Overdraft / CC Facility

• Purpose: For working capital of business

• Maximum amount: In case of overdraft facility 70% of value of stocks and 75% of Debtors/Receivable. In case of Cash Credit facility the range would between 50% and 90% of security value

• Eligibility: Business-Sole Proprietor/ Partnership Firm/ Limited Company/ Professional/ Self employed person etc

• Margin: Ranging between 25% and 50%

• Membership: Regular Member/ Nominal Member of Bank

• Period: One year for overdraft against property. Up to maturity date in case of Overdraft against Term Deposit/ NSC/ KVP/ IVP/ LIC Policy etc

• Guarantors: No surety for overdraft against Term Deposit/ NSCs/ KVPs/ IVPs/ LIC Policy. Minimum two sureties and maximum vehicles on merit of proposal of Overdraft against property/ Fixed Assets and Cash Credit facility

• Security: Hypothecation of stocks, Book debts, Machineries, Furniture, Equipments and/ or Registered/ Equitable Mortgage of immovable property, Assignment of Life Insurance Policies, NSCs, KVPs, IVPs etc, Lien of Term Deposit

• Interest Rate: As per Bank Policy

• Service Charges: As applicable from time to time

• Documents Required: Self certified KYC documents, current Banker's A/C Statement for last one year, and/or IT Returns with computation of income and financial statements for last three consecutive years. In case of Business IT Returns are compulsory along with other necessary documents, Security Documents