CC Loan

A CC or cash credit loan is a cash loan given to a company to meet its working capital requirements. It is a short-term source of finance with tenure of up to 12 months. A cash credit loan allows a company to withdraw money from a bank account. You can withdraw as many times, but up to its withdrawal limit. The borrowing limit is decided on the basis of the applicant’s credit history or creditworthiness, which is based on the company’s structure of the current assets and liability. Additionally, the interest is only charged on the amount borrowed and not on the entire borrowing limit.

Cash credit loan is offered to companies to bridge the working capital gap.

The cash credit can be used for the following:

  • Buying raw materials, stores, fuel, etc.
  • Paying labour wages, power charges, for storing goods until sold
  • Financing the sales

 

Cash credit loan is granted against security.

The cash credit loan is granted only when it is hypothecated against stock and assets of the company. The security can be in the form of the following:

  • Raw materials
  • Work-in-process
  • Finished goods
  • Stock-in-trade (including stores and spares)

 

Documents Required For Applicant

  • KYC Documents
  • Home related documents
  • Copy of last 2 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant
  • Copy of last 2 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant
  • Bank Statement for the last 6 months for the Savings Account & Current Account,
  • Copy of either Shop & Establishment License / VAT Registration or GST registration any other mandatory license / Registration
  • Copy of the Partnership Deed, Memorandum of Associations, Articles of Association (if applicable)
  • Copy of Tax Deduction Certificate / Form – 16A (if applicable)
  • Details of Contract (if applicable)
  • Copy of Advance Tax paid / Self Assessment Tax paid challan
  • Copy of Educational Qualification Certificate
  • Copy of Professional Practice Certificate
  • Salary Certificate (in case of doctors having salaried income)

 

Documents Valid As Address Proof

  • Rashan Card
  • Electricity Bill
  • Mobile Bill
  • Land Line Bill
  • Passport
  • Mool Niwas Patra
  • House Tax Slip
  • Water Bill
  • Gas Bill
  • Aadhaar Card

 

Documents Valid As ID Proof

  • Pan Card ( Compulsory )
  • Aadhaar Card ( Compulsory )

Get a Quote

Now apply for Loan online, All you need to do is provide your details below application form.