Cash Credit Account is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called “limit” or “credit facility” in excess of the amount deposited in the account. Cash Credits are, in theory, payable on demand. These are, therefore, counter part of demand deposits of the Bank.

Overdraft (OD Limit) is also a different kind of bank account where the account holder withdraws more money from a Bank Account than has been deposited in it.

The difference in both of these CC and OD limit bank accounts is very subtle and relates to the operation of the account. In the case of Cash Credit, a proper limit is sanctioned which normally is a certain percentage of the value of the commodities/debts pledged by the account holder with the Bank. Overdraft, on the other hand, is allowed against a host of other securities including financial instruments like shares, units of mutual funds, surrender value of LIC policy and debentures etc. Some overdrafts are even granted against the perceived “worth” of an individual. Such overdrafts are called clean overdrafts.

We arrange to obtain both CC and OD limits based on the criteria set down by the paying Banks and Financial Institutions. We deal with all major Banks and Financial Institutions which include Bank of India, Punjab National Bank, SBI, ICICI Bank, HDFC Bank, Kotak and many others.

All these Banks compete to give their Best Rates and you get the advantage of getting our services of managing and negotiating all for your benefits. We do it fast as well. We do it for you in just three steps:

  1. Analyze Your Loan Requirement by just discussing with you
  2. Get & Compare offers from all Banks and Financial Institutions by just getting best interest rates and negotiating the terms beneficial to you.
  3. Go with the Lowest Bidder.

Eligibility Criteria

  • You must be at least 21 years of age when the loan is sanctioned.
  • The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
  • You must be employed or self-employed with a regular source of income.

The loan amount sanctioned depends on a host of factors. You can get loans up to 60% of market value of residential properties and 50% market value of commercial properties. The loan can be used by proprietors, self employed professionals, partnership firms and private limited companies.

Required Documents

  • Completed Application Form
  • Passport size Photograph
  • Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
  • Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voters ID
  • Proof of Business Address in respect of Businessmen/ Industrialists
  • Sale Deed, Agreement of Sale, Letter of Allotment, Non Encumbrance Certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
  • Copy of Approved Plan and Approval from the Local Body
  • Statement of Savings Bank Account/ Pass Book for last 6 months
  • Statement of Current/CC/OD Account for last 1 Year
  • 3 Years ITR with audited financials

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