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    About Cash Credit Limit

    Businesses need regular cash inflows to take care of their day-to-day operations. If the working capital requirements are not properly met for a business, it could severely affect its smooth business operations. lifetime free credit card in Jaipur, or Working Capital Loans, are developed to take care of these business requirements. The business may use these funds for any kind of operational expenses including raw material procurement, machinery purchase, overhead costs, debt settlement, inventory costs, etc.

    Companies that take cash credit loans must provide collateral to the lender. Even assets like inventory, work-in-progress goods, etc., can be hypothecated in returns for a cash credit loan. Businesses typically have a running account with a particular lender for cash credit loan and use funds from the account whenever the need for working capital arises. Let’s check out the different aspects of cash credit loans and the different lenders in the industry who offer these loans.

    Reason to Choose us

    We offer award-winning, low-rate car loans with no ongoing fees, saving our customers thousands of dollars.

    Easy Loan Approvals

    Among the easiest loans to get is a secured loan. That’s where you put up something of value in exchange for cash.

    Lowest Possible Prices

    Cheapest personal loans are those loans which are available on lowest interest rates than market rates.

    Hassle free

    Fast, hassle-free. Personal Loan up to ₹500 Crore· Affordable interest rate starting from 11.99% p.a.

    Secure Loan Processs

    Secured loans are loans which require the borrower to pledge an asset or security to avail the loan.

    Comparison of best cash credit loans in 2020

    Banks/LenderInterest RateMaximum Loan AmountMaximum Loan Tenure
    ICICI Bank10.4% to 11.5% p.a.At the discretion of the bankAs per the discretion of the bank
    HDFC BankContact the bank for detailsValuedraw – Rs.25 lakh Elitedraw – Rs.10 lakh to Rs.25 lakhContact the bank for details
    IDBI BankContact the bank for detailsVaries based on the value of the collateral.Contact the bank for details
    Bajaj Finserv18% p.a. onwardsRs.30 lakh96 months

    Features of Cash Credit Loan

    All loans are not created equal, personal loan has become a great option for people to use.

    Business Requirements

    One can avail a cash credit loan to meet the working capital requirements of a business

    Collateral or Security

    The borrower will have to provide collateral or security in order to avail a cash credit loan

    Interest Levied

    Interest is levied only on the loan amount availed by the borrower and not on the credit amount sanctioned

    Loan Repaid

    Cash credit loan is a short-term loan whereas decided by the lender, the loan can be repaid on a monthly or on a quarterly basis

    Meeting Requirements

    The applicant has the option of withdrawing the required amount as sanctioned by the bank in order to meet their day-to-day needs

    Issued Checque Book

    A cheque book is issued by the bank in the name of the company, where the latter can withdraw the required amount as per its requirement

    Eligibility for cash credit loans

    Some of the eligibility criteria outlined by lenders for cash credit loans are given as follows:

    Easy Loan Approvals

    Most lenders require a minimum age of at least 25 years for the business owner. However, this criterion is likely to vary among the lenders in the market. You may have to contact the company to know the age limit required for this loan.

    Lowest Possible Prices

    A business vintage of at least three years is good for securing this loan. Business vintage refers to the number of years the business has been in operation. This requirement is also likely to vary among lenders in the market. Some lenders provide loans for companies with a business vintage of just one year.

    Hassle free

    Some lenders expect businesses to have filed IT returns for at least one year. This proof must be submitted to the lender while applying for a loan.

    Secure Loan Processs

    Proprietorship firms, partnership firms, publicly traded companies, limited liability companies, etc., may apply for working capital loans. Some lenders have certain restrictions on the type of companies that can apply for working capital loans. You can contact the lender to know more details about this.

    Documents required for cash credit loans

    The applicant must submit the following list of documents to avail a cash credit loan:

    Easy Loan Approvals

    Financial statements certified by a CA

    Lowest Possible Prices

    Bank account statement for at least 6 months

    Hassle free

    IT returns for at least a year

    Secure Loan Processs

    Loan repayment record (if applicable)

    Things to consider while applying for cash credit loans

    The borrower must consider the following things while applying for a cash credit loan:

    • The interest rates for these loans are determined by the value of the collateral. If the value of the collateral is high, the applicant can negotiate a lower interest rate for working capital loans.
    • There could be certain restrictions on the type of collateral accepted by lenders. Some lenders do not accept inventory or raw materials as collateral. You need to check with your lender to know more about this.
    • Most lenders in the market offer running credit for working capital requirements. Here, businesses can withdraw from their accounts whenever the need arises.
    • Since this facility is offered on the basis of running credit, a good track record of loan repayment is necessary to get further benefits. Lenders review it every year and change the terms and conditions of the account as per the loan repayment record.
    • Lenders typically have some restrictions on how the loan amount can be spent. Businesses can use the money for any kind of working capital requirements. However, it cannot be used for other purposes like long-term investments, personal needs, etc.

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    Ask about our Cash Credit Limit?

    Cash Credit Limit by offer businesses to meet their working capital requirements

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    Some lenders in the market accept liquid securities as valid collateral. However, some lenders accept only real estate properties or inventory as collateral. You need to check with your lender to know if it is acceptable to use liquid securities.

    This varies among lenders in the market. Some lenders provide loans within just 24 hours. However, there are lenders who take a few days to process the loan application and disburse the amount.

    Working capital loans are mostly offered only after pledging collateral. If you wish to opt for unsecured loans, you may take a personal loan and use it for your business needs. However, unsecured loans come with high interest rates based on your loan quantum, repayment terms, annual earnings, and credit score.

    Cash credit loans are ideal for individuals who have trouble meeting the operational expenses of the business. Businesses have to spend money on their everyday operations. Companies that have inadequate cash inflow can use a running account for working capital and benefit the most from it. It is also beneficial for seasonal businesses that have exponential sales only during certain months of a year.

    All major lenders charge a processing fee on the loan amount. If you miss a scheduled payment to the lender, you may have to pay penal charges. Other charges like commitment charges, stamp duty charges, stock audit charges, conversion charges, cheque bounce charges, etc., may vary from one lender to another.

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