Cash credit is a cash loan given to an Individual/company. The bank provides the funding only after they acquire the required security to secure the loan. When the security has been provided, the company/individual can continuously draw money from the bank to the specified limit set by the bank
Eligibility:
- Individual customers/Company having satisfactory dealings with our bank.
- New customers well introduced and credit worthy with satisfactory banker’s / market reports on them.
- Age limit of the applicant not more than 60 years old
Amount of Finance:
Upto 50% on the value of the property offered as security as per the valuation report of the bank’s valuator
Maximum period of Loan:
one year
Security:
- Mortgage of property acceptable to the Bank having clear marketable title.
- The land offered as security should be converted land/building.
Guarantee:
2 Personal Guarantee from person / s of adequate net worth acceptable to the Bank.
Rate of Interest:
The rate of interest on these loans shall be charged at the rate fixed by our Bank from time to time or rate applicable at the time of disbursement of loan. At present we charge 14.00% on reducing balance method.
Documents/Fomalities:
- 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)