- Are there any fees related to CommBank BizLoan?
CommBank BizLoan fee are as follow :
- Provision Fee : 3%
- Late charges : 3% (See illustration at FAQ number 21)
- Early Payoff : 5% from outstanding principal amount when early payoff is done within 6 months since loan disbursement. or 2% from outstanding principal amount when early payoff is done after 6 months since loan disbursement. (see FAQ number 18 for more information)
- How to apply CommBank BizLoan?
CommBank BizLoan can be applied through Commonwealth Bank partners’ application or website in the following way :
- CommBank BizLoan can be applied through Commonwealth Bank partners’ application or website in the following way
- Make sure you are registered and login as seller / merchant
- Put your desired loan amount and tenor,
- Choose Commonwealth Bank as the financial institution
- Complete the application form
- What should I do after filling CommBank BizLoan application form in e-Commerce application or website?
- You will receive email from Commonwealth Bank regarding to CommBank BizLoan process within 1 working day
- If your application is rejected, it cannot be proceeded further. You will be able to apply Commbank BizLoan 90 days after the credit decision.
- If your application has passed, you can continue the process by going to CommBank e-Kiosk and do digital verification.
- What should I do after my application has passed?
You will need to go to CommBank e-Kiosk and bring your e-KTP & NPWP for loan verification. Upon successful loan verification, you will continue to do loan contract review, credit agreement signing and proceed to Commonwealth Bank account opening (for new customer) through CommBank e-Kiosk. Click here for more information about CommBank e-Kiosk location..
- Will I be able to apply CommBank BizLoan again if my previous application was rejected?
Yes, you will be able to apply for Commbank BizLoan 90 days after the previous credit decision.
- After loan verification, how long does it takes to for the loan to be disbursed to my bank account?
If loan verification and account opening was done before 16.00 WIB Loan disbursement will be credited into your account at the same day.
If loan verification and account opening was done after 16.00 WIB Your CommBank BizLoan disbursement will be credited into your account on the next day.
If you have not received your loan, please inform us through Call CommBank at 1500030
- How to found out my installment payment due date?
Your installment payment due date will be listed in the credit agreement that sent to your email after you have done credit agreement signing at CommBank e-Kiosk
Installment due date will be the same as your disbursement date, with first due date is at 1 month after loan disbursement
You are obliged to provide installment fund in your Bank Account each month. Please make sure that there is enough fund in your Bank Account before your installment payment due date.
Due date illustration:
If your CommBank BizLoan disbursement is on 16th August 2018, then your next installment payment will be due on 16th September 2018, 16th October 2018, 16th November 2018 and so on.
If your installment payment is due on Saturday, Sunday or Holiday, then the auto debit process will be done on the previous working day.
Example:If 16th September 2018 is Sunday, then your installment payment in September will be due on Friday, 14th September 2018. Please make sure that there is enough fund in your Bank Account on Friday, 14th September 2018 before 17.00 WIB. However, in the next month, your installment will be due on 16th October 2018.
- How to pay CommBank BizLoan monthly installment?
- CommBank BizLoan installment payment can only be made through Auto Debit feature from your Commonwealth Bank Account.
- Please make sure that there are enough fund in your Bank Account before your installment payment due date. Please follow this step to transfer fund to your Commonwealth Bank Account:
- Transfer fund to Commonwealth Bank Account can be done through :
- Commonwealth Bank ATM,
- Other Bank ATM,
- Commonwealth Bank Internet/mobile banking,
- Other bank Internet/mobile banking.
- Follow the step below to do installment payment via Commonwealth Bank ATM:
- Choose Transfer,
- Insert your Commonwealth Bank Account number and
- Insert your installment amount as your transfer amount.
- Follow the step below to do installment payment via Other Bank ATM:
- Choose Transfer to other bank,
- Insert 950 as Commonwealth Bank code followed by Commonwealth Bank Account number,
- Insert your installment amount as your transfer amount.
Note:Only use above method to pay your CommBank BizLoan installment.
- Can I make early repayment? Is there any early repayment fee?
Yes, you can make an early repayment with fee as below :
- 5% from outstanding principal amount when early payoff is done within 6 months since loan disbursement Or
- 2% from outstanding principal amount when early payoff is done after 6 months since loan disbursement
- Can I have additional loan (Top Up) on my ongoing active loan in Commonwealth Bank?
No, you cannot have additional loan (Top Up) on my ongoing active loan in Commonwealth Bank
- Can I apply another CommBank BizLoan beside from my current active loan in Commonwealth Bank?
No, you are only allowed to have one active loan at Commonwealth Bank.
- Are there any charges applied if I do any late payment?
Yes, late charges of 3% per month from unpaid installment is applicable for every late installment repayment. Late repayment will create negative impact on credit collectability based on the regulation.
Late Charge illustration :
Late charges fee per day = [(3% x installment per month) / 30 days] * days past due
Example : If installment payment is made on 15th (due on 10th)
5 days late payment fee = [(3% x Rp9,523,333.00)/30 days] * 5 = Rp47,616.67
- Who do I need to contact if I have further question regarding to CommBank BizLoan?
Please contact Call CommBank 1500030 or email to firstname.lastname@example.org if you have further question regarding to CommBank BizLoan