Cash Credit & Overdraft

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Cash Credit & Overdraft - Documentation

Features

Eligibility

Documentation

Commercials

Features

Eligibility

Business Vintage	Minimum of 3 years
Turnover	Minimum 30 lakhs to Maximum of 15 crs
Age	Minimum 21 years at the time of loan application Maximum 70 years at the end of loan tenure
Residence/Office Stability	Either office or residential property should be owned In case of rented accommodation, residence stability should be of at least 12 months, not applicable if shifted to owned house Office stability should be of at least 24 months
Minimum Income	In case of individuals, minimum income to be of 2.5 lakhs as per ITR for last 2 years In case of non-individuals, minimum cash profit should be Rs 3 lakhs for last 2 years

Documentation

Commercials

Loan processing charges	Up to 1.25% + Applicable taxes
Pre-payment charges	Nil
Foreclosure charges	2.00% of sanction limit
Penal interest	2.00% p.a. additional on existing rate of interest
Cheque bounce charges	Rs. 500/- per instance + Applicable taxes