Cash Credit And Overdraft Facility

Maximum amount:

In case of Cash Credit facility 70% of Stocks and 75% of Debtors/Receivable.
In case of Overdraft Facility ranging between 50% and 90% of security price.

Eligibility:

Businessman-Sole Proprietor/Partnership Firm/Limited Company/Professional/ Self employed person etc.

Margin:

Ranging between 10% and 50%

Membership:

Regular Member/Nominal Member of Bank.

Period:

One year for overdraft against property. Up to maturity date in case of Overdraft against Term Deposit/NSC/KVP/IVP/LIC Policy etc.

Guarantors:

No surety for overdraft against Term Deposit/NSCs/KVPs/IVPs/LIC Policy Minimum two sureties maximum depends on merit of proposal in case of Overdraft against property/Fixed Assets and Cash Credit Facility.

Security:

Hypothecation of stocks, Book debts, Machineries, Furniture, Equipments and/or Registered/Equitable Mortgage of immovable property, Assignment of Life Insurance Policies, NSCs, KVPs, IVPs etc, Lien of Term Deposit

Interest Rate:

As per Bank Policy.

Service Charges:

Are applicable from time to time.

Documents Required:

Self certified KYC documents, Existing Bankers Statement for last one year, And/or IT Returns with computation of income and Financial statements for last three consecutive years. In case of Businessman/Self employed/Proprietor/Partnership firm/Limited Company. Professional IT Returns are compulsory along with other necessary documents, Security Documents.