Need an amount to stimulate your working capital requirements? Cash Credit can get you a short-term loan to
make your company/ business grow uninterruptedly. Finrize Finserv facilitates your regular need for cash flow with ready-to-go funding.
The ODI/CC limit business loan can be availed by including simple security including FDs, fixed assets, stock, collateral, or property. Low money in the account? Get overdraft facilities to withdraw more money. Avail these benefits of ODI/CC limit business loans at a simple .5% to .75% processing fee. The benefit is that the interest rate will be charged on the amount of money utilized and not on the sanctioned value.
A few documents will be required to complete the formalities that you can submit directly to FinRize Finserv and sit back and relax to get your loan amount. We have listed all the documentation requirements below for ODI/CC limit business loan. Whether you go for a secure overdraft facility or an unsecured ODI loan, we will oversee it all.
The interest rate varies from 12% – 18% P.A. based on the type of ODI loan. Also, the interest rate charged by lenders for Cash Credit loans is comparatively lower than ODI. Apparently, you can get an overdraft facility of up to three times your salary, i.e., an amount ranging from Rs. 25,000 – Rs. 25 lakhs that can be paid back in a year or so or can be renewed (additional charges).
Overdraft facilities are offered by almost every bank and can be availed by customers on the basis of their financial history, profile, and repayment prospects. Anyone, be it an individual, a self-employed professional, or an enterprise, can benefit from this loan type. You can even utilize this facility through the internet banking feature of the app.
The sanctioned amount can be withdrawn in both CC and ODI and is repayable on demand. Both types of ODI/CC limit business loans require minimum documentation that can support your short-term financial goals, business, or general purpose. However, most aspects vary from lender to lender. Inquire more by reaching out to Finrize Finserv.
Application form filled and signed by the customer
PAN card/Form 60
Business Proof - GST
Documents Validating Finance
Bank account statement of last 6 months
Users can avail of the benefits of an unsecured ODI limit loan when they are minimum of 22 years at the time of applying and a maximum of 60 years at the closure of loan tenure.
Unsecured ODI limit loan benefits can be availed by individuals, self-employed professionals, enterprises, etc. Those having a savings or current bank account or a minimum income of 2.5 lakhs with ITR paid for the last 2 years in the case of individuals and Rs 4 lakhs in the case of organizations. There is no salary limit, but it has to be consistent.