Cash Credit Loan

PURPOSE	Cash credit is a cash loan given to an Institutions/ societies. The bank provides the funding only after they acquire the required security to secure the loan. When the security has been provided, the Institutions/ societies can continuously draw money from the bank to the specified limit set by the bank. Cash credit is offered to businesses to finance their working capital requirements. The businesses can buy raw materials, machinery etc. Limit is sanctioned based on the working capital requirement of the company minus the margin.
REPAYMENT	1 Year
ELIGIBLITY	Institutions/ societies having satisfactory dealings with our bank.
QUANTUM	As per the Board decision
PERIOD	Should be renewed every year
RATE OF INTEREST	(click here for inetrest rate)
DOCUMENTS AND FORMALITIES TO BE SUBMITTED	Loan Application with passport size photographs - 2 copies each ID proof, Income proof of the applicant and guarantor Income Tax Assessment Order / IT Returns Title deeds of the property ,RTC/Form 9 and 11A, EC, latest tax paid receipt ,valuation report, Legal Scrutiny Report by our Bank panel lawyer Approved plan of building Annual Financial Statements for the past 2 years (in case of persons other than salaried individuals) Stock statement in prescribed format.
SECURITY	Consolidate Stock statement in the prescribed format should be submitted.