CC_OD_LIMIT


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CC & OD Limit

Cash credit(CC) and Overdraft both the facilities are short term credit facilities provided by banks to businesses to meet their day to day cash requirements ( Working capital requirements).

Cash Credit(CC) facility is provided by banks to a separate account called "Cash Credit(CC) Account" where the borrower can withdraw an amount upto a certain limit sanctioned(Drawing Power) by banks after considering the primary and collateral securities offered by customer. Banks offer such facility against the primary security of STOCK & BOOK DEBTS and secondary security of FIXED ASSETS. This facility is provided specifically for the purpose of the business operation (as working capital).

Overdraft facility(OD) is basically provided by banks to current account where the borrower can withdraw an amount in excess of the amount available to his account. In other words it is a facility of "Excess withdrawal". Overdraft facility is provided against the collateral security of FIXED ASSETS, SHARES, BONDS, FDs. Overdraft Facility can be used for any purposes and not necessarily for business purposes.

What are the Documents Required for CC & OD Loan?

ID proof of the person representing the business: Pan card/ Passport/Driving License
PAN card
Residence Proof : Passport/ Voter Card/Driving License/Ration Card/ Telephone Bill
Office Proof : Telephone Bill/ Sales Tax registration certificate/ Electricity Bill
Ownership Proof: Electricity Bill/house tax/property papers
Income Proof of the Business: Last 3 years audited financial along with audit report with all
Bank statement main account last 6 month.
Sanction letter of existing Cash credit or overdraft limit availed by the company
Collateral Security: Property papers/ details of other collateral which is offered
Constitution proof: MOA/ partnership deed of the business
Others: Any Govt. registration like GST number etc
Loan Proof: Repayment Schedule of all running loans

Connect Soul can help you obtain a loan under the Over Draft and Cash Credit Limit facility services to the SME Enterprises and Small Enterprises segment for working capital in business.