CC Limit

 

 

OVERVIEW

Financial Flow is the life blood of any successful organization and most of the businesses will desired the CC limit to fill the gap between the trade credit period  and the payment receipt  from the respective debtors  so that company at least maintain the over lapping period of time  therefore ,company’s wish to have the  same  facilities  from the banks so that can help you take your business to the next level.

Eligibility & Documents Required

Eligibility Criteria

Your eligibility depends upon your sales turnover and the payment receiving from the respective buyers and repayment capacity as determined by Financial Institution. Factors like your income, age, qualifications, number of dependants, spouse’s/Co-applicant income, assets, liabilities, savings history, stability, property value and continuity of occupation are considered while computing your eligibility.

Documents Required

• Duly filled application
  • Identity proof: (Pan Card / Passport / Ration card / Voter Id Card)
  • Passport size Photographs of all applicants
  • Business Proof
  • Latest Address Proof
  • Last 3 years income tax return of firm / Company
  • Last 12 months bank statement of main operating account of the firm
  • Audited financials
  • Certified 3 copies of MOA /AOA / Partnership deed as applicable
  • Collateral security  or Professional qualification certificate , if applicable
  • Existing CC limit  Sanctioned Letter/Repayment track if any

 

What is a CC Limit?
CC limit  is secured funds and its normally provided by the by bank against the collateral security in terms of immovable property or FDR  for any business purpose.

Are there any additional charges?
A processing fee up to 2 % depending on the Banks . This fee will be deducted from the disbursal amount payable to you

What are the minimum and maximum loan amounts?
The limit  normally  decided  on  the basis of the sales volume  and the sales credit period provided by the company to the buyers  and also the value of collateral  security  subject to maximum 60% out of the sales consideration or fare market value.

How many days does it take to process the CC limit
On submission of your entire documents in accordance with the Bank requirements it takes 14 Working Days. All loan approvals are at the discretion of the Bank.

How do I repay the avail limit ?
You can repay the availed limit against the payment which you are receiving from the respective buyers against the sales.