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Loan Against Card Receivables

  • A viable source of finance if you’re unable to get a traditional loan

  1. Business Banking
  2. Loans
  3. Loan Against Card Receivables

Overview

About

An affordable, convenient financial solutions for your short term/ medium term working capital needs.

Variants

  • Drop-line Overdraft: It provides Overdraft facility without any security. Limit is set in separate Current account which drops monthly till end of the tenure.

Features

Ticket Size

  • Unsecured: Rs. 5 Lacs to Rs. 50 Lacs  
  • Secured: Upto Rs. 300 Lacs.

Tenure

  • DLOD- 24 months to 36 months

Pay interest only on the loan amount you use and for the duration you use it

No collateral required till 50 lacs.

Enjoy simple documentation and speedy disbursals

Enjoy the facility of a current account without paying extra for it

Eligibility

  • Type of constitution: Self-employed individuals, Proprietors, Private Ltd. Co. and Partnership Firms involved in the business of Manufacturing, Trading or Services.
  • Business Vintage: 3 years and above
  • Turnover: Min. turnover of Rs. 1 Cr.
  • Age: The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity
  • Others: No CIBIL default and Profit making business

Credit Decision TAT:
For Loan amount upto Rs. 25 Lakhs, application will be decisioned within 14 working days and for loan amount greater than Rs. 25 lakhs, same will be decisioned within 45 working days subject to submission of complete set of documents by the applicant.

Documentation
Document Type Document Name
Application form Completed application form duly signed by applicants, guarantors / co-applicants
KYC Documents Any one of the following documents:
Passport, Driving License, Aadhar Card, Voter Id.
Photograph Colored Photograph
In case of company/partnership firms coloured photographs of Directors/partners required
Age Proof Any one of the following documents:
Pan, Passport, Driving License, Aadhar Card, Voter Id.
Signature Verification Passport or PAN Card.
Proof of identity / existence For Individuals: Any one of following - 
PAN Cards, Passport, Driving License, Aadhar Card, Voter Id.
For Non Indivuduals: Any one of  following -
PAN Card of firm /company, Shops & Establishment certificate, Trade license certificate, SSI registration certificate, Sales Tax/ VAT Reg certificate/GST
For companies : Memorandum of Association (MOA)
For Partnership firms : Partnership Deed
Constitutional Documents In case of Partnership firm: Partnership Deed, self attested by partner(s) with date.
In case of Pvt Ltd / Ltd Company: MOA &AOA, Certificate of Incorporation & Latest Form 32
In case of Proprietorship: Two proof of identity/existence to be collected (Bank Statement acceptable) & KYC documents of Proprietor also to be collected.
Address proof

For Individuals : Any one of following

  • Passport, Driving License, Aadhar Card, Voter Id.

 

 

For Non Individuals: Any one of following –

  • Utility bill, Registered Rent agreement with Latest Utility bill in name of Landlord, Sale deed of property

 

 
Ownership Proof

Any one of following:

  • Sale Deed of the property, Water bill, Property Tax receipt, Encumbrance Certificate
Business Continuity Documents Company Pan card/ sales tax, VAT registration/ Shop & establishment registration/ Excise registration/ SSI certificate/ Bank statement 3 years old, 3 years old ITR showing business income / Any other Govt. Issued Certificate establishing business existence
Income documents All the following docs are required:
  • 2 years Income tax returns
  • Tax Audit report for the last 2 years
  • Balance Sheet for last 2 years
  • Profit and Loss statement for the last 2 years along with notes to A/c
  • Computation of income for the last 2 years
Bank statements Latest 6 months bank statements of CC/OC a/c (main working capital bank) and current a/c.
Latest 12 months statements of collections through card swipe machines/digital receipts.
CA certificate/ Undertaking CA certificate mentioning month wise, store wise, bank wise credit card sales for preceding 12 months.
Undertaking from the customer mentioning monthly credit card sales through IBL machine.
URC Document is mandatory for MSME customers

Rates & fees

Bank
Min Max
14% 20%
  • Rate of Interest: We offer Competitive Interest rates for our loan facilities. The interest will be determined based on assessment of your business profile, financial assessment, past track record, loan amount and tenure.
  • Processing Fee: Upto 3% of the loan amount
  • Insurance Charges: As applicable
  • Documentation charges: As per applicable laws of the state 
  • Foreclosure Charges: Foreclosure charges as per the terms and condition mentioned in the sanction letter and charges are up to 4% depending upon scheme and tenure completed.
  • To view the complete list of fees and charges, please click here