Main Object
A cash credit is a short term loan to a company. A bank provides this type of funding but only after the required security is given to secure the loan. Once a security for repayment has been given, the business that is given the loan can continuously draw from the bank up to a certain limit.
Requirements of Cash Credit Loan
- ID proof: Pan card/ Passport/c Driving License Signature Proof : Pan card/ Passport/Driving License
- Age Proof: Pan card/ Passport/Driving License/DOB Certificate
- Residence Proof: Passport/ Voter Card/Driving License/Ration Card/ Telephone Bill.
- Office Proof: Telephone Bill/ Sales Tax registration certificate/ Electricity Bill
- Ownership Proof : Electricity Bill/house tax/property papers
- Income Proof: last 3 years audited financial along with audit report
- Bank statement: main account last 6 month.
- Sanction letter of existing Cash credit or overdraft limit availed by the company.
- Collateral Security: Property papers which are offered.
- Constitution proof : MOA/ partnership deed
- Others: any Govt. registration like service tax, sales Tax, excise
- Loan Proof : Repayment Schedule of all running loans