A Secured cash credit loan is a short-term source of finance, having a tenure of up to one year. Under the short-term finance option, the bank offers its applicant to take a loan up to a certain limit depending on their credit history. This type of loan is extended to businesses and companies to fulfill their working capital requirement.
Eligibility
- Individual/ H.U.F., Proprietorship/Partnership firm/Company/LLP
Limit
- Maximum 7 Crore
Tenure
- Every Year Renewal Required.
- Amount of loan can be up to 60% distress sale value of the property/ as per the requirement
Documents required
- ID and Address Proof
- PAN Card
- Agreement/Construction Estimate
- Security for Loan
- Existing Track Record
- Balance sheet and other supporting financials
- Proof of Income/Self-assessment from borrower
- Valuation Report
- Non-encumbrance and Title Report
- Area should be approved by a competent authority
- Copy of property insurance with Banker's clause
Guarantor
- Two guarantors (who holds property and share holder of SKNSBL)
*All loans are applicable to actual bank charges which include valuation, legal and all actual bank charges
To know more visit your nearest branch.
