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Cash Credit Loan

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A Cash Credit (CC) is a short-term source of financing for a company. In other words, a cash credit is a short-term loan. It enables a company to withdraw money from a bank account without keeping a credit balance.

High Financing

It has high financing benefit.

2% Penalty Charges

It has 2% Penalty Charges.

ROI 19%

It has ROI of 19%.

Aspects

  • High financing facility available against mortgage valuation.
  • Loan amount available up to 60% to 75% of the mortgage property value.
  • Cash Credit (CC) loan facility is renewed annually.
  • Pre-payment of loan attracts a penalty charge of 2%.

ROI & Handling Charges

  • Cash Credit loan facility available at an interest rate of 19%.
  • Half-yearly and yearly handling charges are applicable on the loan account.

Eligibility

  • Businesspersons are eligible to apply for the loan facility.
  • Self-employed individuals with stable income can avail the scheme.
  • Professionals having a regular source of income are eligible for the loan.
  • Applicants between 18 and 55 years of age are eligible to apply.

Documents Required & Shared Holdings

  • New customers and guarantors are required to open a Savings or Current Account with the bank.
  • Duly filled application form along with:
    • Income Proof of Applicant & Guarantors
    • Residential Proof of Applicant & Guarantors
    • PAN Card of Applicant & Guarantors
    • KYC Documents of Applicant & Guarantors
  • Income Tax Returns (ITR) for the last 3 years are mandatory.
  • Property-related documents must be submitted for verification.
  • Registration certificate is required during the loan process.
  • Two acceptable guarantors are mandatory for loan approval.
  • Regular Membership fees is Rs. 10 & Share amount @ 10% of loan amount.
  • Guarantors : Nominal membership.